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Warren Buffett, Who Advocates Higher Taxes, Defends Paying the Least Among America's Richest
Jun 09, 2021 51 secs

Buffett's wealth grew by $24.3 billion between 2014 and 2018 but he only paid $23.7 million in taxes, a rate of 0.1 percent, after reporting taxable income of $125 million, according to an article published Tuesday by ProPublica.

The billionaire has managed to pay a very low rate of taxes by minimizing his income while retaining most of shares he holds in his company Berkshire Hathaway.

Berkshire Hathaway stock also does not bear dividends, further reducing taxable income for Buffett and other investors in the company.

Buffett said that Berkshire shareholders had expressed "enthusiasm" for the "save-and-build philosophy.".

Although the tax period covered in the ProPublica article only went as far as 2018, Buffett said that Berkshire Hathaway had paid a significant amount of income taxes for the year 2019 and 2020, accounting for around 1.5 percent of the U.S.

In addition to Buffett, the ProPublica article found that billionaires including Jeff Bezos, Elon Musk and Michael Bloomberg had also paid miniscule tax rates between 2014 and 2018

Bezos reportedly paid no federal income taxes at all in 2007 and 2011, while Musk paid none in 2018

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