Why India Needs to Adopt The Buffett Rule

13.04.2017 • India

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By Vivek Kaul – The Vivek Kaul Letter (India) –

Starting this week, once every month, I will write a Letter based on books.

The thought here is to get to you, dear reader, some of the latest ideas going around.

This week’s Letter is based on two books, which we will come to.

Before that I want to talk about two gentlemen. One is of course, Warren Buffett, given the title of this letter, and the other is Arun Jaitley, the finance minister of the country.

Dear Reader, you must be wondering what is the link between Buffett and Jaitley, don’t worry we will soon come to that during the course of this Letter.

Buffett wrote an editorial in the New York Times in August 2011 in which he made a very relevant point.

In the editorial, he pointed out that in 2010, he paid income tax and payroll tax amounting to around $6.94 million.

As he wrote: “Last year my federal tax bill — the income tax I paid, as well as payroll taxes paid by me and on my behalf — was $6,938,744. That sounds like a lot of money.

But what I paid was only 17.4 percent of my taxable income.”

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