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Tuesday, August 30, 2011

Warren Buffett Firm Owes Backtaxes From 2002 Forward

Flashback- Billionaire Warren Buffett wrote an op-ed in the New York Times saying that the Government should stop coddling the super rich, like him, and make them pay more in taxes. It was all the rage on Liberal websites throughout the blogosphere and media outlets with conservative sites posting the address to the Bureau of the Public Debt for Buffett and like-minded super rich people to voluntarily feel free to mail in donations and/or use a handy online form, to donate to the cause.

Today we see that Buffett owns a firm called Berkshire Hathaway that openly admits that it owes backtaxes since as long ago as 2002.

“We anticipate that we will resolve all adjustments proposed by the US Internal Revenue Service (“IRS”) for the 2002 through 2004 tax years ... within the next 12 months,” the firm’s annual report says.

It also cites outstanding tax issues for 2005 through 2009.

Not bad enough that Buffett is a hypocrite though, the same article shows him for a liar as well about how "coddled" he and others are.

Start, for example, with his grossly disingenuous recent claim that, as he wrote in The New York Times, he paid only 17 percent of his income last year to the government -- even as many working stiffs who make far less than him coughed up higher percentages.

Fact is, unlike most other folks, Warren Buffett gets most of his income from dividends and capital gains, which are nominally taxed at 15 percent.

Left unsaid is that much of that is taxed at 35 percent (via the corporate income tax) before he even gets his hands on it. So in effect, he’s paying taxes twice (that is, when his companies actually pay, anyway).

FYI: Donations can be made to:

Attn Dept G
Bureau of the Public Debt
P. O. Box 2188
Parkersburg, WV 26106-2188

.. or visit:

Silence from the Liberals that jumped on Buffett's op-ed bandwagon regarding his extreme hypocrisy and lies.