There are people on Wall Street carrying signs reading “eat the rich”. Perhaps Buffet will offer himself up on a plate since he’s so concerned with everyone. All you can eat buffet.
oh, the irony.
...”Funny thing is, it turns out Buffett was being… shall we say ... disingenuous when he claimed his “leaders” never got around to asking for his “shared sacrifice.” His company, Berkshire Hathaway, has been fighting the IRS tooth and nail to avoid paying its federal tax bill for nearly a decade”...
Is it possible that Buffet is currying favor with the current administration so that he can slide by without paying his taxes? When I think of how the normal person out here jumps through hoops to satisfy the IRS for fear of government retribution, news like this makes me heartsick, though I now realize that, for the most part, in our day, government is just a big corrupt, rob the common folks, game. Only very, very hard times will turn this kind of thing around.
This story deserves wide publicity, but as an advertisement for serious tax reform, not as a club for beating up on Warren Buffet. I’m reasonably confident that Buffet does nothing on the tax front that isn’t vetted by armies of lawyers. The fact is, we have an insane tax code which not only ensnares the naive; it leads routinely to endless battles of attrition between company lawyers vs. IRS lawyers on the interpretation of arcane provisions whose applications were likely never even contemplated by those who originally drafted them. It’s a crazy way to do business.
After 10 years the penalties and interest on this debt will be astronomical (if it is levied).
This should surprise no one, since Obama has a Treasury Secretary, who either failed to pay taxes, or can't figure out how to use TurboTax, and he also has someone on his Jobs Committee, whose company ALSO paid no taxes (on profits of billions), WHILE ALSO sending 1000 jobs to China...
Incompetency on parade, for all to see. Everyday....