Republicans Want to See Warren Buffett’s Tax Return
**Written by Doug Powers
You can’t make a fairness omelette without calling out a few eggs, so here goes:
Republicans demanded Thursday that billionaire investment guru Warren Buffett reveal his tax returns if his views on tax rates are going to serve as the basis for the White House’s proposals.
Buffett has loudly and famously said he pays a lower tax rate than his secretary in arguing that the rich should bear a larger tax burden. He has inspired President Obama to institute a “Buffett rule” to guide his tax policies that says millionaires and billionaires should not pay a lower portion of their income on taxes than the poor and middle class.
Much of Buffett’s income is reportedly from capital gains, which are taxed at a lower rate than federal income tax, so at the very least a direct boss/secretary comparison might help serve as evidence that the “Buffett Rule” should instead be called the “Apples & Oranges” tax plan.
Another question that might need to be asked of Buffett when it comes to hashing all this out is which of his “secretaries” he’s referring to.
Until this is settled, why won’t Buffett just pay whatever he feels is his fair share? The government makes it easy. No? Eh, can’t blame me for trying again.
(h/t Gateway Pundit)
**Written by Doug Powers
Twitter @ThePowersThatBe
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And he could also pay up that billion dollars in back taxes that he’s been fighting over.
Why is TX criminalizing being a normal kid?
take it all, then he might be happy, LOL
i don’t, i just wish he would write a fat check to the treasury, rather then send money to obama’s election campaign.
It’s the same thing …
#2 – that’s being a little dramatic. Being suspended from school is not the same as committing a crime. Even if the suspension hadn’t been reversed, the kid would not have a criminal record for the “offense”.
That being said, it sounds like that teacher has an agenda. The kid should never have been given any sort of punishment for voicing his opinion.
Apples and Rutabagas
Just how do you figure that it is Texas, numb nuts? It’s one teacher in one school district.
What? Did you forget how to read?
Moron
You have to have the Federal agenda or you won’t be hired.
The teacher in 9th grade German should not be discussing homosexuality, gladiator movies, or Turkish prisons with 9th graders.
He’s so jealous of Texas, even his screen turns green.
Warren Buffet was against giving more of his money to the government before he was for it. In 2007 he was asked by a CNBC reporter why he shelters his fortune in tax-exempt foundations instead of giving it to the government, as he exhorts others to do. Buffet replied:
So Buffet thinks he can do a better job of spending his money than the government can. Like most leftists, he wants the government to spend other people’s money rather than his own. I wouldn’t be surprised if his company’s tax problems quietly fade away in return for Buffet being a shill for Obama and his tax plan. He’s getting something out of it.
I just don’t get how somebody from CA consistently mocks Texas.
Freaking California……nobody from that state should be criticizing anyone….I mean c’mon, they just elected Gov. Moonbeam a second time.
And the really hilarious thing is the sheer numbers of Californians moving here to Texas. Now, why would that be? Hmmm.
I apologize for offending you with my tactics regarding numb nuts a few weeks ago.
OK, I don’t take things personally and I barely even remember this issue. I think we can all choose to disagree as we see fit – some more than others, of course
Maybe that TX kid needed to be hit in the head with a 16# maul.
hopefully Buffett and Soros both will assume room temperature at some near future point. can’t come soon enough.
Aw, but Warren Buffett’s salary is a measly $100,000. If he ends up paying a greater percentage in taxes than a Berkshire Hathaway CEO’s executive assistant, whose salary is probably over a hundred G’s, Buffett would be getting ripped off. Leave the poor guy alone.
Then again, no. Keep the fire lit, GOP.
And why doesn’t Buffet file a basic 1040 with no deductions? C’mon. Just do it.
That’s because he really does NOT believe what he is saying. He is a hypocrite.
Discussing Buffett’s Secretary tax rate v. Buffett’s misses the most glaring financial hypocrisy ever foisted to prop up Obama’s tax increase plans.
In 2006, Warren Buffett decided he and his heirs, and not the Government, would be better off spending and managing his billions of estate fortune. He then gifted $31 billion dollars of his personal Berkshire Hathaway, Inc stock fortune to the Gates Foundation.
That Buffett gift like Gates’ gift to the Foundation accomplished many tax avoidance schemes not being discussed in the press:
1) $31 billion in Buffett’s shares will completely avoid over $15 billion dollars or more in Estate taxes due on Buffett’s demise
2) The $31 billion gifted have NEVER been taxed for their gains…they were appreciated shares of stock Buffett purchased at a fraction of the cost and/or were stock option shares granted him in lieu of taxable income. By donating the shares to the Foundation, Buffet avoided 100% of the capital gains tax, 100% of the estate tax and he potentially harvested significant future cap gain and income tax write-offs from the gift
3) Buffett and Gates established themselves and their family as the Board of Trustees for those Foundation monies; being compensated for their Foundation ‘work’ along with the benefits that accrue from such visible positions of influence controlling that kind of money
4) Buffett and Gates know they are smarter and will be more efficient controlling and using those dollars for alleged good…as opposed to sending billions to Washington as taxes paid which is exactly what they wish the rest of us do with more of our hard earned monies.
