Posted on 08/30/2011 9:10:36 AM PDT by SeekAndFind
This one’s truly, uh ... rich: Billionaire Warren Buffett says folks like him should have to pay more taxes -- but it turns out his firm, Berkshire Hathaway, hasn’t paid what it’s already owed for years.
That’s right: As Americans for Limited Government President Bill Wilson notes, the company openly admits that it owes back taxes since as long ago as 2002.
“We anticipate that we will resolve all adjustments proposed by the US Internal Revenue Service (“IRS”) for the 2002 through 2004 tax years ... within the next 12 months,” the firm’s annual report says.
It also cites outstanding tax issues for 2005 through 2009.
Obvious question: If Buffett really thinks he and his “mega-rich friends” should pay higher taxes, why doesn’t his firm fork over what it already owes under current rates?
Likely answer: He cares more about shilling for President Obama -- who’s practically made socking “millionaires and billionaires” his re-election theme song -- than about kicking in more himself.
Buffett’s free to back Obama, of course.
And if his firm wants to keep its tax bill low, well, that’s its right, too.
But it would be nice if this “pro-tax-hike” tycoon were a bit more honest about it.
Start, for example, with his grossly disingenuous recent claim that, as he wrote in The New York Times, he paid only 17 percent of his income last year to the government -- even as many working stiffs who make far less than him coughed up higher percentages.
Fact is, unlike most other folks, Warren Buffett gets most of his income from dividends and capital gains, which are nominally taxed at 15 percent.
Left unsaid is that much of that is taxed at 35 percent (via the corporate income tax) before he even gets his hands on it.
(Excerpt) Read more at nypost.com ...
Well...well...well!
Anyone surprised?
And then there’s all the gains sheltered in his insurance companies that don’t get taxed.
At least she was honest about it.
“”And then there’s all the gains sheltered in his insurance companies that don’t get taxed.””
What companies is he involved in - I’ve heard GEICO but I don’t know of the others. Of course, right after I post this, I will GOOGLE it.....LOL
Am shopping for renewal rates for Auto and HO right now and I sure don’t want to run into any of his companies.
In defense of good ol’ Warren I will simply say that there is a big difference between not paying taxes that are due and not paying taxes that are the subject of a dispute with the IRS. Secondly, Berkshire Hathaway is not Warren Buffett. He has shareholder’s interests to protect regardless of how much he pays in taxes personally.
Geico he owns and he owns insurance companies that insure insurance companies, which is called reinsurance.
Good Old Warren is the largest stockholder with 34%. Higher taxes is what he called for and he should not dispute them and pay the rate and claim he doesn't pay enough.
Why doesn't old Warren declared a dividend so he can avoid taxes. Lying is what he is all about.
He could be secure with 1%. Why doesn't he give the other 33% to the government?
I believe POST #9 above addresses your post #7.
Don’t think the writer of Post #9 understands what I wrote and I think he is unclear on the tax effects of “declaring a dividend”.
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