Following a back and forth between Kansas Congressman Tim Huelskamp, we have now discovered what, according to Buffett, were the precise amounts of the Octogenarian Crony Capitalist of Omaha's 2010 gross income, taxable income and Federal tax respectively. These are as follows: $62,855,038, $39,814,784 and 6,923,494. This, apparently, was not enough for Huelskamp. The debate continues below.
Congressman Huelskamp Releases Response from Warren Buffett
(WASHINGTON) – In an open letter in September, Congressman Tim Huelskamp called on billionaire Warren Buffett to release the contents of his tax returns. Subsequently, Congressman Huelskamp told Neil Cavuto that he would release the contents of his own tax returns if Mr. Buffett would do the same. Congressman Huelskamp reiterated this additional promise to Mr. Buffett in a letter last week. Today, Congressman Huelskamp released the contents of the response he received from Mr. Buffett (available here).
After reading Mr. Buffett's inadequate response, Congressman Huelskamp said: "Mr. Buffett still refuses to release his tax returns. What he does disclose may be accurate, but it is incomplete and it fails to explain how he shelters millions of dollars in income from taxation. It is unprecedented that we would write an entire law based on one man's anecdotes without actual proof. By sheltering millions of dollars of income from taxation, probably through charitable giving, Mr. Buffett demonstrates that he doesn't trust Washington with his own money either."
"There are not many Americans who can maneuver the tax code in the way Mr. Buffett does. But, as I have said time and time again, there is no need for Mr. Buffett to wait on Congress or the President to change the tax code. If Mr. Buffett is truly concerned about paying his 'fair share' to the government, he is more than able to send voluntary contributions to President Obama and the rest of the federal government. Apparently he has not done so.
"I'm disappointed that my request to exchange tax returns was rejected. I guess Mr. Buffett still fears public disclosure – and my offer still stands."
And full response from Buttett:
h/t London Dude Trader