Thread: Warren Buffet owes 1 BILLION dollars in taxes--but has been fighting it for 10 years

Well--you have to wonder when Barack Obama brings out his hired guns. Obama is now going around the country with what we heard back in 2008.

Warren Buffet's secretary pays a higher tax rate--than Warren Buffet does. It's just not FAIR. Probably so because earned income is taxed differently that dividend or investment income--which capital gains are taxed at a lower rate.. Buffet is also on record for making the claim--"that filthy rich people want to pay higher taxes)--and then the little unknown DIRTY secret comes out about Warren Buffet:

As NewsBusters reported Monday, American media almost completely ignored a report that Warren "Raise My Taxes" Buffett's company Berkshire Hathaway has been fighting with the IRS for almost a decade over taxes it owes.

On Tuesday, the organization digging into Berkshire Hathaway's numbers, Americans for Limited Government, estimated the total could be as much as $1 billion:

Using only publicly-available documents, a certified public accountant (CPA) detailed Berkshire Hathaway’s tax problems to ALG researcher Richard McCarty. Now, the American people have a better idea of how much in back taxes the company could owe Uncle Sam.

According to page 56 of the company report, “At December 31, 2010… net unrecognized tax benefits were $1,005 million”, or about $1 billion. McCarty explained, “Unrecognized tax benefits represent the company’s potential future obligation to the IRS and other taxing authorities. They have to be recorded in the company’s financial statements.”

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

Warren 'Raise My Taxes' Buffett's Company May Owe IRS $1 Billion | NewsBusters.org

In essense--WARREN BUFFET is FIGHTING the Federal Government over his tax bill? After all the cheerleading from Buffet that the rich want to pay their fair share--one would think he would break out his check-book and gladly pay this tax bill

To be fair, HE doesnt owe the money, his corporation of which he is an employee and shareholder does.

No, to be fair, he has far more responsibility for what his company does than what other people do. That is, he has no problem running around telling people "rich people -- that I have no relationship to -- should be taxed higher" but he doesn't run around telling people "my company -- that I am intimately related to -- should be paying our taxes." There's no defense for that level of douchebaggery. End of story.

Originally Posted by jviehe

To be fair, HE doesnt owe the money, his corporation of which he is an employee and shareholder does.

He controls more voting stock than anyone else, and he is the CEO.

He certainly wields great influence over whether or not the company pays it's taxes.

I've seen some here suggest they wouldn't pay taxes if they could get away with it. How is Buffet not a hero for skipping out on taxes?

Originally Posted by michael h

I've seen some here suggest they wouldn't pay taxes if they could get away with it. How is Buffet not a hero for skipping out on taxes?

Wow, you sure have a low, low, low threshold for heroism.

And making sense.

Originally Posted by MattInFla

Wow, you sure have a low, low, low threshold for heroism.

I like Buffet. The mans smart. Plays everybody for the fool, all while maintaining the grandfatherly figure. Is he a hero? I dunno, what do you think about his actions ... do you enjoy paying taxes? Apparently he doesn't enjoy paying taxes and has better accountants then those he suggests should pay more.

Without having the full story about the dispute with the IRS it's hard to say who owes what. The IRS is wrong sometimes.
And it's kinda hard to take NewsBusters.org very serious.

Could Buffet owe a billion, sure he could. At the same time it could be that he don't.

But considering the OP this is most likely just another red herring.

Originally Posted by C-B-M

And making sense.

Do you think he should pay the taxes? Didn't you suggest you wanted to not pay your taxes? How is it sensible that he should and you shouldn't?