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Distribution of average tax rates including individual income tax and employee payroll tax. The Buffett Rule is named after American investor Warren Buffett, who publicly stated in early 2011 that he believed it was wrong that rich people, like himself, could pay less in federal taxes, as a portion of income, than the middle class, and voiced support for increased income taxes on the wealthy. [5]
On PBS, Jamie Dimon described the Buffett Rule as a good idea for clamping down on US debt. It says richer households shouldn't pay taxes on a smaller share of income than middle-class ones.
In 2011, the Congressional Research Service said the current U.S. tax system violates the Buffett rule as “roughly a quarter of all millionaires (about 94,500 taxpayers) face a tax rate that is ...
Buffett stated that he only paid 19% of his income for 2006 ($48.1 million) in total federal taxes (due to their source as dividends and capital gains) while his employees paid 33% of theirs, despite making much less money. [205]
In its update released this year for the tax year 2021, the IRS reported that the top 1% paid a slightly lower tax rate of 25.9%, while the bottom 50% were taxed more highly at 3.3%.
Some or all links contained within this article are paid links. With an estimated net worth of $117 billion, Warren Buffett, the CEO of Berkshire Hathaway, has built a tremendous financial empire.
23.6% (for employees earning more than 25,200€ per year in 2024: includes 20% flat income tax + 2% mandatory pension contribution + 1.6% unemployment insurance paid by employee); excluding social security taxes paid by the employer and taxes on dividends: 22% (standard rate) 9% (reduced rate) 20% Taxation in Estonia Eswatini (Swaziland) 27.5% 33%
Some or all links contained within this article are paid links. With an estimated net worth of $117 billion, Warren Buffett, the CEO of Berkshire Hathaway (BRK-B), has built a tremendous financial ...