In august 2011 legendary investor warren buffett wrote in a

Assignment Help Accounting Basics
Reference no: EM13605068

In August 2011, legendary investor Warren Buffett wrote in a New York Times Op-ed, "While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary tax breaks. Some of us are investment managers who earn billions from our daily labors but are allowed to classify our income as ‘[carried] interest,' thereby getting a bargain 15 percent tax rate.My friends and I have been coddled long enough by a billionaire-friendly Congress. It's time for our government to get serious about shared sacrifice."

The tax rate on ordinary income for individuals is 35%. In 2011, Mr. Buffett reported that his income totaled $63 million. Assuming Mr. Buffett's income increases by 5% per year and the interest rate is 7%, what would be the difference in the present value of his income taxes over the next five years from 2012-2016 if all of his income qualifies as (a) interest versus (b) ordinary income?

Reference no: EM13605068

Questions Cloud

In august 2011 netflix announced significant changes to its : in august 2011 netflix announced significant changes to its pricing plans. the new plans separate dvd-only
Determine the horizontal and vertical force components : a gate in the shape of a quarter-cylinder hinged at a and sealed at b is 3 m wide. determine the horizontal and
You have a 209-m-long stretched string with a mass of 191 g : you have a 2.09-m-long stretched string with a mass of 19.1 g. when you oscillate the string at 440 hz which is the
Which of the following statements is true regarding : which of the following statements is true regarding variable costing? it is not permitted to be used for managerial
In august 2011 legendary investor warren buffett wrote in a : in august 2011 legendary investor warren buffett wrote in a new york times op-ed while the poor and middle class fight
An electric field of 124 nc directed due north is : an electric field of 12.4 nc directed due north is superposed on an existing electric field of 16.5 nc directed due
Compute the angle that will give a 15 cm oil deflection : the inclined-tube manometer has d 76 mm and d 8 mm and is filled with meriam red oil. compute the angle that will
On october 12013 holt company places a new asset into : on october 12013 holt company places a new asset into service. the cost of the asset is 80000 with an estimated 5 year
Determine the cycle thermal efficiency for the internally : an air standard brayton closed cycle receives air at 1 atm and 298 k. the upper temperature and pressure limits are 5

Reviews

Write a Review

Accounting Basics Questions & Answers

  Tom a calendar year taxpayer filed his 2006 federal income

tom a calendar year taxpayer filed his 2006 federal income tax return on april 1 2007. in 2011 the irs audits this

  Find the total overhead costs using a single overhead rate

What is the total overhead costs assigned to deluxe racquets, using a single overhead rate. Using activity-based costing, how much assembly costis assigned to deluxe racquets?

  Summer fun t-shirt shop has very seasonal sales for 2012

summer fun t-shirt shop has very seasonal sales. for 2012 management is trying to decide whether to establish a sales

  Blitzen corporation had net income of 200000 and paid

blitzen corporation had net income of 200000 and paid dividends to common stockholders of 50000 in 2014. the weighted

  Yummy-pop ltd

Yummy-Pop Ltd makes lollipops in two sizes, large and giant. The company sells these lollipops to convenience stores, fairs, schools for fundraisers, and in bulk on the Internet.

  The balance sheet for crutcher corporation reported 136000

the balance sheet for crutcher corporation reported 136000 shares outstanding 223000 shares authorized and 10500 shares

  What is the stock price eps pe ratio and total equity value

a corporation is evaluating an extra dividend versus an open market share repurchase. in either case 16000 would be

  Benefits of decision tree plan

In your own words, what are the benefits of a decision tree plan that displays decision alternatives? As it is, there are expected values of decision alternatives As I understand it, it is beneficial for decision analysis problems.

  Determine the steps in systems development life cycle

what are the steps in the systems development life cycle? which step is most important? why? what are the ramifications

  What are the accounting debits and credits when

what are the accounting debits and credits when transactions are processed using checks in quickbooks? what are the

  Evaluate the pros and cons of the present university

Eastern University pays the benefit directly to the university where the staff/faculty member's child is enrolled or if the student is attending Eastern, it reduces the amount of tuition owed by the faculty/staff member.

  On january 25 coot company has 430000 deposited with a

on january 25 coot company has 430000 deposited with a local bank. on january 27 the company writes and mails checks of

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd