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Thread: Who sez only politicians are hypocrites?

  1. #1
    Senior Member Uncle Bill's Avatar
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    Default Who sez only politicians are hypocrites?

    How about the Oracle of Omaha wearing that distinction, Naaaaaww. He's the good guy wanting everyone to pony up more bread for Obama and his unionistas to blow. But lookee here. One of the liberals Icons. Whoda thunk it?

    UB

    Irony: Warren Buffet’s Company Has Millions In Unpaid Taxes

    Rob PortAugust 24, 2011






    Billionaire Warrent Buffett has become the go-to man for liberals wanting to make the case for higher taxes for years now. Most recently, writing in the New York Times, Buffett argued that “It’s time for our government to get serious about shared sacrifice.” Writing of the “super rich” such as himself, he says “Most wouldn’t mind being told to pay more in taxes as well, particularly when so many of their fellow citizens are truly suffering.”
    Maybe that’s true and maybe it isn’t, but one thing that is true is that if Buffett wants to pay more in taxes he could start by having his company pay its taxes:
    According to Berkshire Hathaway’s own annual report — see Note 15 on pp. 54-56 — the company has been in a years-long dispute over its federal tax bills.
    According to the report, “We anticipate that we will resolve all adjustments proposed by the U.S. Internal Revenue Service (‘IRS’) for the 2002 through 2004 tax years at the IRS Appeals Division within the next 12 months. The IRS has completed its examination of our consolidated U.S. federal income tax returns for the 2005 and 2006 tax years and the proposed adjustments are currently being reviewed by the IRS Appeals Division process. The IRS is currently auditing our consolidated U.S. federal income tax returns for the 2007 through 2009 tax years.”
    Americans for Limited Government researcher Richard McCarty, who was alerted to the controversy by a federal government lawyer, said, “The company has been short-changing the tax collection agency for much of the past decade. Mr. Buffett’s company has not fully settled its tax bills from 2002-2009. Yet he says he’d happily pay more. Except the IRS has apparently been asking him to pay more going on nine years.”
    Apparently, not paying taxes in full is an annual occurrence under Buffett’s watch. Considering the size of the company, the amount of unsettled taxes could total in the tens of millions.
    I don’t know anything about the legal dispute between Buffett’s company and the IRS. Maybe the company is right to be fighting the IRS. But it’s a little hypocritical for Buffett to be out saying “tax me more” while he’s simultaneously fighting a legal battle with the IRS (one no doubt costing the taxpayers a pretty penny) to pay less in taxes.
    That’s hypocrisy.
    When the one you love becomes a memory, that memory becomes a treasure.

  2. #2
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    Patrick Johndrow had it right when he made an uncomplimentary remark about WB during a discussion on this forum. BRKa is worth $97,279,573,670.00 at the close of trading today & an initial investment in the stock would be worth many times what anyone paid. That's why our boy Franco loses immense credibility when he talks of the stock market or his boy RP .

    This to me is another boneheaded move by BAC management along with their foray outside the banking sector. I wish I had saved the call name of the guy from NC that was on this forum who said Countrywide & Merrill Lynch were a good addition to BAC .

    As for Buffett, he speaks for what is good for his game & not what is good for the country. As a consumer I avoid any company where he is the controlling shareholder. Unfortunately I cannot avoid him in stocks as we apparently see value in the same places, we just get different terms .
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  3. #3
    Senior Member JJaxon's Avatar
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    "As for Buffett, he speaks for what is good for his game & not what is good for the country. As a consumer I avoid any company where he is the controlling shareholder"

    So, is the list of companies he controls going to get posted?
    HRCH TilHe CallsUsHome ~ Tilly

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    Senior Member Uncle Bill's Avatar
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    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.

    UB

    Shocker: Warren “Tax Me More” Buffet Gets 70% Tax Break On Dividends From Bank Of America Investment

    Rob PortAugust 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.
    When the one you love becomes a memory, that memory becomes a treasure.

  5. #5
    Senior Member BonMallari's Avatar
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    Quote Originally Posted by JJaxon View Post
    "As for Buffett, he speaks for what is good for his game & not what is good for the country. As a consumer I avoid any company where he is the controlling shareholder"

    So, is the list of companies he controls going to get posted
    ?
    I know of two off the top of my head without checking

    Wells Fargo Bank

    Mutual of Omaha

    and I think BSNRB railroad of something like that...
    All my Exes live in Texas

    Quote Originally Posted by lanse brown View Post
    A few things that I learned still ring true. "Lanse when you get a gift, say thank you and walk away. When you get a screwing walk away. You are going to get a lot more screwings than gifts"

  6. #6
    Senior Member Franco's Avatar
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    Quote Originally Posted by Uncle Bill View Post
    How about the Oracle of Omaha wearing that distinction, Naaaaaww. He's the good guy wanting everyone to pony up more bread for Obama and his unionistas to blow. But lookee here. One of the liberals Icons. Whoda thunk it?

