Warren Buffett is beginning to look more like Warren Buffoon.
He's famously advocated "more taxes" for the rich (like him, for example) but has not volunteered Dime One to the Treasury from his own silk-lined pockets. He also has stated that he will give his fortune to PRIVATE charity because the Gummint is far less efficient and efficacious. (Duh)
(On the give-away, Buffett deserves all the kudos we can give him.)
But there's more. Seems that Buffett's Berkshire Hathaway is fighting the IRS on.........you guessed it........tax liabilities going all the way back to 2002.
At December 31, 2010 and 2009, net unrecognized tax benefits were $1,005 million and $926 million, respectively. Included in the balance at December 31, 2010, are $774 million of tax positions that, if recognized, would impact the effective tax rate. The remaining balance in net unrecognized tax benefits principally relates to tax positions for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. B-H annual report quoted at PowerLine
Which is it, Warren?
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4 comments:
Note that the argument isn't about back taxes or taxes owed. It's about tax benefits which have yet to be recognized by the company.
The "company", by the way, is a publicly-traded corporation. Warren can do what he wants with his money, but BH has to use its money for the legal benefit of the shareholders, which are numerous and diverse in personal wealth and incomes.
You're right.
So. Let's tax them all, right?
They're already taxed, just not commensurate with their income level. The issue is not whether Warren is making goodwill offerings to the IRS just because he can afford it, and believes the top one percent should pay a higher rate...the question is why bumpkins who're nowhere near Warren's income level insist his taxes should remain lower than their own.
Wrong, tax-o-breath!
Warren is taxed at the capgains rate. NOBODY--(D) or (R) is suggesting that capgains taxes increase, because they are at least partially inflation-inflated earnings and because the companies already paid income tax before adding to capital. Warren does not get a salary.
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