Warren Buffett still paying a lower tax rate than his secretary

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The 2012 Presidential election was all about taxes -- the Democrats said the rich were not paying their fair share and the nation agreed. During the campaign, Warren Buffett, one of the world’s richest men, complained that he paid a lower rate than his secretary.

Now, taxes on the rich have inched upwards as part of an agreement that took effect in 2013. The tax on capital gains for those earning more than $400,000 ($450,000 for a couple) went up from 15 percent to 20 percent. And rich households will pay 3.8 percent more in Medicare taxes on their investment income.

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Published In: Wills, Trusts, & Estate Planning Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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