Friday, August 26, 2011

An update on the places where Warren Buffett chooses to invest his money

Read the previous post before you read this bit o' greatness....

Here's some more about Warren Buffett, who says he should be paying MORE taxes, out of fairness !!

But if he (Buffett) were truly sincere, perhaps he might simply try paying the taxes the IRS says his company owes? According to Berkshire Hathaway’s own annual report — see Note 15 on pp. 54-56 — the company has been in a years-long dispute over its federal tax bills.

According to the report, “We anticipate that we will resolve all adjustments proposed by the IRS for the 2002 through 2004 tax years at the IRS Appeals Division within the next 12 months. The IRS has completed its examination of our consolidated U.S. federal income tax returns for the 2005 and 2006 tax years and the proposed adjustments are currently being reviewed by the IRS Appeals Division process. The IRS is currently auditing our consolidated U.S. federal income tax returns for the 2007 through 2009 tax years.”

Americans for Limited Government researcher Richard McCarty, who was alerted to the controversy by a federal government lawyer, said, “The company has been short-changing the tax collection agency for much of the past decade. Mr. Buffett’s company has not fully settled its tax bills from 2002-2009. Yet he says he’d happily pay more. Except the IRS has apparently been asking him to pay more going on nine years.”

The mind recoils. 

2 comments:

Nick said...

Oh, my favorite Buffettism was when he proclaimed that the rich should pay higher estate taxes in THE SAME SPEECH where he announced he was avoiding that tax by setting up a trust for the Gates Foundation.

Stephen M. Smith said...

Now France's super-rich are trying into Buffet's act, and just like Buffet they can't seem to bring themselves to mail a personal check to the treasury. http://www.bbc.co.uk/news/world-europe-14646975?filter=none#dna-comments