(WASHINGTON) — Republican Kansas Congressman, Tim Huelskamp (KS-01), challenged billionaire investor Warren Buffett to release his full tax return last month. Buffett has said he earned $62 million in 2010 but was only required to pay taxes on 17.4% of his income – a number that Buffett believes is far too low.
Buffett wrote an opinion article for the New York Times in August saying the government needs to stop “coddling” the super-rich and argues the very wealthy can often find loopholes and special investments that keep them from paying regular tax rates on portions of their income.
The billionaire says federal law allows him to pay a lower tax rate than his secretary. But the Wall Street Journal editorial board and some conservatives have questioned Buffet’s claim.
Huelskamp says he doesn’t believe every private citizen should be required to release their tax information when they become involved in the public political process but says, “when you have one man who would like a new tax law named after him, and the President has suggested that, the ‘Buffett rule’, I think it’s only fair that we examine the basis for that claim.”