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Company Owned by Under-Taxed Billionaire Sues IRS for ‘Illegal’ $642 Million Tax Assessment

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By Doug Powers  •  November 20, 2011 09:46 AM

**Written by Doug Powers

Warren Buffett isn’t even sure what exactly President Obama’s version of the “Buffett Rule” is, so maybe the IRS will tell him “this is part of the Buffett Rule” and hope he orders his company to pay up in a rush to not appear hypocritical in any way. I wouldn’t count on it though.

From Bloomberg News:

NetJets, the private-aircraft company owned by Warren Buffett’s Berkshire Hathaway Inc. (BRK/A), sued the U.S. over excise taxes and penalties totaling $642.7 million assessed against the company.

The Internal Revenue Service improperly assessed the so-called ticket tax, an excise tax on payments made in exchange for air transportation, NetJets said in its complaint in federal court in Columbus, Ohio, dated Nov. 14.

NetJets seeks a refund and abatement of the ticket tax. The company claims in its suit that Congress intended the tax to apply to passengers who use commercial or charter aircraft owned by others.

Come on, Mr. Buffett — can’t your company gladly pay the tax, refuse to pass the cost on to your customers and eat the loss for the benefit of America? Berkshire stockholders will understand, won’t they? After all, the extra tax money would go to such a worthy cause.

Over the summer, Buffett spoke out against Obama’s corporate jet demagoguery — and now there’s this $642.7 million “illegal” tax assessment to fight against. If Obama isn’t careful, Buffett will express his displeasure to him directly at the next re-election fundraiser he hosts, where he’ll beg the administration to find a way to make the rich pay more.

(h/t Drew M. at Ace of Spades)

**Written by Doug Powers

Twitter @ThePowersThatBe

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