Pat Robertson on the 700 Club revealed some numbers his research people came up with regarding the taxes of Warren Buffett and Warren Buffett’s secretary. They are as follows:
Warren Buffett’s 2010 Taxes:
Adjusted Gross Income $62.9 million
Taxable Income $39.8 million
Income Taxes $6.9 million
Warren Buffett’s secretary in 2010
Forbes Magazine estimated her income at somewhere around $200,000
Her estimated tax burden was approximately $70,000 or slightly higher
A significant amount of Mr. Buffett’s income came from sources that the government had already taxes at 35% (corporate taxes). There is no reason to tax that money again. Mr. Buffett’s secretary did not pay more in taxes than he did. That is a lie.
We all heard about the excessive tax burden of Warren Buffett’s Secretary (who makes more than $200,000 per year), but my sympathy for this lady is running a little thin. I am glad she makes what she makes, but the fact that she is overtaxed has nothing to do with what Mr. Buffett pays in taxes–it has to do with the fact that the government is overspent.
Yesterday The Smoking Gun pointed out that this poor overtaxed lady just bought a second home in Arizona, complete with a swimming pool and a “professional PGA putting green,” according to real estate records.
The article reports:
The principal Bosanek residence is in Bellevue, Nebraska, several miles from Buffett’s corporate headquarters in Omaha. The couple’s 2568-square-foot home, built in 2000, also has four bedrooms and two-and-a-half baths. But the modest property, which Sarpy County assessors last year valued at $217,716, offers no outdoor amenities for swimmers or golfers.
All of us are overtaxed. Mr. Buffett is not undertaxed. The government is overspent.