You may have seen the New York Times article in which billionaire investor Warren Buffett asks the U.S. to “stop coddling” him when it comes to taxes. Buffett cries foul that, for all the billions that he’s worth, he paid a mere $6.6 million in taxes last year. If that seems low, you’re right.
What Buffett, the Oracle of Omaha, leaves out is the corporate taxes that have already been taken from his earnings. Let me explain:
A company makes an investment of, just to use an easy, round number, $100. For the Read the rest of this entry »