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US Government Countersues Warren Buffett Company Over Unpaid Taxes

By Doug Powers  •  March 10, 2012 02:01 PM

**Written by Doug Powers

There’s an awful lot of legal wrangling and arm twisting going on here considering this is a company owned by a man who spends a great deal of time begging the government to make him pay more in taxes.

From Bloomberg News:

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

NetJets in November sued the U.S., saying the federal government had wrongly imposed taxes, interest and penalties totaling more than $642.7 million.

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.

While Warren Buffett is leading the charge to make it look like he wants to pay more of his personal income in taxes, his companies are paying lobbyists a lot of money to try and lower their taxes. Maybe his revised “Buffett Rule” should be putting a stop to both and calling it even. Don’t hold your breath.

**Written by Doug Powers

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Posted in: Politics

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