Warren Buffett, hypocrite Last Updated: 11:51 PM, August 28, 2011 Posted: 11:31 PM, August 28, 2011 This oneâs truly, uh ... rich: Billionaire Warren Buffett says folks like him should have to pay more taxes -- but it turns out his firm, Berkshire Hathaway, hasnât paid what itâs already owed for years. Thatâs right: As Americans for Limited Government President Bill Wilson notes, the company openly admits that it owes back taxes since as long ago as 2002. âWe anticipate that we will resolve all adjustments proposed by the US Internal Revenue Service (âIRSâ) for the 2002 through 2004 tax years ... within the next 12 months,â the firmâs annual report says. It also cites outstanding tax issues for 2005 through 2009. Obvious question: If Buffett really thinks he and his âmega-rich friendsâ should pay higher taxes, why doesnât his firm fork over what it already owes under current rates? Likely answer: He cares more about shilling for President Obama -- whoâs practically made socking âmillionaires and billionairesâ his re-election theme song -- than about kicking in more himself. Buffettâs free to back Obama, of course. And if his firm wants to keep its tax bill low, well, thatâs its right, too. But it would be nice if this âpro-tax-hikeâ tycoon were a bit more honest about it. Start, for example, with his grossly disingenuous recent claim that, as he wrote in The New York Times, he paid only 17 percent of his income last year to the government -- even as many working stiffs who make far less than him coughed up higher percentages. Fact is, unlike most other folks, Warren Buffett gets most of his income from dividends and capital gains, which are nominally taxed at 15 percent. Left unsaid is that much of that is taxed at 35 percent (via the corporate income tax) before he even gets his hands on it. So in effect, heâs paying taxes twice (that is, when his companies actually pay, anyway). Counting both taxes, his effective rate would really be well north of 40 percent for a big chunk of his income. Thereâs more. Obama, and co-conspirators like Buffett, claim to want to slap only âmillionaires and billionaires.â But in 2009, for instance, fewer than a quarter-million taxpayers (less than two tenths of 1 percent) reported income over $1 million -- and their combined bill was less than $200 billion. Raise the top tax rate on them by 13 percent, as Obama wants (from 35 percent to 39.6 percent) and you bring in only another $26 billion, tops -- and thatâs if your tax hike doesnât stifle the economy and kill jobs (which it surely would). Yet whatâs $26 billion in a world of $4 trillion federal budgets with trillion-dollar-plus deficits? No wonder Obamaâs hikes on âmillionaires and billionairesâ actually start with folks earning as little as $200,000. Looks like Buffettâs not the only disingenuous one here. But again, thatâs clear from their individual behavior: Obama, Buffett and Democrats like Bill Clinton keep saying they want to pay more taxes. Fine. They can always write checks. http://www.nypost.com/p/news/opinio...ypocrite_E3BsmJmeQVE38q2Woq9yjJ#ixzz1WRXV1TeR
the bush tax cuts for the wealthy, designed to stimulate the economy, has been in effect how long now? how is that working for you?
200,000 is taxable income. If you actually make, say, 250, and report 200 in taxable income, you need to either do better tax planning or get another accountant. Just a guess, but I think the number of folks who report 200 in taxable income is well south of the number who make 200 a year. The author is playing fast & loose with the numbers.
Somebody already said "send a check to the irs for 5 billion dollars" he wont do it. Nuff said. He is a fraud.
Stating that you only want to tax âmillionaires and billionairesâ is playing fast & loose with the facts.
Remember , Buffet represents big business, Corporate interests. Big Government is a big part of his business. When he wants to raise taxes it is because it means more Government spending. More profits for his multinational corporations.
Buffet could even pay by credit card for his convenience. https://www.pay.gov/paygov/forms/formInstance.html?agencyFormId=23779454