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Larrry

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Tam

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Judge Obama by the people he surrounds himself with.

Report: Buffett's Berkshire Owes $1 Billion In Back Taxes
Thursday, 01 Sep 2011 06:37 PM

By Newsmax Wires

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inShare inShare4 Billionaire investor Warren Buffett triggered a major debate over taxes recently when he wrote in The New York Times that he should be paying more to the federal government. He called on Washington lawmakers to up tax rates on the rich.

But it turns out that Buffett’s own company, Berkshire Hathaway, has had every opportunity to pay more taxes over the last decade. Instead, it’s been mired in a protracted legal battle with the Internal Revenue Service over a bill that one analyst estimates may total $1 billion.

Yes, that’s right: while Warren Buffett complains that the rich aren’t paying their fair share his own company has been fighting tooth and nail to avoid paying a larger share.

The story of Berkshire's years-long tax battle, which is generally known in business circles, took on new life this week when a group called Americans for Limited Government (ALG) reported that, according to Berkshire Hathaway’s own annual report, the company is embroiled in an ongoing standoff over its tax bills.

That report, in turn, was cited in an editorial in The New York Post.

“Obvious question: If Buffett really thinks he and his 'mega-rich friends' should pay higher taxes, why doesn’t his firm fork over what it already owes under current rates?” the Post opined.

“Likely answer: He cares more about shilling for President Obama -- who’s practically made socking “millionaires and billionaires” his re-election theme song -- than about kicking in more himself.”

Using only publicly-available documents, a certified public accountant (CPA) detailed Berkshire Hathaway’s tax problems to ALG. AlG President Bill Wilson cites the company’s own 2010 annual report, which states at one point that “At December 31, 2010… net unrecognized tax benefits were $1,005 million”, or about $1 billion.”

“Unrecognized tax benefits represent the company’s potential future obligation to the IRS and other taxing authorities,” ALG explained in its report. “They have to be recorded in the company’s financial statements.”

“The notation means that Berkshire Hathaway’s own auditors have probably said that $1 billion is more likely than not owed to the government,” the ALG report explained.

That $1 billion represents about 0.2 percent of the company’s $372 billion in total assets, according to ALG.

As Wilson points out, “On one hand Buffett advocates for paying more taxes, but when it comes to his own company’s taxes, he has gone through great lengths to pay less. That’s rich.”

Here's the key section from Berkshire's report:

“We anticipate that we will resolve all adjustments proposed by the U.S. Internal Revenue Service (‘IRS’) for the 2002 through 2004 tax years at the IRS Appeals Division within the next 12 months," the report states. "The IRS has completed its examination of our consolidated U.S. federal income tax returns for the 2005 and 2006 tax years and the proposed adjustments are currently being reviewed by the IRS Appeals Division process. The IRS is currently auditing our consolidated U.S. federal income tax returns for the 2007 through 2009 tax years.”

Wilson also points to a prior tax fight the company fought. “Apparently, this is not the first time that Berkshire Hathaway has tangled with the IRS. They fought a 14-year battle over the dividends received deduction. That case was just resolved in 2005,” Wilson reports..

“Although the prior case was settled in Buffett’s favor, it demonstrates a decades-long pattern of behavior by Buffett to minimize his taxes. That’s the important part of the story,” Wilson writes.

And Buffett this week is at the center of another tax controversy, according to The Wall Street Journal. His recent decision to invest in Bank of America "represents another tax-avoidance triumph for the Berkshire chief executive," the Journal wrote in an editorial Wednesdy.

It turns out that U.S. corporations are subject to a top federal income tax rate of 35 percent, the second highest in the world. But Berkshire won't pay anything close to that on their investment in BofA preferred shares.

"Berkshire will hold the investment in a property-casualty insurance subsidiary. Such corporations can exclude from taxation 59.5% of the dividends they receive from an investment in another corporation," the Journal reported. "This exclusion is intended to prevent double- or even triple-taxation as money is earned by one company, paid to another company and then ultimately paid out to shareholders. The policy makes sense; we only wonder why the exclusion isn't 100%.

"With the exclusion for Mr. Buffett and his fellow shareholders, Berkshire will enjoy an effective tax rate of 14.175% on the $300 million in dividends it will receive each year from Bank of America," the Journal reported.

These new revelations about Buffett's tax practices have only furthered enraged conservatives at the hypocrisy being shown by the famed "Oracle of Omaha."

Writing in the conservative website Human Events, John Hayward added that analysts should look at the "value of the time IRS agents have invested trying to collect it – they don’t work cheap, and we pay their salaries – and the resources Buffett’s people have invested fighting back. All of which would have been saved if Buffett simply practiced what he preached, and willingly handed over his fortune to the brilliant and compassionate 'leaders' he commands the rest of us to support without resistance.

