Did Obama Pay a Lower Rate Than His Secretary?

[Trajan]

because buffett is a fraud...example a)

Buffett’s Bank of America
Warren Buffett’s Net Worth Jumps $154M Thanks to Mortgage Settlement

Buffett invested $5 billion in Bank of America (BofA) on Aug. 25, 2011. As part of his investment deal, Buffett gained warrants that allow him to buy 700 million shares of Bank of America stock at a strike price of $7.14 a share. However, on Dec. 19, 2011, it was reported that Buffett was $1.5 billion underwater on his stock warrants, with shares of BofA stock trading at $4.94. But on Thursday, after President Obama personally announced the details of the settlement, BofA stock closed at $8.13 a share. The stock opened Friday morning at $8.31 and reached as high as $8.35 a share.

If Buffett had exercised his warrants Friday morning, he would have made $847 million. $154 million of that profit would have been related to the foreclosure deal.

This is not the first time Buffett has profited from Obama administration policies. In November 2011, it was reported that President Obama’s two-year postponement of the deadline to determine the future of the proposed Keystone XL pipeline would force North Dakota oil producers to rely more heavily on the Burlington Northern Santa Fe Railroad. Buffett’s Berkshire Hathaway Inc. holding company purchased the Burlington Northern Santa Fe Railroad Corp. in a total package worth $44 billion in 2009.

more at-

Buffett’s Bank of America | Washington Free Beacon


annnnd

Throughout the financial crisis and the debate over the stimulus in early 2009, several members of Congress were buying and trading Berkshire stock. Sen. Dick Durbin (D-Ill.) bought Berkshire shares four times over a three-week period in September and October 2008, up to $130,000 worth. He bought shares during the debate over the bailout, during the vote, and after the vote. Sen. Orrin Hatch (R-Utah) bought the stock, as did Sen. Claire McCaskill (D-Mo.), who bought up to $500,000 worth just days after the bailout bill was signed. Some legislators also followed Buffett’s example by buying shares in Goldman Sachs after the bailout. Among them were Rep. John Boehner (R-Ohio), Sen. Jeff Bingaman (D-N.M.), and Rep. Vern Buchanan (R-Fla.).



snip-

Buffett needed the TARP bailout more than most. In all, Berkshire Hathaway firms received $95 billion in TARP money. Berkshire held stock in Wells Fargo, Bank of America, American Express, and Goldman Sachs, which received not only TARP money but also Federal Deposit Insurance Corporation (FDIC) backing for their debt, worth a total of $130 billion. All told, TARP-assisted companies constituted a whopping 30 percent of Buffett’s publicly disclosed stock portfolio. The folksy outsider with his home-spun investment wisdom, the Houston Chronicle concluded in an April 2009 investigative piece, was “one of the top beneficiaries of the banking bailout.”

By April 2009, Goldman share prices had more than doubled. By July 2009, Buffett had already received a return of $2.5 billion from his investment.

Later, astonishingly, Buffett would publicly complain about the bailouts in his 2008 letter to Berkshire investors, claiming that government subsidies put Berkshire at a disadvantage.

Warren Buffett: Baptist and Bootlegger - Reason Magazine

the reason article is in depth and worth 15 minutes...

 

[Trajan]

annnnd..

But when a Buffett company had a chance to tackle both problems, it chose to do the opposite. And it spent handsomely on K Street to get it done.

Berkshire Hathaway-owned NetJets Inc. spent more than $2.5 million on a squadron of lobbyists who successfully crafted tax legislation to benefit a handful of private jet companies, according to a HuffPost analysis of lobbying disclosure records.

The Federal Aviation Administration Modernization and Reform Act passed in February after wending its way through Congress over much of the last decade. The bill provides a broad overhaul of national aviation, which includes improving runway safety standards and funding aviation safety research. The bill also advances NextGen, a program to replace the aging radar system with GPS, which the FAA says will reduce delays, accidents and air pollution.

The key tax provision at issue was part of legislation aimed at modernizing the infrastructure of the aviation industry. The law carved out fractionally owned private jets from commercial jets, meaning that companies like NetJets will pay lower taxes over the next four years than they do today. According to the lobbying disclosure records, NetJets spent more than $1.5 million lobbying to win that specific provision alone.

