Skip to comments.Warren Buffet May Owe A Billion Dollars In Back Taxes (Is this what Obama means by "Buffet Rule"?)
Posted on 10/13/2011 2:23:49 AM PDT by Clairity
Warren Buffett, President Obama's pet billionaire, spends a great deal of time calling for tax increases on wealthy people.
Funny thing is, it turns out Buffett was beingâ¦ shall we say ... disingenuous when he claimed his "leaders" never got around to asking for his "shared sacrifice." His company, Berkshire Hathaway, has been fighting the IRS tooth and nail to avoid paying its federal tax bill for nearly a decade.
(Excerpt) Read more at humanevents.com ...
There are people on Wall Street carrying signs reading “eat the rich”. Perhaps Buffet will offer himself up on a plate since he’s so concerned with everyone. All you can eat buffet.
oh, the irony.
This is the bribe that keeps Warren Buffett in Obama’s camp, contributing money to his campaign, being Obama’s voice for further taxation of the “very” rich, like himself, and being a useful stooge for the Prez. In return, Buffett will be left off the hook on the 1 billion dollars that he owes the IRS in back taxes. The slate will be wiped clean, as a final act towards the end of Obama’s administration, for Warren being a good boy and playing along. In other words, blackmail. Warren Buffett is being blackmailed in order to not have to pay his back taxes. The great trade-off. Warren will kiss Obama’s *ss to the very end of Obama’s regime.
...”Funny thing is, it turns out Buffett was beingâ¦ shall we say ... disingenuous when he claimed his “leaders” never got around to asking for his “shared sacrifice.” His company, Berkshire Hathaway, has been fighting the IRS tooth and nail to avoid paying its federal tax bill for nearly a decade”...
Is it possible that Buffet is currying favor with the current administration so that he can slide by without paying his taxes? When I think of how the normal person out here jumps through hoops to satisfy the IRS for fear of government retribution, news like this makes me heartsick, though I now realize that, for the most part, in our day, government is just a big corrupt, rob the common folks, game. Only very, very hard times will turn this kind of thing around.
This story deserves wide publicity, but as an advertisement for serious tax reform, not as a club for beating up on Warren Buffet. I’m reasonably confident that Buffet does nothing on the tax front that isn’t vetted by armies of lawyers. The fact is, we have an insane tax code which not only ensnares the naive; it leads routinely to endless battles of attrition between company lawyers vs. IRS lawyers on the interpretation of arcane provisions whose applications were likely never even contemplated by those who originally drafted them. It’s a crazy way to do business.
"The Oracle of Omaha"
"The Orifice of Obama".
After 10 years the penalties and interest on this debt will be astronomical (if it is levied).
LOL! -- Omaha's answer to the Runze sandwich!
No, I think Buffett's angle is, he wants FedGov to increase the IRS squeeze on ordinary income as an alternative to messing with his capital gains treatment and his similarly-structured comp as a money-runner; many financial advisory types have their comp structured as participation in capital gains of the vehicle and pay cap-gains rates on what we mere mortals would consider ordinary income.
I think that's his game.
This should surprise no one, since Obama has a Treasury Secretary, who either failed to pay taxes, or can't figure out how to use TurboTax, and he also has someone on his Jobs Committee, whose company ALSO paid no taxes (on profits of billions), WHILE ALSO sending 1000 jobs to China...
Incompetency on parade, for all to see. Everyday....