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How the rich avoid paying taxes
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this is warren buffett one of the
richest people in the world thanks to
the company he runs berkshire hathaway
basically it's a holding company that
just owns a bunch of other companies
geico dairy queen a huge railroad as
well as a lot of stock in other
companies like apple and coca-cola
so when those companies do well and
their stock goes up berkshire hathaway
stock goes up
when buffett took over the company in
1965 a single share was worth nineteen
dollars
today it's worth nearly half a million
dollars
buffett owns nearly 240 000 of these
shares
this is where his wealth is
but as he's been known for pointing out
warren buffett still pays a lower tax
rate than his secretary she pays at
twice the rate i pay i think that's
outrageous that's because they pay
different types of taxes his secretary
pays income taxes on her salary but
buffett mainly pays capital gains taxes
on his sold stock and that's taxed at
nearly half the rate
the wealthy
are definitely
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