Author Topic: is this true?  (Read 2605 times)

cassandra and sara's daddy

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is this true?
« on: October 14, 2011, 09:34:28 AM »
berkshire hathaway owes 1005 mill in taxes?

Does MR Buffett speak with forked tung?

    From HUMAN EVENTS:



    Warren Buffet May Owe A Billion Dollars In Back TaxesObama’s favorite billionaire isn’t quite ready to practice what he preaches. by John Hayward 08/31/2011
    Comments
    Warren Buffett, President Obama’s pet billionaire, spends a great deal of time calling for tax increases on wealthy people. He began a recent New York Times op-ed, entitled “Stop Coddling the Super-Rich,” as follows:

    OUR leaders have asked for “shared sacrifice.” But when they did the asking, they spared me. I checked with my mega-rich friends to learn what pain they were expecting. They, too, were left untouched.

    While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary tax breaks. Some of us are investment managers who earn billions from our daily labors but are allowed to classify our income as “carried interest,” thereby getting a bargain 15 percent tax rate. Others own stock index futures for 10 minutes and have 60 percent of their gain taxed at 15 percent, as if they’d been long-term investors.

    These and other blessings are showered upon us by legislators in Washington who feel compelled to protect us, much as if we were spotted owls or some other endangered species. It’s nice to have friends in high places.

    That’s right, serfs: anything your benevolent “leaders” in Washington allow you to keep is a “blessing” that has been “showered” upon you. All money rightfully belongs to the State. It’s about time you spotted owls got with the program.

    Funny thing is, it turns out Buffett was being… 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.

    How much of the State’s rightful money has this hypocrite been clutching in a white-knuckled death grip? Oh, only about a billion dollars or so. Bill Wilson of Americans for Limited Government tallies up the bill:

    Using only publicly-available documents, a certified public accountant (CPA) detailed Berkshire Hathaway’s tax problems to ALG researcher Richard McCarty. Now, the American people have a better idea of how much in back taxes the company could owe Uncle Sam.

    According to page 56 of the company report, “At December 31, 2010… net unrecognized tax benefits were $1,005 million”, or about $1 billion. McCarty explained, “Unrecognized tax benefits represent the company’s potential future obligation to the IRS and other taxing authorities. They have to be recorded in the company’s financial statements.”

    He added, “The notation means that Berkshire Hathaway’s own auditors have probably said that $1 billion is more likely than not owed to the government.”

    On top of this tax bill, figure the value of the time IRS agents have invested trying to collect it – they don’t work cheap, and we pay their salaries – and the resources Buffett’s 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.
It is much more powerful to seek Truth for one's self.  Seeing and hearing that others seem to have found it can be a motivation.  With me, I was drawn because of much error and bad judgment on my part. Confronting one's own errors and bad judgment is a very life altering situation.  Confronting the errors and bad judgment of others is usually hypocrisy.


by someone older and wiser than I

Monkeyleg

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Re: is this true?
« Reply #1 on: October 14, 2011, 10:09:33 AM »
Please let it be true.

brimic

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Re: is this true?
« Reply #2 on: October 14, 2011, 10:16:37 AM »
Maybe the IRS will get to put their new shotguns to use >:D [ar15]
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longeyes

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Jamie B

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Re: is this true?
« Reply #4 on: October 14, 2011, 10:50:49 AM »
Please let it be true.
Please, please, please! Another DemiGod bites the dust!

I honestly believe that Obama and his ilk believe that they are morally and intellectual superior to us 'morons'.

What goes around comes around, eventually! Hot dam!
Greatness lies not in being strong, but in the right use of strength - Henry Ward Beecher

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AJ Dual

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Re: is this true?
« Reply #5 on: October 14, 2011, 01:09:24 PM »
It's a two-part prayer:

1. Let it be true.

2. Let it be juicy enough the libtarded MSM finds the hypocrisy too juicy to pass up, so Warren Buffet *expletive deleted*bag Extrordinaire's false shilling for Obama and whining "Please Tax Me More" penetrates the brains of the big squishy American Middle.
I promise not to duck.

RoadKingLarry

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Re: is this true?
« Reply #6 on: October 14, 2011, 04:01:47 PM »
Taking a cue from Tax cheat Tim?
If ye love wealth better than liberty, the tranquility of servitude better than the animating contest of freedom, go home from us in peace. We ask not your counsels or your arms. Crouch down and lick the hands which feed you. May your chains set lightly upon you, and may posterity forget that you were our countrymen.

Samuel Adams

SADShooter

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Re: is this true?
« Reply #7 on: October 14, 2011, 04:30:37 PM »
I expect Mr. Buffett's minions were practicing creative tax acounting when Geithner was still in short pants and propeller beanie.
"Ah, is there any wine so sweet and intoxicating as the tears of a hippie?"-Tamara, View From the Porch

dm1333

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Re: is this true?
« Reply #8 on: October 14, 2011, 04:40:53 PM »
http://www.huffingtonpost.com/2011/08/29/warren-buffett-taxes-berkshire-hathaway_n_941099.html

Quote
Berkshire Hathaway, the eighth-largest public company in the world according to Forbes, openly admits to still owing taxes for years 2002 through 2004 and 2005 through 2009, according to the New York Post. The company says it expects to "resolve all adjustments proposed by the US Internal Revenue Service" within the next year.


