Warren Buffett was in the New York Times today bragging about his low effective tax rate, saying how he would gladly pay more. Tim Worstall contribution colleague Forbes weighed in quips about Mr. Buffet is not factoring in the tax on Berkshire Hathaway, AOS profit. I, just a simple Aom CPA, whose company won, AOT even let him not sign audit reports. (That, AOS applies to all tax partner here by the way. I think, personally taking the AOT). I think, AOT would quibble with a quibble, but economists seem to have a hard time figuring out the incidence of the corporation (ie, who is really paying it), so I think we can let go of that part of the analysis .
Mr. Buffet is still not sharing the real reason he did not pay much Oa in the form of income tax on his good fortune. The secret is hidden in plain sight. Mr. Worstall alludes to when he mentions that Berkshire Hathaway does not in fact pay dividends. Mr. Buffet, you can find secret AOS blasted all over the internet is one of his famous quotes:
Our favorite holding period is forever
You only pay taxes in any case, the realized value. An investment with a holding period of Forever is a capital gains tax of 0%, while along the holder can get rich from the valuation. That the AOS real reason Mr. Buffet does not pay much income tax.
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