Warren Buffett How the Rich Avoid Taxes

Warren Buffet Transcript: “The figures i circled in 1992 showed the 400 largest incomes in the united states that year, adjusted gross incomes, were18 billion. if you go down to 2008 it’s $108 billion. that’s $270 million a person. from 1992, the 400 top incomes went from $45 million to $72 million. which is not bad i think. now, if you go over to a-2, you will see that during the same period those top 400 saw their tax rates drop from 26.3% to 18.1%. at the same time that was happening. what’s even more startling is if you go to a-3, and you will see that in 1992, six people among those 400 paid at a rate that was less than 10%. that’s just two-thirds of what the average person pays on payroll taxes. and that went up to 30 over that period. the number paying from 10 to 15 went from 10 to 101. so, 131 of the 400 largest incomes averaging $270 million each, 131 out of 400 were paying at a 15% rate or below. and the payroll tax for people making less than $100,000 up until this year was 15.3% they were paying.

via Buffett on Gov. Christie, Capitalism.

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