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7 Replies
Senior Advisor

Re: This is "Rich"

Warren wants all of the rich to pay more taxes except for Warren.

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Senior Contributor

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Senior Contributor

Re: This is "Rich"

I think he's hoping the Tea Party & Repubs will cut the "highest corporate tax rates in the world" retroactively. Actually, the article makes no claims about Buffet's personal taxes - just Berkshire Hathaway's corporate taxes. I thought you guys felt sorry for all these poor 'ol corporations that are getting slammed by high taxes? I thought you would be happy for any that slipped through the net......??

 

Kidding aside, B.H. should settle and pay ASAP and he is a hypocrite, as the article said. Politicians in general don't think taxes apply to them or their businesses. We've seen it over and over on both sides of the aisle and the cracks inbetween.

 

 

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Senior Advisor

Re: This is "Rich"

He bought all of that BofA the other day, must be betting on another bailout.

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Frequent Contributor

Re: This is "Rich"

If I were to guess, I would guess that all of those "delays" in payment are the result of audits, and tax court litigations resolving numerous issues.  The IRS issues new regs yearly--more like monthly--based upon the changes in the laws, loopholes, exemptions, etc. passed by congress daily.  The new "regs" are rarely "black and white" and usually require a court "interpretation" to establish their validity.  Further, Buffet, and  other ultra rich folks are smart enough, and rich enough to hire armies of accountants, and tax attorneys to "push the envelope" at every turn.  NO tax law or regulation is ever black and white CERTAIN until a tax court has ruled on it.  I'm guessing that Buffet, and his sub-corporations are audited every year, and pursue every possible loophole/exemption offered.  After all, they have a fiduciary duty to their stockholders as well.  Such audits, and the resulting litigation would take years to resolve.  To tell Buffet to simply "Pay Up", is silly.

 

Further, many corporations such as GE (recently) find ways to avoid corporate taxes as well.  Although the corporate rate is indeed 35%, American corporations enjoy some of the most liberal exclusions, writeoffs, and manipulations in the world--meaning that their rates of taxation generally are somewhat less than 35%, if they pay much at all.  And who's to say the the average taxpayer isn't including some corporate dividends in their AG Income.  There are some in MINE.....it's just that Buffet's "mix" of revenue sources are more aminable to the use of accounting devices than are most of ours.  Hey, he's a smart guy.  That's why he's where he is in the world.

 

But I still think he's right.  If his secretary were to incorporate herself, and jump through the necessary "hoops", she could probably reduce her tax rates to his........but for most of us, it's just not financially worth the hassle.    KenJ

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Senior Contributor

Re: This is "Rich"

Ken, what right do you have to saunter in here and make remarks that are sensible? You are out of line buddy...WAY out of line. You need to learn the ropes. This approach will never be tolerated here. Buffet and his corporation are the devil's Hitler-Stalin and you need to learn that. There is but one way.

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Senior Advisor

Re: This is "Rich"

Lower the corporate tax rate to 15% and it will be cheaper tp pay the tax than to hire the lawyers.