Source: Fortune
Summary
Warren Buffett, the billionaire CEO of Berkshire Hathaway, filed his first tax return in 1944 at the age of 14. He earned $592.50 from delivering newspapers and paid $7 in federal taxes. Buffett has since argued that he doesn’t pay enough taxes and has advocated for higher taxes on the wealthy. He has been a vocal critic of tax loopholes and has proposed the “Buffett Rule,” which would require individuals earning over $1 million to pay at least 30% of their income in taxes.
Our Reading
The numbers tell one story. Warren Buffett’s first tax return at 14 is a reminder that even the most successful entrepreneurs start small. Buffett’s early ventures, including delivering newspapers and buying a pinball machine, laid the foundation for his future success. Today, he is worth $143 billion and is still advocating for higher taxes on the wealthy. Buffett’s relationship with the IRS is a complex one, from his early days as a paperboy to his current role as a vocal critic of tax loopholes. The boy who paid $7 in taxes grew up to say he wasn’t paying enough.
Author: Evan Null
