Buffett reveals his $6.9m tax bill

Billionaire Warren Buffett paid an effective tax rate of 17.4 per cent on his $39.8m income last year, he has disclosed in a letter to a congressman. He was responding to a call to publish his tax return after he wrote last month that the rich are not taxed enough in the US. Tim Huelskamp, a Republican representative in Kansas, had said he would publish his tax return if the Sage of Omaha did the same. In response, Buffett gave his total tax bill and said he would publish the rest as part of a deal in which other tycoons followed suit.