    UB

    Irony: Warren Buffet’s Company Has Millions In Unpaid Taxes

    Rob PortAugust 24, 2011






    Billionaire Warrent Buffett has become the go-to man for liberals wanting to make the case for higher taxes for years now. Most recently, writing in the New York Times, Buffett argued that “It’s time for our government to get serious about shared sacrifice.” Writing of the “super rich” such as himself, he says “Most wouldn’t mind being told to pay more in taxes as well, particularly when so many of their fellow citizens are truly suffering.”

    Maybe that’s true and maybe it isn’t, but one thing that is true is that if Buffett wants to pay more in taxes he could start by having his company pay its taxes:
    According to Berkshire Hathaway’s own annual report — see Note 15 on pp. 54-56 — the company has been in a years-long dispute over its federal tax bills.

    According to the report, “We anticipate that we will resolve all adjustments proposed by the U.S. Internal Revenue Service (‘IRS’) for the 2002 through 2004 tax years at the IRS Appeals Division within the next 12 months. The IRS has completed its examination of our consolidated U.S. federal income tax returns for the 2005 and 2006 tax years and the proposed adjustments are currently being reviewed by the IRS Appeals Division process. The IRS is currently auditing our consolidated U.S. federal income tax returns for the 2007 through 2009 tax years.”

    Americans for Limited Government researcher Richard McCarty, who was alerted to the controversy by a federal government lawyer, said, “The company has been short-changing the tax collection agency for much of the past decade. Mr. Buffett’s company has not fully settled its tax bills from 2002-2009. Yet he says he’d happily pay more. Except the IRS has apparently been asking him to pay more going on nine years.”

    Apparently, not paying taxes in full is an annual occurrence under Buffett’s watch. Considering the size of the company, the amount of unsettled taxes could total in the tens of millions.
    I don’t know anything about the legal dispute between Buffett’s company and the IRS. Maybe the company is right to be fighting the IRS. But it’s a little hypocritical for Buffett to be out saying “tax me more” while he’s simultaneously fighting a legal battle with the IRS (one no doubt costing the taxpayers a pretty penny) to pay less in taxes.
    That’s hypocrisy.
    Both the left and the right love to spin a story to fit their agenda!

    Buffett has said on several occassions that he wouldn't mind paying more Personal Income Tax! Of course he is free to write a bigger check to Uncle Sam.

    However, as the head of a company, it is his responsibility to return as much profit as he can to his investors! Thus, the dispute with the IRS.

    The writer is trying to confuse Personal Income Tax with Corporate Income Tax...two different issues!
    Collecting more taxes than is absolutely necessary is legalized robbery. Calvin Coolidge



  7. #7
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    Quote Originally Posted by Franco View Post
    Both the left and the right love to spin a story to fit their agenda!

    Buffett has said on several occassions that he wouldn't mind paying more Personal Income Tax! Of course he is free to write a bigger check to Uncle Sam.

    However, as the head of a company, it is his responsibility to return as much profit as he can to his investors! Thus, the dispute with the IRS.

    The writer is trying to confuse Personal Income Tax with Corporate Income Tax...two different issues!
    It is always a diffeent issue Franco. 70,000 pages of IRS codes says it is.

  8. #8
    Senior Member Gerry Clinchy's Avatar
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    I know that this would be way too simple: Why not remove corporate income taxes & tax only individuals? However, also prohibit corporate campaign contributions. Since unions are simply non-profit corporations, they should also be prohibited from campaign contributions.

    In so doing, individuals would be more aware of exactly how much the govt is taxing them. As it is, corporate taxes do not seem "real" to individuals, as they don't realize how much they are paying in the cost of products to cover those taxes paid by corporations; or the cost of the accounting & legal services that those corporations need to comply with IRS tax code.

    If only individuals could contribute to campaigns, it wouldn't be so easy for elected officials to grab large amounts of funds from a limited # of sources.
    G.Clinchy@gmail.com
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  9. #9
    Senior Member Raymond Little's Avatar
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    Quote Originally Posted by BonMallari View Post
    I know of two off the top of my head without checking

    Wells Fargo Bank

    Mutual of Omaha

    and I think BSNRB railroad of something like that...
    Justin Boot Company

    Cort Furniture Rental
    "Character is doing the right thing when nobody is watching"....J.C. Watts

  10. #10
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    Quote Originally Posted by BonMallari View Post
    I know of two off the top of my head without checking

    Wells Fargo Bank

    Mutual of Omaha

    and I think BSNRB railroad of something like that...
    Quote Originally Posted by Raymond Little View Post
    Justin Boot Company

    Cort Furniture Rental
    Burlington Northern
    Clayton Mobile Homes
    GEICO
    Lots of Mobile Home mfr's

    Pull up BRKa - that should show what they own
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