Posted on 10/10/2016 10:46:30 PM PDT by Impala64ssa
Billionaire investor Warren Buffett denied on Monday an allegation by Republican presidential candidate Donald Trump that he, like Trump, had taken "a massive deduction" that allowed him to avoid federal income taxes.
Buffett said he paid about $1.85 million in income tax in 2015, and that returns for previous years were similar in respect to contributions, deductions and tax rates.
Buffett said he was being audited by the Internal Revenue Service, but had "no problem" releasing his tax information.
Trump has refused to release his tax returns, citing ongoing audits by the IRS.
"I have paid federal income tax every year since 1944, when I was 13," Buffett said in a statement, adding that "being a slow starter, I owed only $7 in tax that year."
Buffett, ranked the world's third-richest person by Forbes magazine, said he had copies of all 72 of his returns "and none uses a carryforward."
Responding to an Oct. 1 New York Times story, Trump acknowledged during the presidential-candidates' debate on Sunday that he had used investment losses to avoid paying taxes.
Trump repeatedly said he was only taking advantage of tax provisions used by wealthy people who support Clinton. "I absolutely used it, and so did Warren Buffett ...", he said.
The Times reported that Trump's declared loss of $916 million in 1995 was so large that he could legally have avoided paying any federal income taxes for up to 18 years.
Buffett, chairman of Berkshire Hathaway Inc (BRKa.N), said his 2015 tax return showed adjusted gross income of $11,563,931.
"My deductions totaled $5,477,694, of which allowable charitable contributions were $3,469,179. All but $36,037 of the remainder was for state income taxes," he said.
(Excerpt) Read more at reuters.com ...
Doesn’t Buffet owe over a billion dollars of back taxes?
Buffet has become the U.S. version of Soros...
Well, Mr. Buffet ain’t running for president, and he doesn’t have the entire U.S. government, every bureaucrat, every staffer, both parties, the entire U.S. media and every globalist government of every liberal infected country on this earth trying to destroy him.
So yeah, I guess he’d be just fine releasing those documents, especially considering that he’s professional Democrat ass kisser.
Buffett has never produced a thing in his life, not even Kirby vacuum cleaners. He just buys large blocks of stock to manipulate the market.
Some years ago, I let a vacuum salesman into my house when he promised to sweep my whole house and give me a book of postage stamps. He dumped a box of soda on the floor and vacuumed it up, and then proceeded to give me a long, poorly memorized sales pitch. I told him to give me the stamps and get the hell out of my house. He tried to weasel so I told him I would call the cops if he didn’t give me the stamps he promised. He handed them over and on his way out said, “I gotta make a living, ya know”. Then he drove off in his junk car and went straight to my neighbors. he was not Warren Buffett.
Buffet. The biggest tax evader out there.
Buffett can STUFF-IT
All buffet has ever done for us is overcharge for Geico and run deadly oil trains through towns instead of safe pipelines. Oh, and support dems.
Buffet was complicit in the plunder of Haiti by the Clinton foundation. His companies made a lot of money there.
Question for Buffet:
If your accountant had you pay more taxes than you had to, would you:
A) Give him a raise; or,
B) Fire his ass.
?
[ Buffett has never produced a thing in his life, not even Kirby vacuum cleaners. He just buys large blocks of stock to manipulate the market. ]
Buffett is a great reason why the Stock market needs serious reform, and not thousands of pages of new regulations, but instead simple rules that place the stock market back into the realm of mid to long term investment and the supplying of capital to growing busineses.
Replace the current plethra of regs with a few simple rules.
1. Stock trading only can take place during a 1 week window ever quarter.
2. Once you buy a stock you have to hold onto it for at least 1 year or longer depending on if the company wants to extend that period, but they cannot shorten to less than 1 year.
3. All company quarterly earning statements must take place at least 1 week before the “trading window” each quarter.
4. Stock brokers may place orders for stocks before the window, but they will take place only when the window opens, and the volume of stock waiting to be bought/sold must be disclosed 24 hours before the window opens.
Just a few simple rules, would be all it would take to cut down onthe manipulation of all that crap...
Also for places like the chicago board of trade that deal with “commodities”, if they want to trade 1 million bushels of corn, they gotta take deliver of the damn stuff, not just push the god damned paper around.
Warren Buffet is the single biggest recipient of the TARP.
Warren Buffet does NOT take a salary as CEO of Berkshire Hathaway.
He gets all his salary from the Dividends of his stock.
Why does Warren do this? To avoid INCONE TAXES.
The taxes are lower on Divident taxes vs income taxes. This is why Warren Buffet has a lower tax rate than his secretary. Warren is deliberately avoiding the income tax.
Buffet is dam liar, and he knows it. Word on the web is that he got caught insider trading. Hence, why he makes dumb remarks that his Secretary pays more taxes than him.
Hey Warren no one is holding you back from writing a check to the IRS. He can pay them as much as he wants, but of course this lying hypocrit does not.
Don’t forget too Buffet is part of the cheap labor express and wants to screw our Republic with RIGGED TRADE AGREEMENTS. That are command and control economies. The only true free trade we have is between the States.
go ahead billionaire buffet, who takes such a relatively small amount of income to your massive wealth every year. release them. it’ll be a good starting point for tracking your investments and property over the years. i’ll admit, i’m curious.
I rate Buffett as a “Corporatist” insider who believes in a world economic system-world political system.
Trump should start taking the language Nigel Farage has given us to describe the political system and re use it with attribution.
This is the problem I see with Buffet....he’s basically screwed himself and investors by not looking tax-credit situations.
Good point, if I understand you..
Is he telling his investors he’s not representing their best interest in minimizing the tax burden for their account profit?
Face it....when you buy a share (today BRK-A is priced at 217,730)....you aren’t getting a dividend. Buffett plows the profits back into the stock itself, so you see huge gains. The thing is...after taxation takes place, the stock takes a hit. If he used all the credits possible, the stock would be valued at a higher level each year.
Years ago, I remember reading a commentary by a guy who had figured out a tax-credit scheme. He bought enough property in a rural area, that he was going to be officially on paper....a “farmer”. He knew nothing about business, but had spent hours and hours surveying the various tax credits. He put a couple of cows on the property, tossed up a barn, and had around $15,000 a year which were a credit in some fashion....against his $100,000 of normal income via an IT job. On paper, it’s all legal and justified. If you went to find some production or sales from his farm....none exist. The tax law is screwed up.....but it’s all legal and created by the stupid senators that we send up.
That is my understanding.
Buffet is a crook as well as a hypocrite. Most of his vaunted business acumen is in sucking up to his buddies in big government. Crony capitalism at work.
Buffet owns a series of mortgage companies that prey on low income borrowers, especially with mobile homes, in a particularly egregious fashion.
Could you imagine if the Koch brothers owned a 16% stake in Wells Fargo? It would be the headline in every paper but see-ens how it’s Saint Warren barely a peep.
Aren’t Buffet’s investments/speculations leveraged against the taxpayer?
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