"Warren Buffett is no different from the other liars and frauds orbiting Barack Obama​. His hypocrisy just runs billions of dollars deeper. When it comes to 'shared sacrifice,' you do the sacrificing, and they do the sharing," Hayward writes.



Read more on Newsmax.com: Report: Buffett's Berkshire Owes $1 Billion In Back Taxes
Important: Do You Support Pres. Obama's Re-Election? Vote Here Now!
 

Soapweed

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Sandhusker said:
I used to hold Buffet in very high regard. I was proud that he was a Nebraskan. Not any more.

He made his billions with capitalistic conservative Republican principles, then turned into a bleeding heart liberal in his waning years when it no longer matters to him. He has made his fortune; now he wants to impede the progress of anyone else who wants to do the same.
 
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Soapweed said:
Sandhusker said:
I used to hold Buffet in very high regard. I was proud that he was a Nebraskan. Not any more.

He made his billions with capitalistic conservative Republican principles, then turned into a bleeding heart liberal in his waning years when it no longer matters to him. He has made his fortune; now he wants to impede the progress of anyone else who wants to do the same.

And he's spending $ Millions up here putting dollars into capatalistic principles with his BNSF investments- and hiring- BUT paying TOP DOLLAR salaries- full insurance- and total retirements/family disability compensations...
And in return he's requiring stringent requirements like background checks, legal residency checks, and drug testing even for their laborer/maintenance guys ( A BNSF interview begins with a hair plucking for drug test)... And random testing-- If you don't want it done- fine- then the interview is over...

Maybe if a few more of the socalled "conservative capitalists" followed his example beside hiring any illegal cheap laborer they could/can get- so they can profiteer a few more bucks- and backing the Chamber of Commerces suit opposing E-Verify and any ID to check out illegals- this country would be in a hell of a lot better situation.....
 

hypocritexposer

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Oldtimer said:
Soapweed said:
Sandhusker said:
I used to hold Buffet in very high regard. I was proud that he was a Nebraskan. Not any more.

He made his billions with capitalistic conservative Republican principles, then turned into a bleeding heart liberal in his waning years when it no longer matters to him. He has made his fortune; now he wants to impede the progress of anyone else who wants to do the same.

And he's spending $ Millions up here putting dollars into capatalistic principles with his BNSF investments- and hiring- BUT paying TOP DOLLAR salaries- full insurance- and total retirements/family disability compensations...
And in return he's requiring stringent requirements like background checks, legal residency checks, and drug testing even for their laborer/maintenance guys ( A BNSF interview begins with a hair plucking for drug test)... And random testing-- If you don't want it done- fine- then the interview is over...

Maybe if a few more of the socalled "conservative capitalists" followed his example beside hiring any illegal cheap laborer they could/can get- so they can profiteer a few more bucks- and backing the Chamber of Commerces suit opposing E-Verify and any ID to check out illegals- this country would be in a hell of a lot better situation.....



so all of a sudden you like capitalism?


you seemed to have a problem when these corporations used to have "secret meetings" with the President......
 

Larrry

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This is good, so now we have the left thinking it's for a business owner to ask for hair samples but not to ask a voter for id? Go figure
 

Sandhusker

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Oldtimer said:
Soapweed said:
Sandhusker said:
I used to hold Buffet in very high regard. I was proud that he was a Nebraskan. Not any more.

He made his billions with capitalistic conservative Republican principles, then turned into a bleeding heart liberal in his waning years when it no longer matters to him. He has made his fortune; now he wants to impede the progress of anyone else who wants to do the same.

And he's spending $ Millions up here putting dollars into capatalistic principles with his BNSF investments- and hiring- BUT paying TOP DOLLAR salaries- full insurance- and total retirements/family disability compensations...
And in return he's requiring stringent requirements like background checks, legal residency checks, and drug testing even for their laborer/maintenance guys ( A BNSF interview begins with a hair plucking for drug test)... And random testing-- If you don't want it done- fine- then the interview is over...

Maybe if a few more of the socalled "conservative capitalists" followed his example beside hiring any illegal cheap laborer they could/can get- so they can profiteer a few more bucks- and backing the Chamber of Commerces suit opposing E-Verify and any ID to check out illegals- this country would be in a hell of a lot better situation.....

That's not the topic. The topic is how he preaches paying taxes but then does all he can to avoid paying them. He's just like his president, says one thing and does another.
 

Big Muddy rancher

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hypocritexposer said:
Oldtimer said:
Soapweed said:
He made his billions with capitalistic conservative Republican principles, then turned into a bleeding heart liberal in his waning years when it no longer matters to him. He has made his fortune; now he wants to impede the progress of anyone else who wants to do the same.

