Thursday, April 12, 2012

Buffet the Fraud

Like most high-visibility folks, Buffet likes the rules:  one rule for you, another rule for him.

...Berkshire Hathaway, Buffett's holding company, owns NetJets. NetJets is a company millionaires use in order to arrange fractional ownership of private jets -- time shares, of sorts. NetJets lobbied like crazy, as Ryan Grim and Ariel Edwards-Levy at Huffington Post explained last month, to change the treatment under the tax code of flights on fractionally owned jets.

It's complicated, but basically it's about whether to charge a per-passenger tax as Washington charges commercial flights or a per-gallon tax as Washington charges the operators of private jets that are owned by one party. The latter treatment results in lower taxes.

Congress -- mostly Ohio Republicans Pat Tiberi and Rob Portman, according to media accounts -- stuck the NetJets provision into the transportation bill. The result is a "a much-reduced tax liability" for NetJets customers, and thus much higher profits for Warren Buffett. And earlier this month, the IRS began implementing this tax-law change.

See how that works? Go ahead--YOU can try that, too!


Anonymous said...

To our great shame, among the 20 major advanced countries America now has..........

the highest poverty rate, both generally and for children;
the greatest inequality of incomes;
the lowest government spending as a percentage of GDP on social programs for the disadvantaged;
the lowest number of paid holiday, annual, and maternity leaves;
the lowest score on the United Nations’ index of “material well-being of children”;
the worst score on the United Nations’ gender inequality index;
the lowest social mobility;
the highest public and private expenditure on health care as a portion of GDP,
yet accompanied by the highest

infant mortality rate;
prevalence of mental health problems;
obesity rate;
portion of people going without health care due to cost;
low-birth-weight children per capita (except for Japan);
consumption of antidepressants per capita;
along with the shortest life expectancy at birth (except for Denmark and Portugal);

the highest carbon dioxide emissions and water consumption per capita;
the lowest score on the World Economic Forum’s environmental performance index (except for Belgium), and the largest ecological footprint per capita (except for Belgium and Denmark);
the highest rate of failing to ratify international agreements;
the lowest spending on international development and humanitarian assistance as a percentage of GDP;
the highest military spending as a portion of GDP;
the largest international arms sales;
the most negative balance of payments (except New Zealand, Spain, and Portugal);
the lowest scores for student performance in math (except for Portugal and Italy) (and far from the top in both science and reading);
the highest high school dropout rate (except for Spain);
the highest homicide rate;
and the largest prison population per capita........

See largest prison population per capita Graphic:

Anonymous said...

Funny thing about the Buffet rule. If it becomes law his secretaries taxes will go up but not his:-)

This was the greatest country in the world, until liberals took over.

Jim said...

How does this make Buffet a "fraud"?

Funny thing about the Buffet rule. If it becomes law his secretaries taxes will go up but not his:-)

Care to explain how you figured that out?