Posted on 10/10/2016 5:55:05 PM PDT by Olog-hai
Investor Warren Buffett says he’s never used the kind of tax deduction that Republican presidential candidate Donald Trump did, and Buffett says he’s paid taxes every year for 72 years. […]
Buffett released details of his own taxes and reiterated his call for Trump to release his tax returns. The investor is a longtime supporter of Democratic candidate Hillary Clinton. …
(Excerpt) Read more at hosted.ap.org ...
He uses shell corporations, nothing to report on his personal taxes.
What a bs argument.
Wait a minute - this is the guy whose secretary paid more taxes than he did?
The same tax laws apply to buffet and trump and everyone in between
And most of them have been passed while the Clintons held public office
So he abandoned his fiduciary responsibilities to his shareholders his entire life?
If he made $11 million, then he didn’t lose a billion. So of course he didn’t take a loss bigger than his income.
But like anyone, he’ll take his costs and losses against his income when figuring his tax.
Well Hillary did. I believe she wrote off $700K this way just last year. I don’t have a link, but I read it recently, so it’s findable.
In addition, it’s an extremely common write off for businesses. Warren’s flat out lying.
Virtue signalling through NOT taking tax deductions is flat out stupid. Should I feel guilty for deducting my mileage for business travel in my car? NO. HELL NO!!!
GFY Buffet.
Part time job. Filed his first tax return in 1944
He’s never taken a legal deduction? I call BS on that. He himself said his secretary has a higher tax rate than he does.
“Wait a minute - this is the guy whose secretary paid more taxes than he did?”
Nailed it. He can’t have it both ways.
The next time Trump is asked about his taxes he should ask, “Are you claiming I have violated the law?” If the answer is “no” then tell them “Shut up”, if the answer is “yes” remind them they could be sued for slander/libel, and leave it at that. It’s a fake issue.
Is Warren Buffet in the same business as Donald Trump? Construction and real estate? If one has rental properties there are depreciationss and such that get moved forward. Maybe Donald just has smarter accountants.
No, he said his secretary pays a higher tax rate than he does.
Bullcrap. He probably did it on Berkshire:
“The Balance Sheet reveals that Berkshire Hathaway was ostensibly attractive given the price of 76% of book value. And it turns out that the 1964 balance sheet was in effect missing an important hidden financial asset in terms of available past losses that could be used to eliminate substantial future income taxes. Subsequently, Berkshire did make substantial profits in 1965 and 1966 that benefited greatly from a lack of income taxes. The extent to which Buffett valued the potential use of the past tax losses is unknown.”
http://www.investorsfriend.com/why-warren-buffett-bought-berkshire-hathaway/
Oh okay
And probably draws just about the same taxable income
He took more than $5.5 million in deductions on over $11 million in income. I'm assuming they were legal.
How much did he pay in taxes on his Wells Fargo scam?
“No, he said his secretary pays a higher tax rate than he does.”
The only way that happens is if he’s taking substantial deductions, or if he is hiding income in some other sheltered fashion. I smell hypocrisy.
Not unless he pays his secretary $11.5 million a year.
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