Here's more from the Oracle. Are you still buying into his 'wanting' to pay more taxes? Isn't he about as phoney as Pelosi bitching about all the "rich" getting away with the same things she and her husband get away with. The Democrats must be so proud with their leadership.
Shocker: Warren “Tax Me More” Buffet Gets 70% Tax Break On Dividends From Bank Of America Investment
Rob Port • August 29, 2011
Warren Buffet has become the left’s favorite poster boy for taxing the rich more. Buffet himself is advocating for tax hikes on people just like him. “It’s time for our government to get serious about shared sacrifice,” he wrote in the New York Times recently. “Most [of the rich] wouldn’t mind being told to pay more in taxes as well, particularly when so many of their fellow citizens are truly suffering.”
But here’s the thing: Buffet and his companies do everything they can to pay as little in taxes as possible. Not only has Buffet’s company Berkshire Hathaway been fighting the IRS for years to avoid paying millions of dollars in taxes (no doubt ringing up quite a legal bill for the taxpayers along the way) but on his most recent investment into Bank of America the “oracle of Omaha” will be taking a 70% tax exemption on his dividends.
…corporations can exclude from taxation 70% of the dividends they receive from an investment in another corporation. This exclusion is intended to prevent double- or even triple-taxation as money is earned by one company, paid to another company and then ultimately paid out to shareholders. The policy makes sense; we only wonder why the exclusion isn’t 100%.
With the 70% exclusion for Mr. Buffett and his fellow shareholders, Berkshire will enjoy an effective tax rate of 10.5% on the $300 million in dividends it will receive each year from Bank of America.
We’re tempted to suggest that Mr. Buffett should do what he might call the patriotic thing and volunteer Berkshire to pay the full 35% rate as a good corporate citizen. But even if Mr. Buffett won’t say it, most Americans know that more jobs will be created if the money is deployed by the Berkshire bunch than by the Beltway boys.Remember, Mr. Buffet. Avoiding taxes is unpatriotic.