One only pays capital gains taxes when one has realized the gain. That is, no sell, no tax. Buffett never sells his stocks, so he pays no taxes.
http://news.yahoo.com/real-reason-warre ... 20991.html
The Real Reason Buffett Pays Low Taxes
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SuperHornet
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The Real Reason Buffett Pays Low Taxes
SuperHornet's Athletics Hall of Fame includes Jacksonville State kicker Ashley Martin, the first girl to score in a Division I football game. She kicked 3 PATs in a 2001 game for J-State.