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!
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3 comments:

  1. Anonymous4/12/2012 9:52 AM

    http://itsoureconomy.us/2011/08/american-exceptionalism-by-the-numbers/

    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:

    http://caelumetterra.files.wordpress.com/2012/04/549765_10150779368628690_86518833689_11454136_278754803_n.jpg

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  2. Anonymous4/12/2012 12:40 PM

    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.

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  3. Jim4/12/2012 8:18 PM

    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?

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