Warren Buffett says despite a higher tax bill this year than in 2012, he'll likely still pay a lower rate than his secretary.
NEW YORK (CNNMoney)
Appearing on CNBC Monday morning, Buffett said that despite the fact that he and other top earners will pay a significantly higher tax rate on capital gains for 2013, that won't close all of the gap with typical wage earners who pay taxes on a salary rather than on investment gains. Capital gains for top wage earners will be taxed at 20% starting this year, up from 15%. And top earners also will pay an additional 3.8% in Medicare taxes on their investment income for the first time.
But part of the problem is that his secretary's tax bill also went up since a partial payroll tax holiday ended, raising what she pays for social security by 2 percentage points.
"I'll be a fair amount higher, 8 or 9 points higher," Buffett said of his own tax rate. "But the differential between me and the rest of the office, not just my secretary but the rest of the office, was greater than that. It'll be closer, but I'll probably be the lowest paying taxpayer in the office."
Related: Buffett worried about Fed policy
Buffett has been advocating for a minimum tax on top wage earners - those like himself who benefit from the fact that capital gains are taxed at a lower rate than regular earnings. His proposal, popularly known as the Buffett rule, has the support of the Obama administration but is strongly opposed by Republicans in Congress.
Asked if the rise in the capital gains rate and the top marginal tax rate that took effect this year were pointless since he's still paying less than his secretary, he responded, "It was better than no change."
First Published: March 4, 2013: 10:10 AM ET
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