In brief: Buffett reveals just how rich he is
Washington – Warren Buffett has called himself mega-rich, but now he’s revealing how much money he made last year: $62,855,038.
The billionaire investor disclosed the figure in a letter he wrote this week to Rep. Tim Huelskamp, R-Kan., that was obtained Wednesday by the Associated Press. Buffett and Huelskamp have been sparring over Buffett’s call for higher taxes on the wealthy.
In a New York Times opinion piece this summer, Buffett had revealed that he paid $6,938,744 in federal taxes last year, or 17.4 percent of his taxable income.
Buffett’s letter to Huelskamp specified that his adjusted gross income – which excludes some types of income and expenses – was $62,855,038. His taxable income – which subtracts exemptions and itemized deductions – was $39,814,784, he wrote. Such deductions can include donations to charity, business travel, and state and local taxes.
Feuding state capital files for bankruptcy
Harrisburg, Pa. – Pennsylvania’s distressed capital city filed for bankruptcy Wednesday, citing “imminent jeopardy” from lawsuits related to a debt-saddled municipal incinerator and setting up a power struggle between the mayor and City Council.
A spokesman for Mayor Linda Thompson, who has resisted calls for bankruptcy because of fears that it would further blemish the city’s name, said the council lacks the legal authority to seek it.
The filing was signed by Councilwoman Susan Wilson after a 4-3 vote late Tuesday by the council to authorize it.
The legal move comes the week before the state Senate is expected to take up a bill, already passed by the House, that would authorize Gov. Tom Corbett to assume many of the city’s financial functions in response to the stalemate between Thompson and the council majority.
The bill would empower the governor to declare a state of fiscal emergency and install someone to make many of the critical decisions about government spending and operations.