The NetJets effort will deprive the government of roughly $25 million in annual revenue over the next three years due to a provision that benefits the fractional aviation industry, which allows individuals and companies to buy a share of a private aircraft, like a time-share. In 2010, according to the company's CEO, NetJets controlled 70 percent of the fractional jet market share. Seventy percent of $25 million is $17.5 million. In March 2011, Buffett noted that NetJets claims a market share five times bigger than its closest competitor.

Warren Buffett Company: Please Hike Cut Our Taxes



what a fraud....

 

[Gadawg73]

If he did, then the law needs to be changed so that in the future he won't, just as with Warren Buffett.

I don't believe anyone has suggested that Buffett is personally at fault for the situation. This thread therefore presents a non-argument.

And neither Mr. Buffett or President Obama want to keep the tax breaks that favor them, in place.

What stops them from paying more if they want to?
Fact is Buffet is facing 300 million in taxes now and is in tax court over it.
The Buffet Rule is a joke. The Joint Committe on Taxation has stated that the proposed Buffet Rule by Obama where the minimum tax on millionaires will be 30% will bring an additional 5 billion a year in taxes max.
After 250 years of that we would have enough to balance the Obama 2011 budget.
But folks eat it up because it "makes the rich pay their fair share".
Those that are in the business world know better and know that SPENDING is the problem.
Spending has skyrocketed under Obama, entitlements have skyrocketed.
First time in our history that an administration is proud that more people are on food stamps and entitlement programs than ever.
That was the plan from the start. More government, more free stuff equals more votes for Democrats.

 

[Trajan]

If he did, then the law needs to be changed so that in the future he won't, just as with Warren Buffett.

I don't believe anyone has suggested that Buffett is personally at fault for the situation. This thread therefore presents a non-argument.

And neither Mr. Buffett or President Obama want to keep the tax breaks that favor them, in place.

What stops them from paying more if they want to?
Fact is Buffet is facing 300 million in taxes now and is in tax court over it.
The Buffet Rule is a joke. The Joint Committe on Taxation has stated that the proposed Buffet Rule by Obama where the minimum tax on millionaires will be 30% will bring an additional 5 billion a year in taxes max.
After 250 years of that we would have enough to balance the Obama 2011 budget.
But folks eat it up because it "makes the rich pay their fair share".
Those that are in the business world know better and know that SPENDING is the problem.
Spending has skyrocketed under Obama, entitlements have skyrocketed.
First time in our history that an administration is proud that more people are on food stamps and entitlement programs than ever.
That was the plan from the start. More government, more free stuff equals more votes for Democrats.

What stops them from paying more if they want to?

not a thing but the

sure do eat it up..

 

[Soggy in NOLA]

I wonder if Barry wrote an extra check out to the U.S Treasury to mitigate the unfairness of his low tax bill?

 

[WillowTree]

oh mycan it be?


The most recent information about salary regarding Obama’s secretary is for his former secretary, Katie Johnson, who is listed by the White House as having made $90,000 in 2010.

According to Wikipedia, Johnson is 31 years old and now attends Harvard Law School. I don’t know about her personal life or what her deductions would be, so I can’t assume any children or extra deductions.

On a $90,000 salary, she would pay $16,578 in federal taxes, $3,780 to Social Security, and $1,305 in Medicare taxes.

That adds up to a total federal tax burden of $21,663 on $90,000 in adjusted gross income, or a tax rate of 24 percent.

more at-
Did Obama Pay a Lower Rate Than His Secretary? | The Blog on Obama: White House Dossier


obamas totally liability was- 21.8 %

Can I say MERGED




OBAMA FAMILY TAX SHELTER





Obama Family Tax Shelter | Washington Free Beacon

 

[WillowTree]

The Obamas paid a total federal tax rate of 20.5 percent on a gross adjusted income $789,674, which would typically fall within the top federal rate of 35 percent






what a asswipe.

 

[The T]

I wonder if Barry wrote an extra check out to the U.S Treasury to mitigate the unfairness of his low tax bill?

You know? Obama is touting the Buffet Rule...Buffet could take care of what would be garnered by writing a check to the IRS for the amount ...and he'd still have billions...

