Quotation by

Michael Bloomberg

If Warren Buffett made his money from ordinary income rather than capital gains, his tax rate would be a lot higher than his secretary's. In fact a very small percentage of people in this country pay a big chunk of the taxes.

Michael Bloomberg

Money

Understanding this quote AI Analysis

Warren Buffett pays less in taxes because most of his income comes from investments, which are taxed at a lower rate than regular wages. Additionally, a small group of wealthy individuals contributes a large portion of the total tax revenue in the country.

More by this author

All quotes by Michael Bloomberg →

More quotes about Money

See all →

When I was young I thought that money was the most important thing in life now that I am old I know that it is.

A little thought and a little kindness are often worth more than a great deal of money.

Money has never made man happy, nor will it, there is nothing in its nature to produce happiness. The more of it one has the more one wants.

The lack of money is the root of all evil.

Honesty is the best policy - when there is money in it.

For I can raise no money by vile means.