I purposely chose to use the HuffPo link just because it amused me, but this is easily found over the internet. I wonder if this means he has to go back and "adjust" his taxes too? 

Azrael256

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Re: is this true?
« Reply #9 on: October 14, 2011, 11:03:36 PM »
Quote
owing taxes for years 2002 through 2004 and 2005 through 2009

Just curious if one of our resident tax law wizards can explain to me how "2002 through 2009" somehow did not describe the situation adequately.

Would it be worse for them to owe taxes for 2002 through 2004, 2005 through 2007, AND 2008 through 2009?  It would certainly pad the paycheck if the writer were paid by the word (and the editor forgot he had a calendar.  Or basic math skills.).

Perd Hapley

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Re: is this true?
« Reply #10 on: October 15, 2011, 12:24:47 AM »
If you rabble listened to Rush Limbaugh, you would have known this two or three weeks ago.

But when Rush says things like that, they are only smears, to be dismissed out of hand.
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Fly320s

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Re: is this true?
« Reply #11 on: October 17, 2011, 06:17:33 AM »
Rush who?  Some new guy on the internet, I bet.
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French G.

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Re: is this true?
« Reply #12 on: October 17, 2011, 08:35:50 AM »
I expect Mr. Buffett's minions were practicing creative tax acounting when Geithner was still in short pants and propeller beanie.

So as of yesterday huh?
AKA Navy Joe   

I'm so contrarian that I didn't respond to the thread.

Lee

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Re: is this true?
« Reply #13 on: October 17, 2011, 07:37:28 PM »
Not sure i understand the point being made here.  Buffet's been preaching that tax law is screwed up...skewed in favor the wealthy.
Id think this supports that line of thinking.  Who else could not pay millions/billions in taxes?  So basically, they didn't pay a billion in taxes during the GWB years.

SADShooter

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Re: is this true?
« Reply #14 on: October 17, 2011, 08:00:09 PM »
Money they admit they owe. So, his argument about the 15% cap gains rate being too low rings hollow, and hypocritical, when he explicitly fails to factor in business taxes for his own company.
"Ah, is there any wine so sweet and intoxicating as the tears of a hippie?"-Tamara, View From the Porch

Lee

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Re: is this true?
« Reply #15 on: October 18, 2011, 06:44:30 PM »
Perhaps I'm wrong, but wasn't he referring to personal income tax of the wealthy?  Obviously, he can't volunteer to pay extra taxes, or refuse to use legal loopholes, for a publicly traded company. 

AJ Dual

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Re: is this true?
« Reply #16 on: October 18, 2011, 09:57:00 PM »
Perhaps I'm wrong, but wasn't he referring to personal income tax of the wealthy?  Obviously, he can't volunteer to pay extra taxes, or refuse to use legal loopholes, for a publicly traded company. 

That's a strawman argument, the wealthy can usually structure it so they have no income whenever they wish.

It doesn't matter what rate you set it at. 99.999% of 0 is still 0 at the end of the day. Not to mention all the deleterious side effects to the economy if/when all their money leaves America for good.

And we have a spending problem, not a tax problem in this country. We could confiscate 100% of the wealth of the top 10% or whatever, and it still wouldn't be enough to cover the deficit or national debt.

It is indeed a two-party problem, neither side had the guts over the past decade to really make some cuts, and have the balls to shrink or eliminate people's checks, and throw some .gov workers out into the world. However, while both sides lacked spine on this, one side of the aisle has been spending like drunken sailors, or a gambling addict about to hit bottom, hoping for some kind of "big win" with Keynesian economics that have never panned out before.
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MechAg94

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Re: is this true?
« Reply #17 on: October 19, 2011, 01:38:17 PM »
There are also all sorts of tax free investments like some bonds.  They may not pay out as much, but if you have excess, it makes sense.  Not to mention ways to make sure money is wasted in the right places to write off as losses.
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Perd Hapley

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Re: is this true?
« Reply #18 on: October 19, 2011, 02:43:40 PM »
Warren Buffett just has to be the worst poster boy for higher taxes on the wealthy. Warren is known for only.  One.  Thing. He knows where to put money, so it will make more money. To take money out of that guy's hands and give it to the government, at exactly the same time that wasteful govt. spending has become so obvious and so damaging? You HAVE to know that's a bad idea.
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Jamisjockey

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Re: is this true?
« Reply #19 on: October 19, 2011, 04:41:02 PM »
Perhaps I'm wrong, but wasn't he referring to personal income tax of the wealthy?  Obviously, he can't volunteer to pay extra taxes, or refuse to use legal loopholes, for a publicly traded company. 

That is where Buffet is full of fecal matter.  The wealthy don't typically have "income".  They have companies and investments.  Thier compaines pay taxes.  Their investments pay them in capital gains.  They purchase things with thier companies.  You think Buffet owns a car, or a house, or a plane? Nope.  All that *expletive deleted*it is in his companies name. 
Whatever salary he gets, you could tax him at 80% and he wouldn't care.  By the time it gets to him, its just hooker and coke money anyways.

Quote
And we have a spending problem, not a tax problem in this country. We could confiscate 100% of the wealth of the top 10% or whatever, and it still wouldn't be enough to cover the deficit or national debt.



QFT.
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