Warren Edward Buffett ( born August 30, 1930) is an American business magnate, investor, and philanthropist. He is widely considered the most successful investor of the 20th century. He is the primary shareholder, chairman and CEO of Berkshire Hathaway. He is consistently ranked among the world's wealthiest people.
Buffett, the founder and CEO of Berkshire Hathaway, has made himself into a poster boy for tax reform by arguing in a New York Times op-ed and elsewhere that he is taxed at a far lower rate than his office staff and by calling for the “super-rich” to be coddled less and taxed more.
Warren Buffett has now released a few more details about his 2010 tax bill which show he paid just 11.06% of his adjusted gross income in federal income taxes last year—considerably less than the rate for the 400 highest income taxpayers, or for folks earning $100,000 to $200,000 a year.
Buffett supports Obama's push for a new tax policy that would require millionaires to pay the same tax rate as middle-class workers. Obama has called the principle "The Buffett Rule."
Billionaire investor Warren Buffett said he doesn't blame Republican presidential candidate Mitt Romney for paying only about 15% of his income in taxes, saying it was misguided federal law that allowed very wealthy people who make a living "shoving around money" to pay a lower rate than average Americans.
"It’s the wrong policy to have," Buffett told Bloomberg TV Monday. "There’s nothing wrong about him paying that. He’s not going to pay more than the law requires. And I don’t fault him for that in the least. But I do fault a law that allows him and me, earning enormous sums, to pay overall federal taxes at a rate that ‘s about half what the average person in my office pays."
It was in the 1973-74 market collapse that Berkshire got the opportunity to purchase other companies at bargain prices. Buffett went on a buying spree, which included an investment in The Washington Post. The rest is history and today, Berkshire Hathaway is a massive holdings company for a variety of businesses with assets and sales totaling, approximately, $240 billion and $100 billion, respectively, for year-end 2006.
Following the principles set out by Benjamin Graham, he has amassed a personal multibillion dollar fortune mainly through investing in stocks and buying companies through Berkshire Hathaway. Shareholders in Berkshire Hathaway who invested $10,000 in the company in 1965 are above the $50 million mark today. Now in his 70s, Buffett has yet to write a single book, but among investment professionals and the investing public, there is no more respected voice.
In 2010, Mr. Buffett along with Bill and Melinda Gates created the Giving Pledge, a philanthropic campaign where wealthy individuals agree to give away at least half of their fortunes. A big portion of the money pledged will probably flow into foundation endowments rather than being donated immediately to areas like education and social services.
While Berkshire is best known for its insurance operations, its holdings include such varied interests as Benjamin Moore paints, See’s Candies, Dairy Queen and NetJets. Stockholders have become devoted followers of Mr. Buffett. His management style is noted for a homespun annual letter to shareholders and a yearly investor gathering that some refer to as Buffettpalooza.
He has devoted the vast majority of his wealth to those around the world who are suffering, or sick, or in need of help. And he uses his stature as a leader to press others of great means to do the same.
n the spring of 1942, an 11-year-old boy from Omaha made his first big investment, putting nearly his entire fortune — about $120 — into three shares of Cities Service Preferred. By June, the stock had dropped sharply, devastating his holdings.
But it's fair to say that things got a little better for Warren Buffett after that. His shares recovered, he sold them for a small profit, and he has spent the seven decades since in a relentless search for value.
Warren Buffett is the second richest person in the world, and one of the all-time great investors. This topic is devoted to Warren Buffett and his investment vehicle, Berkshire Hathaway.