The chairman and CEO of Berkshire Hathaway for 50 years, Warren Buffett, announced to shareholders that he has been diagnosed with early stage prostate cancer.

Buffett plans to continue to run Berkshire throughout his treatments, and says he “feels great.” His condition is treatable, and he will begin radiation treatments in July.

The outlook for Buffett is good, according to the American Cancer Society. The survival rate for Buffett’s type of cancer, a stage 1 tumor, is 100%. Overall, the survival rate for all stages of prostate cancer is 91%.

Despite the positive outlook, Berkshire’s board picked a successor to Buffett in February, along with two backup candidates if needed. The new CEO has not yet been identified.

To read more about Buffett’s diagnosis, click here.

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.