Warren Buffett: Tax Promoter, Tax Evader or Tax Manipulator? How About All Three
Why Should Anybody Take This Tax-evading Big Shot's Advice on How Much Tax to Pay?
One of the biggest hypocritical ironies of all time is unfolding with regards to Warren Buffett's recent eruption onto the political scene to complain that he should pay a higher tax rate than his much-discussed secretary.
Here's the first ironic part: If Buffett wants this tax situation rectified so very much then why doesn't he get caught up on back taxes owed? Information posted at theblaze.com explains that Buffett's company, Berkshire Hathaway, owes back taxes as far back as 2002 and as recently as 2009.
Now for the second layer of irony. It centers around the fact that Buffett's secretary's paycheck is subject to standard tax deductions, while Buffet's tax deductions are not based on a paycheck.
This is "...largely because he takes advantage of capital gains, and then puts his money into foundations so he doesn't pay taxes on the capital gains, and gets a deduction on the money that he contributes to those foundations," said Harvey Golub, former American Express CEO, on Fox News' "The Journal Editorial Report."
"I think it would be entirely appropriate that he pay those taxes." Golub added, "We ought to eliminate all of the tax deductions and all tax preferences."
In a recent "New York Times" op-ed piece, Buffett was quoted as saying, "While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary tax breaks."
It's easy to get a tax break when you don't pay your taxes like regular fair-minded Americans.
If Buffett's secretary earned capital gains and employed a fleet of tax attorneys to find clever ways to invest and take advantage of tax loopholes, she would pay the same tax rate as Buffett. Comparing the income tax deductions that are slashed from the secretary's paycheck to Buffet's investment taxation rate does not compute, but many times people don't bother to peek beneath the mainstream surface to unearth the truth.
Berkshire Hathaway is headquartered in Omaha, NE. It is described on google.com as "A diversified company with major interest in GEICO, life insurance, annuity sales and sales of jewelry."
Well-known tax dodgers are already extremely involved in day-to-day government operations, among them Tim Geithner and Charles Rangel. It only makes sense in this ironic scenario that Buffett, another tax-evading big wig, should jump aboard the sinking "fair share" tax ship manned by czars and dictator wannabes.
Speaking of the "fair share" concept which was the basis of Joseph Stalin's reign, one can only wonder if continuing to grab more money from America's affluent citizens is an attempt to even out everybody's income. You know, spread the wealth around. In socialist societies, isn't that how it's done?
Just ask Joe the plumber.
Published by Christine Lorraine
Christine Lorraine, aka Xtine, has pursued a plethora of performing arts and professional venues. After serving the U.S. Army in Bangkok, Thailand, she authored a handful of novels, penned many creatively pi... View profile
- Capital Gains ExplainedWhile you may think Wall Street is the furthest thing from your field of view, capital gains and capital gains taxes may deserve closer scrutiny from you.
- Why I Believe Capital Gains Taxes Are WrongA capital gains tax rate over 20% raises the cost of doing business and cuts into profits -- especially for small investors. This could discourage investments and ultimately reduce the incentive to create jobs.
- 1031 Exchange: A Real Estate Investor's Safe Harbor from Capital Gains TaxesFavorable tax treatment for investment property is also fueling a record-breaking boom in second homes, rental houses and commercial purchases. With the right information, property owners can completely eliminate cap...
The Five Most Overlooked Tax DeductionsIt's that time again. Most of us are doing our taxes, and all of us want the biggest refund we can get. If this sounds like you, here are five simple tax deductions you won't wa...
Tax Deductions Content Writers Should ConsiderThese are tax deductions that a content writer should take into acount when gathering receipts and expense reports for income taxes.
- Ways that Capital Gains Can Lower Your Tax Rate
- 10 Reasons Why Warren Buffet Should Be Ignored on Tax Policy
- Billionaire Investor Warren Buffet Shares Berkshire Hathaway Wisdom at Annual Shar...
- Warren Buffet: The World's Wealthiest Man
- Utilizing Network Marketing Tax Deductions
- Why Does Warren Buffet Want to Pay Billions of Dollars for a Big Old Fashioned Rai...
- Could the "Buffet Rule" Make Any Impact in the Economy?




