THERE’S NO WAY HIS SECRETARY WOULD BE ABLE TO KEEP UP WITH THIS

Quotable: From the John Steele Gordon's “Short History of the Income Tax,” in today's Wall Street Journal:

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Quotable: From John Steele Gordon’s “Short History of the Income Tax,” in today’s Wall Street Journal:

Warren Buffett recently claimed that he had paid only $6.9 million in taxes last year. But Berkshire Hathaway, of which Mr. Buffett owns 30%, paid $5.6 billion in corporate income taxes. Were Berkshire Hathaway a Subchapter S corporation and exempt from corporate income taxes, Mr. Buffett’s personal tax bill would have been 231 times higher, at $1.6 billion.