Buffett said he makes $46 million a year in income and is only taxed
at a 17.7 percent rate on his federal income taxes. By contrast, those who work for him, and make considerably less, pay on
average about 32.9 percent in taxes - with the highest rate being 39.7 percent.
To emphasize his point, Buffett offered $1 million
to the audience member who could show that one of the nation's wealthiest individuals pays a higher tax rate than one
of their subordinates.
willing to bet anyone in this room $1 million that those rates are less than the secretary has to pay," said Buffett.
Below are examples of two typical Bay Area Engineer families'
income tax returns after the tax planning strategy implementation.