Now I know why some of the super-rich aren't worried about the administration's plan to increase taxes on those with earned income greater than $250,000.
The following all receive annual salaries of $1.00. Their earned income as CEOs of their companies is one buck.
Apple (AAPL) CEO Steve Jobs
Citigroup (C) CEO Vikram Pandit
Google (GOOG) CEO Eric Schmidt
Yahoo (YHOO) CEO Jerry Yang
Oracle (ORCL) CEO Larry Ellison
Berkshire Hathaway (BRK.A) CEO Warren Buffett.
I wonder if pensions will be considered earned income. Some of the very richest also have nice pensions.
My rant for the day.
Update: the information was taken from another (reliable and trusted) site, but not fact-checked. I know the information is accurate for some, but might not be accurate for all names listed. See comments below, as folks "keep me honest."
FYI
ReplyDeletebuffet makes a little more than $1 a year....
http://www.reuters.com/article/idUSTRE62A5SH20100311
rory
Thank you for keeping me honest. I got the info from another site, and it's either an urban legend (regarding his salary) or there is some definitional thing.
ReplyDeleteRegardless, at a $100,000 salary and $75,000 from fees, his earned income as CEO is still under the $250,000 threshold.
The bigger point is that regardless of how this all works out, the super-rich will be able to adjust very nicely.
I really have no heart-ache about any of this. The post was mainly for fun.
Thank you for commenting.
Mr. Buffet says:
ReplyDelete"The taxation system has tilted toward the rich and away from the middle class in the last 10 years. It's dramatic and I don't think it's appreciated. And I think it should be addressed."
Buffett asked the employees in his office to calculate the percentage of their income that they pay in income and payroll taxes. Buffett, who said that he does his taxes without an accountant and does not use tax shelters, revealed that he paid 17.7 percent of his income in taxes, while the average for his office staff was 32.9%. None of Buffett's employees paid as low a rate as he did.
Buffett then issued his CEO challenge: Buffett will donate a million dollars to the favorite charity of any member of the Forbes 400 list of wealthiest Americans who can successfully challenge Buffett's claim that the average tax rate paid by the Forbes 400 billionaires is lower than the average tax rate of their receptionists.
As noted, the super-rich always find a way to sort this all out.
ReplyDeleteThank you for great comment.