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Here's how much Warren Buffett paid in tax when he was 14

Warren Buffett, world's second richest billionaire with a net worth of $75.6 billion, paid just $7  in his first ever tax return in 1944.

BT Online | July 12, 2017 | Updated 17:23 IST
Here's how much Warren Buffett paid in tax in 1944
Billionaire investor Warren Buffett

Warren Buffett, world's second richest billionaire with a net worth of $75.6 billion, paid just $7 in his first ever tax return in 1944.

A two-page income tax return shared by the intrepid value investor with PBS Newshour shows Buffett, who was only 14 when he filed his first tax return, earned a total of $592.50, including $364 from his job as a newspaper delivery boy and $228 in interest and dividends.

Warren Buffett, the son of a US Congressman, started investing at the age of 11. Buffett also worked as a paperboy delivering Washington Post and the now defunct Washington Times-Herald's morning and afternoon editions.

Warren Buffett claimed a total deduction of $45 from his income: a $35 expense on his bike, and another $10 spent on watch repair.

The IRS rules at the time required that every citizen of the United States, including a minor, who had an income of $500 or more had to file a tax return. According to PBN Newshour, Buffett's income as a 14-year-old would be equivalent to $8,221.18 in 2017.

The legendary investor, also known as the 'Oracle of Omaha' is the CEO of Berkshire Hathway which owns more than 60 companies.

Warren Buffet has pledged to give away more than 99 per cent of his fortune to charity. He has already donated $28.5 billion.

 

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