Buffet/Munger Company Sued by IRS for $366 MILLION in Back Taxes

SharonJohnson 2012/04/10 21:23:26
I am sure that his buddy Obama will stop this
Now what Obama?
All of the above
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Warren Buffet demands we raise our property taxes in California. Then he
demands we raise our income taxes, both in the State and national.

But he is a tax deadbeat. The firms owned by Buffet and Mungers Holding
Company is being sued by the IRS by a lot of money.

“Once again Warren Buffet is revealed to be nothing but a hypocrite. On one
hand he is a proponent of higher government taxes on successful people, on the
other hand companies under his control are refusing to pay their fair share of
taxes. Berkshire Hathaway, the investment company which he runs and owns a major
share of, owes close to a billion dollars to the IRS. According to the IRS, a
second company NetJets Inc also owes the taxpayers some cash.”

Maybe if he and his billionaire friends paid THEIR taxes, he would not be
asking us to pay more.

Maybe reporters should ask him why he does not pay his taxes instead of slobbering up to him when he cries that
the poor and middle class need to pay more.

Buffett knows how to get rich—one way is to not pay hundreds of millions in

Warren Buffett's Berkshire Hathaway Owes Taxes Going Back To 2002

A little over two weeks ago, Berkshire Hathaway CEO Warren Buffett, the third-richest person in the world, penned an op-ed critical of the low tax rates for the superrich. It would seem his own company hasn't prioritized paying its rightful share in a timely fashion either.

Berkshire Hathaway, the eighth-largest public company in the world according to Forbes, openly admits to still owing taxes for years 2002 through 2004 and 2005 through 2009, according to the New York Post. The company says it expects to "resolve all adjustments proposed by the US Internal Revenue Service" within the next year.

But The Post doesn't focus on the issue of a major corporation not paying its correct amount in taxes in a timely manner. Instead, the newspaper criticizes Buffett's position that America's rich should be taxed at a higher rate, taking issue with Buffett's claim that he gave 17 percent of his income to the government in 2010. The Post contends that since the majority of his income comes from dividends and capital games -- taxed indirectly through the corporate income tax -- "his effective rate would really be well north of 40 percent for a big chunk of his income."

"And if [Buffett's] firm wants to keep its tax bill low, well, that’s its right," The Post editors write. "But it would be nice if this 'pro-tax-hike' tycoon were a bit more honest about it."

This isn't the first conservative criticism of Buffett since his Op-Ed. Jon Stewart recently singled out one Fox News commentator who asked if Buffett was "completely a socialist?" Yes, the same man who last week dreamt up a $5 billion BofA deal in the bathtub

What The Post hence assumes is that Berkshire Hathaway pays taxes at the top marginal rate of 35 percent. The corporation's effective tax rate was last put at 29 percent, according to Forbes. More generally, due to a variety of breaks and loopholes, many U.S. corporations don't pay the top marginal rate. Over one-fourth of the U.S. corporations comprising the S&P; 500 paid a corporate tax rate below 20 percent over the last half-decade, The New York Times recently reported.

At a minimum, "United States corporations pay only slightly more on average than their counterparts in other industrial countries," according to The New York Times. Indeed, corporate tax revenues are now nearing historic lows as a percentage of GDP.

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