Berkshire Hathaway paid $26.8 billion in taxes in 2024 — more than any company in U.S. history, yet Warren Buffett says he still pays less than his secretary

Berkshire Hathaway paid $26.8 billion in taxes in 2024 — the largest single payment ever made to the U.S. federal government. The company paid a 21% federal tax rate, sending over $5 billion to the government in 2023 alone. Warren Buffett noted at the company’s 2024 shareholder meeting that if 800 other companies paid the same amount, no individual in the United States would have to pay federal income, Social Security, or estate taxes.

Yet Buffett has long argued the system remains skewed in favor of the wealthy. He has repeatedly pointed out that his effective tax rate is lower than that of his longtime secretary, Debbie Bosanek. “Debbie works just as hard as I do, and she pays twice the rate I pay,” he told ABC News in 2012. “I think that's outrageous.”

That disparity stems from how U.S. tax law treats income: wages are taxed at higher rates than capital gains, which make up the bulk of billionaire earnings. The result is a system where someone earning $500,000 a year in salary pays a higher effective rate than a billionaire whose wealth grows through untaxed appreciation and low-rate realized gains.

Buffett’s stance helped inspire the proposed “Buffett Rule” — a 30% minimum tax on individuals earning over $1 million — though it was blocked in 2012. He continues to advocate for higher taxes on the wealthy, predicting the government will eventually demand a larger share of investment income to address fiscal deficits. “We’ll pay it,” he said in 2024. The boy who paid $7 in taxes at 14 still believes he — and others at the top — should pay a lot more.