Posted on 10/10/2016 5:55:05 PM PDT by Olog-hai
Doesn’t Buffet still owe the IRS $5 Billion in taxes that he is fighting ?
Ho lee!
He’s a billionaire and has his taxable income down to $11.5 million?
Not bad
“Warren Buffett has paid no taxes in the past 60 years.”
I demand he release all of his tax returns to prove it.
Warren Buffett’s Nifty Tax Loophole
Warren Buffett has backed higher individual tax rates–while ensuring that his vast wealth in Berkshire Hathaway is almost immune.
http://www.barrons.com/articles/warren-buffetts-nifty-tax-loophole-1428726092
Warren Buffett’s Berkshire Hathaway Owes Taxes Going Back To 2002
http://www.huffingtonpost.com/2011/08/29/warren-buffett-taxes-berkshire-hathaway_n_941099.html
Buffett’s Billions Can’t Buy Him Exemption From His Tax-Averse Past
Warren Buffett’s Tax Whopper
Obama’s business front man finances ‘corporate deserters.’
http://www.wsj.com/articles/warren-buffetts-tax-whopper-1409095917
He had $11 million in net income on a $65 billion fortune. He should have put all his money in a money market, he’d of made a lot more.
No, Uncle Warren is talking about his personal returns. I have no doubts his companies have used these deductions.
Warren Buffet’s company shelters all its capital gains in insurance companies.
What are you talking about?
He emailed then to Hillary....
Warren Buffett never had a business loss? He never used a tax loss carry forward EVER?? BS...
There is paying taxes and there is paying taxes. You might pay some taxes but not ALL the taxes you are suppose to pay, huh mr. buffet.
Warren Buffett, for the record, has an entirely different style of investing than Donald Trump. For better or for worse, WB shuns debt like the plague, and never suffered a massive loss until he was broadly diversified, at which point, gains he made in pocket “A” and “B” swamped losses “taken” in pocket “C”; I enclose “C” in quotes because since he is not leveraged, he has much more choice when it comes to the timing of taking losses and whether he takes them at all. He is well known for an infinite time horizon and the kind of strong stomach that can ride out large market swings such as he undoubtedly experienced in 2001 and 2008. Furthermore, WB is NOT the kind of investor who buys startup companies as he regards them as too speculative. WN is known as a huge investor in stalwarts such as KO (Coke)and AXP (American Express) and Conoco and Burlington Northern RR and many others. He does not buy startups. He buys going concerns at what he perceives to be at good value, he is a classic Benjamin Graham type of investor.
I’m not expressing any opinion on this point, this is just to supply context. WB has probably suffered no more than .1% bankruptcies (1 in 1000) bankruptcies in his investing career. (that’s a total guess) Losses, sure, but BKs? Quite possibly never. He would never buy a company anywhere near that sort of fiscal edge.
The world needs both types of investor and those on a sliding scale in between. The tax provisions that cover one style do not directly apply to the other. WB does not take losses, per se. He rides them out. Debtors very often have no such option. So WB is correct in his statement, but he’s just being his usual partisan self saying it.
Oh and by the way, WB has an IRS case going where he has been fighting a $multibillion tax assessment for a good number of years. Donald Trump doesn’t use that particular section of the tax code.
Apples and Oranges.....
A chunk of the federal taxes that he, his rich friends, and all taxpayers for that matter, have been paying are unconstitutional imo. This is because a previous generation of state soverenigty-respecting justices had clarified that Congress is prohibited from appropriating taxes in the name of state power issues, essentially any issue that Congress cannot justify under its constitutional Article I, Section 8-limited powers.
“Congress is not empowered to tax for those purposes which are within the exclusive province of the States.” —Justice John Marshall, Gibbons v. Ogden, 1824.
And since Trump wants to cut taxes, he is already going in the right direction with respect to eventually putting a stop to unconstitutonal federal taxes.
That’s what I was going to say. The businesses he’s invested in use the write offs. It just doesn’t show on his personal return. Of course the low info masses won’t get that.
The businesses he’s invested in took deductions. It just doesn’t show up on his personal return.
I suspect the only reason Buffet doesn’t use the same tax breaks, is because he’s not building or remodeling hotels.
He probably uses tax breaks that pertain to his type of business.
As for him always paying taxes, it’s probably because he doesn’t deal in an area in involving depreciation and massive loses like Trump does.
You can make money, and still have loses during a year. Trump’s team spots the openings and they use them.
Perfectly legal.
Trump is busy building, adding value to properties, and putting people to work.
Works for me.
That’s exactly what I said when she read that statement. Just more hypocrisy.
He is currently taking advantage of US tax laws to avoid a tax liability of some $30 billion dollars.
I calculate this number as the value of the current long-term capital gains tax rate of 20% on his $60B fortune.
- $12 Billion dollars
There is also the matter of the estate tax due upon his death, which is 40% on his $60B fortune.
- $24 Billion dollars.
He is avoiding these taxes by moving his holdings into the Gates Foundation Trust, which is tax exempt. If he really had confidence government could spend wisely, he wouldn't be structuring his affairs to avoid paying his fair share.
Buffett plays the “country cousin” routine very well.
A super-wealthy guy like him needs a lot of protection and permission from our statist government and its elites. He will support them to the end.
... no tax favorable investments? No muni bonds ? No MLPs?
No taking any gains to avoid taxes? Don’t believe folks.
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