Click to learn more about Warren Buffett, the hypocrite extraordinaire. Buffett’s Berkshire Hathaway Inc. owes $1 billion in back taxes, yes, it’s true, and been true for a decade. And it’s not the first time he’s tried to cop out of paying taxes.
Buffett said he should be paying more taxes and that he pays less taxes than his secretary to make a Democratic political point. Now he is embroiled in a protracted legal battle with the Internal Revenue Service over a bill that one analyst estimates may total $1 billion. Buffet doesn’t want to pay the taxes!!!!
Buffett gets to promote Obama, make himself look ever the patriotic philanthropist, and make millions of dollars all in one fell swoop, but it’s all a sham, he’s a sham, a shill, hypocrite, a total phony.
If Buffett thinks he should pay more, why doesn’t he drop the suit and pay? They hypocrisy here is mind-boggling.
Here’s an excerpt from Newsmax and the LI Post: “The notation means that Berkshire Hathaway’s own auditors have probably said that $1 billion is more likely than not owed to the government,” the ALG report explained.
That $1 billion represents about 0.2 percent of the company’s $372 billion in total assets, according to ALG.
As Wilson points out, “On one hand Buffett advocates for paying more taxes, but when it comes to his own company’s taxes, he has gone through great lengths to pay less. That’s rich.”
Here’s the key section from Berkshire’s report:
“We anticipate that we will resolve all adjustments proposed by the U.S. Internal Revenue Service (‘IRS’) for the 2002 through 2004 tax years at the IRS Appeals Division within the next 12 months,” the report states. “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.”
Wilson also points to a prior tax fight the company fought. “Apparently, this is not the first time that Berkshire Hathaway has tangled with the IRS. They fought a 14-year battle over the dividends received deduction. That case was just resolved in 2005,” Wilson reports..