Warren Buffett challenged Rupert Murdoch to a game of tax release chicken, suggesting that both Murdoch and Buffett reveal their tax returns in concert. Today, Buffett made a move, revealing some more of his tax information but stopping short of releasing his full return, reports CNN Money's Jeanne Sahadi.
In a letter to Republican Rep. Tim Huelskamp Tuesday, Buffett revealed that his adjusted gross income last year was $62,855,038 and that his taxable income was $39,814,784. Buffett said he paid $15,300 in payroll taxes.
Buffett also said his federal income tax bill came to $6,923,494, or 17.4% of his taxable income -- two points he revealed in a New York Times op-ed in August urging Congress to tax the wealthy more.
The Berkshire Hathaway CEO got attention for his "Buffett Rule," a proposal to increase taxes on the super rich. After he outlined his idea in The New York Times, The Wall Street Journal release his tax info, showing why exactly he pays so little. Buffett has obliged. Your move, Murdoch.
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