And he's spending $ Millions up here putting dollars into capatalistic principles with his BNSF investments- and hiring- BUT paying TOP DOLLAR salaries- full insurance- and total retirements/family disability compensations...
And in return he's requiring stringent requirements like background checks, legal residency checks, and drug testing even for their laborer/maintenance guys ( A BNSF interview begins with a hair plucking for drug test)... And random testing-- If you don't want it done- fine- then the interview is over...

Maybe if a few more of the socalled "conservative capitalists" followed his example beside hiring any illegal cheap laborer they could/can get- so they can profiteer a few more bucks- and backing the Chamber of Commerces suit opposing E-Verify and any ID to check out illegals- this country would be in a hell of a lot better situation.....



so all of a sudden you like capitalism?


you seemed to have a problem when these corporations used to have "secret meetings" with the President......[/quot


"And in return he's requiring stringent requirements like background checks, legal residency checks, and drug testing even for their laborer/maintenance guys ( A BNSF interview begins with a hair plucking for drug test)... And random testing-- If you don't want it done- fine- then the interview is over..."

Wonder how this would work for Welfare and food stamps?
 

Tam

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Oldtimer said:
Soapweed said:
Sandhusker said:
I used to hold Buffet in very high regard. I was proud that he was a Nebraskan. Not any more.

He made his billions with capitalistic conservative Republican principles, then turned into a bleeding heart liberal in his waning years when it no longer matters to him. He has made his fortune; now he wants to impede the progress of anyone else who wants to do the same.

And he's spending $ Millions up here putting dollars into capatalistic principles with his BNSF investments- and hiring- BUT paying TOP DOLLAR salaries- full insurance- and total retirements/family disability compensations...
And in return he's requiring stringent requirements like background checks, legal residency checks, and drug testing even for their laborer/maintenance guys ( A BNSF interview begins with a hair plucking for drug test)... And random testing-- If you don't want it done- fine- then the interview is over...

Maybe if a few more of the socalled "conservative capitalists" followed his example beside hiring any illegal cheap laborer they could/can get- so they can profiteer a few more bucks- and backing the Chamber of Commerces suit opposing E-Verify and any ID to check out illegals- this country would be in a hell of a lot better situation.....

What a friggin Hypocrite :roll:

Funny how you think Conservatives should follow Buffetts example. Tell us Oldtimer do you think the Koch Brothers would be walking around free and givng advise to anyone let alone the President of the US if they owed a BILLION DOLLARS in back taxes? No they would be hauled up in front of the most Liberal Bias Judge the Administration could find and sentence to prison. But not LIBERAL BILLIONAIRE Buffett. He is invited to the White House and has a Bill named after him. A bill having to do with OTHERS PAYING MORE TAXES never the less.

Face it Oldtimer Buffett is a tax cheating hypocrite just like the rest of the tax cheating slimebags that Obama surrounds himself with through his mentors like Buffett, to his appointments like Geithner and the arm long list of other appointees and hiring as in his 36 office staff members. IF Obama and the rest of these upstanding citizens want others to pay their "FAIR SHARE" then maybe they should truly lead by example and PAY WHAT THEY OWE. :roll:

Obama is making the Oval Office the joke of the country. I would laugh if it wasn't so sad what he has done to the once respected office with his hired lobbyists, radical Czars and tax cheating appointees. :roll:

BTW there are Conservative governed States that want to do drug testing for welfare, ID checks for elections and back ground checks to see if the person is legal to be in the US and your hero Obama is sueing them. Seems you are supporting his efforts to keep druggies under wraps and illegals in the country why is that OLDTIMER? :roll:
 

jigs

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every welfare check should be handed out only after a clean piss test.
 
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Tam- it is not Buffett personally that is in a legal battle with the IRS over the amount of taxes they should pay- it is the corporate entity Berkshire Hathaway...Buffett would be irresponsible as the CEO and Head of the Board if he agreed to taxes the corporation feel they do not owe- and thereby penalize the stockholders/investors...

He didn't get where he's at by being a dummy....

And while you think its Obama protecting him- some of the arguments over the amount of taxs they have owed went on for 14-15 years...
The Koch brothers corporate entities also use every loophole and tax grey area with their cribs full of attorneys to pay the lowest amount for their companies... If they didn't they would be irresponsible too...

Or are you that much of a toady that you think whatever the IRS says is always right- and you just pay up whatever they ask for :???: Or do you even pay taxes in the US :???:


every welfare check should be handed out only after a clean p*** test.

I agree-- altho hair is often better for marijuana and some drugs because it shows for a longer time period...
 

Big Muddy rancher

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This article caller the Koch brother Libertarians and calls the Tea Party "Teabaggers".

http://thejcrevelator2.hubpages.com/hub/TeaPartybankrolledbyBigOIL

Must be right but didn't OT call himself a Libertarian?

Would that make him a ********* as well?
 

