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Tax Insight: For Tax Year 2014 and Beyond, THIRD EDITION by M.Casey Murdock

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CHAPTER3

Income

Not All Income Is Created Equal

It seems like politicians never tire of discussing whether the rich pay their fair share of taxes. In  the 2012 election, there was much discussion in the political arena about the fact that Warren Buffett (one of the wealthiest people in the world) pays taxes at a lower marginal rate than his secretary. “How can a man who is worth billions and earns millions every year have a lower tax rate than his middle-class secretary?” they would say. “What tricks do his accountants and attorneys use to get his taxes so low? What secrets do they know?”

In reality, there is no secret involved in how he reduced his tax rates. The key to his tax prowess lay in the very open and obvious parts of the tax code ...

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