Skip to comments.Warren Buffett’s Berkshire Hathaway owes $1 billion in back taxes
Posted on 09/02/2011 11:45:27 AM PDT by SeekAndFind
C’mon, IRS. “Stop coddling the super rich.” Contrive to successfully extract the taxes they already owe.
Mr. Buffett, I barely want to waste my breath on your blatant hypocrisy.
And, Mainstream Media (by which I mean the NYT, which ran Buffett’s obnoxious op-ed in the first place), WHERE ARE YOU?
Billionaire investor Warren Buffett triggered a major debate over taxes recently when he wrote in The New York Times that he should be paying more to the federal government. He called on Washington lawmakers to up tax rates on the rich.
But it turns out that Buffetts own company, Berkshire Hathaway, has had every opportunity to pay more taxes over the last decade. Instead, its been mired in a protracted legal battle with the Internal Revenue Service over a bill that one analyst estimates may total $1 billion.
Yes, thats right: while Warren Buffett complains that the rich arent paying their fair share his own company has been fighting tooth and nail to avoid paying a larger share.
The story of Berkshire’s years-long tax battle, which is generally known in business circles, took on new life this week when a group called Americans for Limited Government (ALG) reported that, according to Berkshire Hathaways own annual report, the company is embroiled in an ongoing standoff over its tax bills.
Human Events’ John Hayward opines perfectly:
On top of this tax bill, figure the value of the time IRS agents have invested trying to collect it they dont work cheap, and we pay their salaries and the resources Buffetts people have invested fighting back. All of which would have been saved if Buffett simply practiced what he preached, and willingly handed over his fortune to the brilliant and compassionate leaders he commands the rest of us to support without resistance.
Warren Buffet is no different from the other liars and frauds orbiting Barack Obama. His hypocrisy just runs billions of dollars deeper. When it comes to shared sacrifice, you do the sacrificing, and they do the sharing.
Meantime, Dan Primack over at CNN Money whines at the accusations of hypocrisy surrounding another of Buffett’s tax-minimizing moves (investing in Bank of America, which enables Berkshire to pay a 14.175 percent tax rate on the money it receives as dividends from BOA — rather than the typical 35 percent corporate federal income tax rate):
At this point, I’m not really sure who’s allowed to advocate for higher taxes on the rich. Certainly not the lower 98 percent, lest they be accused of engaging in “class warfare.” And apparently not the uber-wealthy like Warren Buffett, who is to be ignored until he donates a cargo plane full of gold bullion to the IRS.
Mr. Primack, anyone is allowed to advocate for higher taxes on the rich, but no one is allowed to controvert the evidence: People respond to the incentives set up by the tax system, including the Oracle of Omaha. That’s why it makes no sense to raise taxes on the folks most able to provide jobs for a job-starved nation. They’ll respond to those tax increases — and it won’t be in a way to save Obama from the high unemployment rate that threatens his reelection.
Time to pay up and shut up!
Wilted Buffoon, went into his room, only to find Barry’s Koran.
I figured out WHY Warren is helping O’bummer-
HE WANTS A REDUCED JUDGEMENT ON THE CURRENT
TAXES HE OWES!!!-
AND in fact Warren was Probably - no HE WAS Shook
down by these communists-
Warren Buffet is a populist showboat, except for one weakness: he loves flying around in his private jets.
Actually, he’s not the nice old grandpa he wants you to think. His kids worked in the family business, too, just like ours did. Our business is tiny compared to his, but we sure treat our kids with more respect and generosity.
shut and PONY UP, MR BUFFET!
There’s hypocrisy and then there’s Warren Buffett, who takes it to a new level.
COLOSSAL HYPOCRIT = typical demonic-rat
You have that right!
SHAME, SAHME, SHAME ON THAT OLD BASTARD.
The Buffet is full of rotten food for thought and his 0b0z0 is running on:
READ MY LIPS...NOOOO...NEWWWW...JOOOOBS
We were always right. Calling 0h0m0 "zero" was on the mark when it comes to what he does; generate the grand total of ZERO jobs.
I wish he were a real zero. He wouldn't have hurt the country that much!
This is going to spoil Warren’s afternoon nap. And how can he enjoy his tapioca pudding if his stomach’s all upset? He probably won’t be making any macrame plant hangers, either.
Now, now, Warren probably borrowed Tim Geithner's defective copy of Turbo Tax when he figured out Berkshire Hathaway's tax liability.
Now move along :^)
Warren Boo-Fay is a cafeteria taxpayer.
Eat your damned peas, Warren!
Sung to the tune of Rocky Raccoon!
Wait, is that racist? *snicker*
Maybe if these crooks paid their taxes they wouldn’t be begging Congress to tax the hell out of the rest of us.
Come on Warren pay your ‘fair share,’ and since you want to pay even more write a check for $2 billion instead just one. We could use it for the pigs in Washington and California.
:-D. Well said.
Why doesn’t he pay double? His stockholders would understand. Just another Learjet Liberocrite!
Pray for America
I always considered Warren Buffett a parasite. Ben Stein was always talking about what a genius Buffett was, which should have warned me about Stein even before he bacame a full-fledged RAT.
One share of Berkshire Hathaway (BRK-A) stock is $104,000.00...ONE SHARE.
....................One share of Berkshire Hathaway (BRK-A) stock is $104,000.00...ONE SHARE.......................
But, that’s not a problem because Buffett will give all of his shares to the Gates foundation, to shield his entire fortune from the taxman -
without the trouble and expense of setting up his own organization and infrastructure, and payroll expenses of distributing his own fortune. Let Bill and Melinda take care of all the issues!
What needs to happen (fat chance!) is all of these ‘tax exempt’ foundations and other avoidance vehicles need to be cleared off the tax rules.
I hope Warren can still play a good bridge game with his pal Bill Gates without any worries. Bill’s dad also wants to pay more taxes. I wonder if Bill does too?