Larrry

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jigs said:
every welfare check should be handed out only after a clean p*** test.

Anyone who runs for political office needs to:

pass a drug test
prove his eligibility to hold office
pass a test on the Bill of Rights, constitution
Not owe any back taxes
 

Tam

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Oldtimer said:
Tam- it is not Buffett personally that is in a legal battle with the IRS over the amount of taxes they should pay- it is the corporate entity Berkshire Hathaway...Buffett would be irresponsible as the CEO and Head of the Board if he agreed to taxes the corporation feel they do not owe- and thereby penalize the stockholders/investors...

He didn't get where he's at by being a dummy....

And while you think its Obama protecting him- some of the arguments over the amount of taxs they have owed went on for 14-15 years...
The Koch brothers corporate entities also use every loophole and tax grey area with their cribs full of attorneys to pay the lowest amount for their companies... If they didn't they would be irresponsible too...

Or are you that much of a toady that you think whatever the IRS says is always right- and you just pay up whatever they ask for :???: Or do you even pay taxes in the US :???:


every welfare check should be handed out only after a clean p*** test.

I agree-- altho hair is often better for marijuana and some drugs because it shows for a longer time period...

Funny how the topic was his cheating on his taxes and you deflect the topic to his business practices and what a good guy he is. When you are called out on that you go back to the fact he is being a good CEO and looking out for his shareholders. Face it Oldtimer Buffett is Obama's poster boy for Billionaire paying more taxes in fact the Buffett rules says he should pay 30% so why is he using every loophole he can to get out of paying HIS FAIR SHARE. Did you know he is leaving his estate to the Gates Charity so he doesn't have to give it to the government in death taxes. Even after the man dies he is using loopholes to stop the IRS from getting their hands on HIS MONEY. A true Poster Boy for the FAIR SHARE RULE Oldtimer. :roll:

BTW Oldtimer the topic is about Billionaire Obama Poster Boy Buffett tax problems so what is with the question about my personal taxes and where I pay them? Could this be a sign that you are getting short on ability to defend your side AGAIN. :?
 

hypocritexposer

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Oldtimer said:
Soapweed said:
Sandhusker said:
I used to hold Buffet in very high regard. I was proud that he was a Nebraskan. Not any more.

He made his billions with capitalistic conservative Republican principles, then turned into a bleeding heart liberal in his waning years when it no longer matters to him. He has made his fortune; now he wants to impede the progress of anyone else who wants to do the same.

And he's spending $ Millions up here putting dollars into capatalistic principles with his BNSF investments- and hiring- BUT paying TOP DOLLAR salaries- full insurance- and total retirements/family disability compensations...
And in return he's requiring stringent requirements like background checks, legal residency checks, and drug testing even for their laborer/maintenance guys ( A BNSF interview begins with a hair plucking for drug test)... And random testing-- If you don't want it done- fine- then the interview is over...

Maybe if a few more of the socalled "conservative capitalists" followed his example beside hiring any illegal cheap laborer they could/can get- so they can profiteer a few more bucks- and backing the Chamber of Commerces suit opposing E-Verify and any ID to check out illegals- this country would be in a hell of a lot better situation.....




obama can't even pass an E-verify test and you voted for him :lol: :lol:

You hired a man for the most powerful position in the world without doing a background check. :roll:
 

Tam

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hypocritexposer said:
Oldtimer said:
Soapweed said:
He made his billions with capitalistic conservative Republican principles, then turned into a bleeding heart liberal in his waning years when it no longer matters to him. He has made his fortune; now he wants to impede the progress of anyone else who wants to do the same.

And he's spending $ Millions up here putting dollars into capatalistic principles with his BNSF investments- and hiring- BUT paying TOP DOLLAR salaries- full insurance- and total retirements/family disability compensations...
And in return he's requiring stringent requirements like background checks, legal residency checks, and drug testing even for their laborer/maintenance guys ( A BNSF interview begins with a hair plucking for drug test)... And random testing-- If you don't want it done- fine- then the interview is over...

Maybe if a few more of the socalled "conservative capitalists" followed his example beside hiring any illegal cheap laborer they could/can get- so they can profiteer a few more bucks- and backing the Chamber of Commerces suit opposing E-Verify and any ID to check out illegals- this country would be in a hell of a lot better situation.....




obama can't even pass an E-verify test and you voted for him :lol: :lol:

You hired a man for the most powerful position in the world without doing a background check. :roll:

Wouldn't it be great if Oldtimer would hold Obama to the same standards that Buffett holds his employees to. Personally I would love to see him do a drug test just to make sure he hasn't went back to his old ways of dealing with stress. :wink:
 

Mike

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smalltime said:
Drug testing is against the constitution Larry

No. There are hundreds of thousands of companies in the USA that test their employees. Even the private school here does random drug tests on all the high school kids.
 

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