In Chapter 9 there is significant explanation of the United States Tax Code and the history of tax rates. Warren Buffett, one of the world’s richest men (worth more than $100 Billion) is the head of the Berkshire Hathaway Corporation said in 2007 that he actually paid a lower percentage of his income in federal taxes (17.7%) than his receptionist (30%). Please explain how this situation was possible. Also, explain who actually paid more in total dollars in federal income tax.

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In Chapter 9 there is significant explanation of the United States Tax Code and the history of tax rates.

Warren Buffett, one of the world’s richest men (worth more than $100 Billion) is the head of the Berkshire Hathaway Corporation said in 2007 that he actually paid a lower percentage of his income in federal taxes (17.7%) than his receptionist (30%).

Please explain how this situation was possible. Also, explain who actually paid more in total dollars in federal income tax.

Reference no: EM132069492

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