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Warren Buffett is the Greatest Tax Dodger of All Time

Millennial Moola

image from millennialmoola.comWarren Buffett is one of the most brilliant investors of all time. I personally admire him, so when someone as nasty as Donald Trump attacks him as he did in the second presidential debate, I want to come to the defense of the Oracle of Omaha. After all, Trump loves to make outrageously inaccurate accusations. However, one charge Trump leveled in the debate Sunday actually holds some water. He accused Warren Buffett among others of dodging taxes just like he does. Buffett responded that he had paid taxes since 1944 when he was a young teenager. THE PLAIN TRUTH: Warren Buffett is the greatest tax dodger of all time. 

Buffett Pays a lot of Taxes, on an Extremely Small Income

Warren Buffett earned $11.6 million in 2015 and paid taxes of $1.8 million. However, his net worth is $64.7 billion. That means in 2015, the world’s greatest investor only produced income of 0.018% of his assets. Is he slipping? How was his income so small compared to his many billions of dollars?

Let’s compare Warren Buffett to a retired doctor with a net worth of $3 million. Imagine if that doctor had an investment portfolio with index funds that he used to retire to Florida. He had a CPA that limited his income to 0.018% of his assets. That doctors taxable income would then be only $534.

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