The fact is; Warren Buffett amassed the largest personal fortune in American history largely by not paying a cent in taxes and, Buffett’s heirs, legacy and estate shall not either pay taxes on that fortune…yet Buffett is hanging on Obama’s arm advocating the rest of us pay more taxes, while lamenting how he was under-taxed.
Mega wealthy like Buffett, leave their children and heirs billions in assets and un-taxed shares from estates that will never see the death tax (estate tax). Those billions are in irrevocable trusts; living, separate legal entities which live on and ensure future income, wealth and jobs for their heirs…once again avoiding all those taxes Buffett believes he’s been unfairly under-taxed upon.
Buffett and Gates are not alone; Senator Kerry enjoys the untaxed spoils of his wifes’ inherited Heinz Foundation fortune.
I’d never begrudge these folks nor their fortunes…they are something for all Americans to aspire towards.
I do resent American family fortunes like Buffett, who use their wealth and celebrity to tell the rest of us that we ought not do or be, like they are when it comes to our taxes.
___‹^›__‹(•¿•)›__‹^›___
Good post Papa Louie. Maybe there is a connection between Berkshire Hathaway’s $1B tax problem and Buffett’s servicing of Obama….
As I recall, Buffett also just invested $5 Billion in Bank of America, just before BOA announced huge layoffs and some restructuring that played well on Wall Street. I wonder if the Obama Administration–which has appointed their own officials to positions in all the TARP banks–may have tipped him off.
“Here, Warren….Its not politically feasable to let you off the hook for the hundreds of millions of $$ that Berkshire owes the IRS, but here’s a way for you to make a few quick bucks to pay what you owe….”
I think Buffett sees that as the Feds intigrate government more inextricably into the private sector (Socialism), that the best way to make $$ in the private sector is to crawl into bed with the Socialists. Its all about the money, and Buffett obviously thinks he doesn’t have enough.
Seriously? Are you trying to be ILMC’s mirror image?
So has Buh-fay made the US Gov the heir to his fortune yet?
BTW, is that gift to the Treasury (“makes it easy” link) to reduce the public debt TAX DEDUCTIBLE?
Republicans are so stupid.
These idiots are angry because a very wealthy man disagrees with them; so how do they respond? By being childish.
Loathes-my-country is so stupid.
This idiot is angry because facts and details are being used to demonstrate Liberal lies.
Lacking actual arguments for rebuttal, the troll spews ad hominem insults in frustration…
Here, troll! Here’s a biscuit!
Sounds like a put up or shut up to me…your move, Warren.
It’s not the state, but the public school system in general. Take a look at this from Minnesota:
What a company he has over there. He is a bald faced lier and deciever. His secretary must be a real dunce or the person she hired to do her tax return is.
My bet is he has no idea what any of his secretaries rates are, never asked, and is lying about the whole thing to get a good sound bite for class warfare rhetoric.
I would also bet he is not doing this to pay more taxes but to have influence in the decision making process so he can gain insider information that will help him make more money.
Liars of a kind lie together.
Exactly. Normally I wouldn’t condone making a person’s individual affairs an object of political debate, but when that person himself injects it into the debate as ostentatiously as he does, then it becomes a very smart and very appropriate move on the part of the Republicans.
Put his holier-than-thou gauntlet right back where it belongs.
Of course Buffet can’t call their bluff because the facts won’t back up his claim. He knows it’s false.
Buffett is liking his time in the spotlight. He likes being seen in the company of the political elites. He likes opening the paper and seeing his picture there with Obeyme, all smilin’ and glad-handing. He likes cozying up to the insiders and getting the information he needs…because most of all, he likes being richy-rich and he can never be rich enough.
ILoveBeingaDiseasedThing: Being childish is something you have demonstrated a multitude of times on this site–TFUTSU.
…alright, I give up.
Wow, a rich person disagrees with right wing conservative ideology, and he’s demanded to show his tax returns. Go figure. Childish and ignorant.
Nicely said, “Time For you to Shut up”, although I have seen this said another way – heh. No such luck ILMC would take my hint.
I’d like to see the specifics about Buffett’s own Berkshire Hathaway billion-dollar tax tab they’re refusing to pay…