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Veteran Advisor

What off shore accounts cost us

snip: Before you go all, "But it's their money!" I have one thing to say: This country's entire infrastructure is what enabled these people to make the money they are now hiding away in other countries to avoid paying taxes on it.


http://www.upworthy.com/what-some-folks-do-with-their-piles-of-money-is-downright-un-american?c=hpst...
7 Replies
Senior Contributor

Re: What off shore accounts cost us

You have identified a problem, do you have a suggestion for a solution?   I really can't think of an easy answer, as the horse is already out of the barn on this one.

 

However, a trivia question:

 

Do you wonder why Nebraska's number is so high?

The single biggest contributer to it, is all the money that Buffett (Berkshire Hathaway) has been 'sheltering' over the years.  

Just curious if that will alter anyone's opinion on the guy, if you think he falls in the 'un-American' category.

IMO, it is just par for the course, as Warren Buffet has a long history of doing what makes the most money for Warren Buffet.   Not that there is anything illegal or wrong with it, but just realize that his actions speak louder than his words.

Senior Contributor

Re: then vote for a flat tax

on every purchase the demonrats have fought it for years so they can protect their members with off shore accounts ---always take care of the rich---wanna debate or run

Veteran Advisor

Re: What off shore accounts cost us

Why do you politicize it? Yes I do have a solution and so does anyone who isn't interested in keeping the rich rich! Close off the loopholes that basically only the uber rich can use. Buffet may be one of the ones who is as guilty as the mormon but he at least said he should be paying more.
Senior Contributor

Re: What off shore accounts cost us

Isn't mollie brilliant. He alone is the justification for the preservation of all endangered species, including turtles. That is a real gotcha moment ay moll!!!!!
Senior Contributor

Re: What off shore accounts cost us


@schnurrbart wrote:
Why do you politicize it?Yes I do have a solution and so does anyone who isn't interested in keeping the rich rich! Close off the loopholes that basically only the uber rich can use.

I'm with you there.   My Congressmen have already heard my opinions on that.  Close the loopholes, so that any income earned in a tax bracket, is paid in that tax bracket, and eliminate shady tax shelters (probably won't happen, though as too many politicians do the same thing).

 Buffet may be one of the ones who is as guilty as the mormon but he at least said he should be paying more.

Funny, you complained that I 'politicized' things, but then you added this?   I was pointing out the single biggest tax dodger in Nebraska.   Is 'the morman' a tax dodger?   Does a company he operate, owe over a billion dollars in back taxes?  
I thought the subject of the thread was the uber rich, not paying their fair share of taxes.   I named the biggest tax dodger I could think of.   Can you name anyone else, who runs a company that the IRS says owes more than a Billion?


Senior Advisor

Re: What off shore accounts cost us

The obligation is berkshire Hathaways, not Warren Buffet. Like any CEO he has the responsibility to look out for the interests of his stockholders. Evidently,the IRS is challenging Berkshires tax returns running back to 2002.

 

Auditing a complex corporate return may well tke years to resolve. Evidently, the IRS has not yet come up with an iron clad case agains berkshire. Had they, they would be in court by now with a judge doing the deciding. So the status remains stagnant Until the IRS can prove that berkshire is in the wrong. I'll bet you would just write a check and let your stockholders pay what they don't owe.

Senior Contributor

Re: What off shore accounts cost us

So, are you trying to say that Buffet has no control over the company?

 

You do realize,that the majority shareholder, is Warren Buffet

And he is also the President of the company,

As well as the Chairman of the Board,

As well as the CEO,

It's not like Buffet is just some figurehead, he IS BKH.

 

If you say that the IRS is chasing after taxes that Buffet 'doesn't owe', then why has he ADMITTED, that he owes back taxes???

 

http://www.huffingtonpost.com/2011/08/29/warren-buffett-taxes-berkshire-hathaway_n_941099.html

 

-snip-

Berkshire Hathaway, the eighth-largest public company in the world according to Forbes, openly admits to still owing taxes for years 2002 through 2004 and 2005 through 2009, according to the New York Post. The company says it expects to "resolve all adjustments proposed by the US Internal Revenue Service" within the next year.

-snip

 

another take on it:  http://www.sunshinestatenews.com/story/barack-obama-and-warren-buffett-hypocrisy-parade

-snip-

The eighth-largest public company in the world, according to Forbes, admits to still owing $1 billion in taxes dating back to 2002. The firm says it expects to "resolve all adjustments proposed by the Internal Revenue Service" sometime this year. Maybe even by Election Day.

-snip-

 

 

....and that is just BKH, not other companies under its control....

 

-snip-

Bloomberg News reports that Buffett’s Berkshire Hathaway, owns an airplane company that has been sued by the Federal Government for no less than $366 million in back taxes. Here’s the details:

NetJets Inc., the private-plane company owned by Warren Buffett’s Berkshire Hathaway Inc. (BRK/A), was countersued by the U.S. over $366 million in taxes and penalties.[...]

Claiming the federal Internal Revenue Service wrongfully assessed a so-called ticket tax — an excise tax on payments made in exchange for air transportation — to private aircraft owners maintaining their own planes, the Columbus, Ohio-based company demanded refunds and abatements.

The federal government, in a revised answer and countersuit filed yesterday in federal court in Columbus, rejected NetJets’ claims and alleged that four of the company’s units owe unpaid taxes and penalties. NetJets Aviation Inc. owes more than $302.1 million, and another unit, NetJets International, is liable for $52.9 million, the U.S. said. Executive Jet Management Inc. owes $10 million while NetJets Large Aircraft owes $1.19 million, the U.S. claimed.

-snip-

 

I will grant you, the jet company, is a subsidiary of BKH, which is probably run by its own board, and not by Buffet, so I'm not going to try to assign him blame personally, but it fits in the larger picture of the rich doing tax evasion.