Forbes is out with its 400 richest Americans list and like every other Forbes 400 list it’s chock-full of billionaires from all walks of life. Walmart’s Walton family is on there, as are Bill Gates (No. 1) and New York City Mayor Michael Bloomberg (No. 10).
At number two on the list is Warren Buffett, who added $12.5 billion to swell his enormous fortune to a staggering $58.5 billion. Buffett is obviously famous for his investment prowess and yearly newsletter to his company’s shareholders, but he’s also become famous for something else – the Buffett Rule tax plan that bears his name.
Proposed for several years by President Obama, the Buffett Rule would levy a minimum tax on Mr. Buffett and his fellow super-rich peers of 30 percent. Mr. Obama claims this policy would help reduce the deficit (it wouldn’t) so it’s interesting to see what Mr. Buffett and some of his friends would have paid last year had Democrats gotten their way on taxes.
So, using the Forbes 400 list we looked at how much each of the top 12’s fortunes had grown over the past year and applied the Buffett Rule – calculating how much that 30 percent minimum actually was.
What the 12 richest Americans would pay in taxes if Democrats had their way:
1) Bill Gates — $1.8 billion
2) Warren Buffett — $3.75 billion
3) Larry Ellison — $600 million
4) Charles Koch — $1.5 billion
5) David Koch — $1.5 billion
6) Christy Walton — $2.25 billion
7) Jim Walton — $2.1 billion
8) Alice Walton — $2.16 billion
9) S. Robson Walton — $2.16 billion
10) Michael Bloomberg — $1.8 billion
11) Sheldon Adelson — $2.4 billion
12) Jeff Bezos — $1.5 billion