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How I Paid Only 1% of My Income in Federal Income Tax
- yummyfajitas 15y agoHmm. His total tax rate was about 28% - 27% in state and local, 1% in federal. According to wikipedia, the total tax burden is about 28% of GDP, so he seems right on the money. Additionally, he donated 22% of his income to good causes. So in total, 49% of his income was spent helping others. This doesn't even include payroll taxes, which I assume he paid on his Columbia professor income. It also doesn't include taxes paid by the corporations from whom he received investment income. How unfair!
- veyron 15y agoHe clearly said that he used to make much more ["20 times as much" ~ 4M/yr at the peak]. I'm surprised he wasn't eligible for an AMT overpayment credit (which would have driven his liability to 0)