Oct. 13, 2011 at 7:42 AM ET
Billionaire investor Warren Buffett is bringing his battle to increase taxes on the wealthiest Americans to deficit-reduction supercommittee in Congress.
According to a an exchange of letters between the billionaire investor and a Republican congressman, Buffett is offering to release his federal tax returns — with a condition, the Associated Press reported.
According to Forbes, Buffett is America’s second-richest man, with a net worth of $39 billion.
“If you could get other ultra rich Americans to publish their returns along with mine, that would be very useful to the tax dialogue and intelligent reform," Buffett wrote in the letter, the AP said.
The letters were obtained Wednesday by the AP and are “among several sent in recent days to the special bipartisan panel created this summer to find ways to reduce the mushrooming national debt by at least $1.2 trillion over the coming decade.”
According to the AP:
In Buffett's letter sent Tuesday to Rep. Tim Huelskamp, R-Kan., Buffett did reveal new information about his own earnings last year. He wrote that his adjusted gross income, which can exclude some income and expenses, was $62,855,038. His taxable income was $39,814,784.
In a New York Times opinion piece this summer in which he said tax rates on the wealthiest Americans were too low, Buffett disclosed that he paid $6,938,744 in federal taxes last year, or 17.4 percent of his taxable income. Taxable income is lower than adjusted gross income because it subtracts exemptions and itemized deductions such as charitable contributions and state and local taxes.