Warren Buffett comments on corporate jet tax — Buffett owes $1Billion in back taxes

October 25, 2011


Sweet, sweet irony.

Via Newsbusters, we are reminded that the corporate jet tax “loophole” – which Obama beat like a rented mule during his press conference yesterday – was actually part of Obama’s failed “stimulus” plan.

NBC News didn’t feel this was worth mentioning to its viewers.

read more at link

http://www.therightscoop.com/corporate-jet-tax-loophole-was-part-of-obamas-stimulus-package/

Warren Buffett disagrees with Obama’s rhetoric about jets

http://www.youtube.com/watch?v=CGjWwYacy-U

Report: Buffett’s Berkshire Owes $1 Billion In Back Taxes

That report, in turn, was cited in an editorial in The New York Post.“Obvious question: If Buffett really thinks he and his ‘mega-rich friends’ should pay higher taxes, why doesn’t his firm fork over what it already owes under current rates?” the Post opined.

“Likely answer: He cares more about shilling for President Obama — who’s practically made socking “millionaires and billionaires” his re-election theme song — than about kicking in more himself.”

Using only publicly-available documents, a certified public accountant (CPA) detailed Berkshire Hathaway’s tax problems to ALG. AlG President Bill Wilson cites the company’s own 2010 annual report, which states at one point that “At December 31, 2010… net unrecognized tax benefits were $1,005 million”, or about $1 billion.”

“Unrecognized tax benefits represent the company’s potential future obligation to the IRS and other taxing authorities,” ALG explained in its report. “They have to be recorded in the company’s financial statements.”

“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.”

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