Warren Buffet owes 1 billion in back taxes

Discussion in 'Stock Market' started by Misty, Apr 11, 2012.

  1. Misty
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    Misty Gold Member

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    On Monday, The Blaze reported that Warren Buffett’s company, Berkshire Hathaway, owes back taxes dating to 2002. The news is significant because in a recent op-ed column for the New York Times, Buffett, one of President Obama’s staunchest supporters, stated that, to now, the “super wealthy” have been coddled and deserve to be taxed at an even higher rate than they currently are.

    When Buffett made his revelation earlier in the month, most assumed his company was up-t0-date on its taxes. That assumption has turned out to be incorrect, however — and to a substantial degree perhaps.

    According to Berkshire’s 2010 annual report, the company has been in a near decade-long struggle with the IRS over its own taxes. Using public documents, a certified public accountant detailed Berkshire’s tax problems to Americans for Limited Government researcher Richard McCarty, revealing the damage could be close to $1 billion."

    Update: Warren Buffett’s Company Owes Nearly $1 Billion in Taxes | TheBlaze.com
     
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  2. Misty
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    Misty Gold Member

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    Not only does he owe back taxes he has been fighting the IRS since 2002.

    Meanwhile, McCarty believes Berkshire‘s current issues may be consistent with the company’s long-time history regarding taxes, noting, *“this is not the first time that Berkshire Hathaway has tangled with the IRS.”

    “They fought a 14-year battle over the dividends received deduction. That case was just resolved in 2005,” McCarty said.

    He fought for 14 years to keep from paying taxes.
     
    Last edited: Apr 11, 2012
  3. StevenC
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    StevenC VIP Member

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    Just more proof Buffet is a hipocrite.
    He says the rich aren't paying enough yet he fights the IRS.
    He also make use of every possible deduction available to himself. If he really wanted to pay more he could just skip the deductions.
     
  4. grunt11b
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    grunt11b VIP Member

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    You wont hear Obama bashing him anytime soon. The rich are not paying there fair share only if they are not a supporter of the destruction of this country.
     
  5. konradv
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    konradv Gold Member

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    A. It's BH's corporate taxes, not WB's individual taxes that are in question.

    B. He was talking about rates not deductions, the source of BH's problem.

    FAIL
     
  6. syrenn
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    syrenn BANNED

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    Ah yes, the man who thinks we should pay more taxes..... just not him.
     
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  7. StevenC
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    StevenC VIP Member

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    If he feels he should pay more why is he taking deductions?
     
  8. Ravage
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    Ravage BANNED

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    Wow...a financial story from the guy who shilled worthless gold plated coins that weren't worth shit.
     
  9. konradv
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    konradv Gold Member

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    He isn't, the corporation is. I realize corporations are supposed to be people, just not a specific person. :lol: Even though he is CEO, he has the obligation to do what's best for the shareholders and could get sued, if he didn't do everything to protect their fiduciary interest. That has nothing to do with his or his secretary's personal taxes.
     
  10. Skull Pilot
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