 

[WillowTree]

If he did, then the law needs to be changed so that in the future he won't, just as with Warren Buffett.

I don't believe anyone has suggested that Buffett is personally at fault for the situation. This thread therefore presents a non-argument.

And neither Mr. Buffett or President Obama want to keep the tax breaks that favor them, in place.

oh bullshit,, they moved money around and "gifted their kids" to get bigger fucking tax breaks..

 

[pete]

If he did, then the law needs to be changed so that in the future he won't, just as with Warren Buffett.

I don't believe anyone has suggested that Buffett is personally at fault for the situation. This thread therefore presents a non-argument.

Buffett is 100% at fault because he pays himself 100K a year for running a multi billion dollar company.

Tell me how many other CEOs get 100K a year for running a comparable business?

Berkshire Hathway still fight the payment of taxes? With the amount the penalties and interest much be huge

 

[Vidi]

Does the IRS accept overpayment?

 

[AmericanFirst]

If he did, then the law needs to be changed so that in the future he won't, just as with Warren Buffett.

I don't believe anyone has suggested that Buffett is personally at fault for the situation. This thread therefore presents a non-argument.

It would be nice if obamaet were honest though.

 

[The T]

Does the IRS accept overpayment?

Give 'em ALL you have. They'll be happy to accept it

If Obama has his way? You won't be left with anything anyway and subserviant to him.

 

[alan1]

If he did, then the law needs to be changed so that in the future he won't, just as with Warren Buffett.

I don't believe anyone has suggested that Buffett is personally at fault for the situation. This thread therefore presents a non-argument.

Buffett is 100% at fault because he pays himself 100K a year for running a multi billion dollar company.

Tell me how many other CEOs get 100K a year for running a comparable business?

I can hardly "fault" Buffett for paying himself that salary. The real question is why capital gains tax rates are so much lower than income tax rates.

Nope, the real question is why income tax rates are so much higher then capital gains rates.

 

[francoHFW]

Capital gains are lower because it's a gamble. Why are EFFECTIVE tax rates so much lower than tax rates Pubs never stop talking about, and why do do we need so many GD accountants and lawyers?

 

[The T]

Capital gains are lower because it's a gamble. Why are EFFECTIVE tax rates so much lower than tax rates Pubs never stop talking about, and why do do we need so many GD accountants and lawyers?

Ask the Lawyers since so many of them are in Government and vote Democrat.

 

[Trajan]

and those pesky deductions.... classic...


Obama Family Tax Shelter
First family transfers wealth, avoids taxes


President Obama and his wife, Michele, gave a total of $48,000 in tax-free gifts to their daughters, according to tax records made public on Friday.

The president and his wife separately gave each daughter a $12,000 gift under a section of the federal tax code that exempts such donations from federal taxes.

There is nothing illegal about the president’s taking advantage of this tax shelter, but it does raise eyebrows given that he has lamented the myriad tax exemptions used by the wealthy—“millionaires and billionaires” like himself—to pay less in taxes. He has yet to propose a comprehensive plan to reform the byzantine tax code.

The Obama’s tax return indicates that the gifts, likely for their daughter’s college educations, began in 2007, when the maximum exemptible amount was $24,000 per couple. The maximum exemption has since increased to $26,000 per couple.

more at-

Obama Family Tax Shelter | Washington Free Beacon

 

[The T]

and those pesky deductions.... classic...


Obama Family Tax Shelter
First family transfers wealth, avoids taxes


President Obama and his wife, Michele, gave a total of $48,000 in tax-free gifts to their daughters, according to tax records made public on Friday.

The president and his wife separately gave each daughter a $12,000 gift under a section of the federal tax code that exempts such donations from federal taxes.

There is nothing illegal about the president’s taking advantage of this tax shelter, but it does raise eyebrows given that he has lamented the myriad tax exemptions used by the wealthy—“millionaires and billionaires” like himself—to pay less in taxes. He has yet to propose a comprehensive plan to reform the byzantine tax code.

The Obama’s tax return indicates that the gifts, likely for their daughter’s college educations, began in 2007, when the maximum exemptible amount was $24,000 per couple. The maximum exemption has since increased to $26,000 per couple.

more at-

Obama Family Tax Shelter | Washington Free Beacon

I really want to hear him criticise others for doing the same...