The Buckingham

Photo Credit: www.forbes.com

Warren Buffett, a billionaire investor, revealed in his income in hopes that Congress will raise taxes on the rich.

Buffett revealed that his adjustable gross income for 2010 was $62,855,038 and his taxable income was $39,814,784.

Despite this, Buffett only paid 17.4%, or $6,923,494, of his taxable income due to most of his income coming from investments and because payroll taxes are assessed at a low amount.

Buffett revealed his income in a letter to Republican Rep. Tim Huelslkamp in hopes that this will urge others to reveal their incomes as well as urge Congress to raise taxes on the super rich.