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Warren Buffett's Berkshire Hathaway Owes Taxes Going Back To 2002

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posted on Sep, 14 2011 @ 06:15 PM

A little over two weeks ago, Berkshire Hathaway CEO Warren Buffett, the third-richest person in the world, penned an op-ed critical of the low tax rates for the superrich. It would seem his own company hasn't prioritized paying its rightful share in a timely fashion either.

i forgot about this but we all heard buffet going on and on about how the rich should pay more guess he means just all those other evil rich folk.

and important distinction where most news sources leave out:

Instead, the newspaper criticizes Buffett's position that America's rich should be taxed at a higher rate, taking issue with Buffett's claim that he gave 17 percent of his income to the government in 2010. The Post contends that since the majority of his income comes from dividends and capital games -- taxed indirectly through the corporate income tax -- "his effective rate would really be well north of 40 percent for a big chunk of his income."

ok people did you read that? now whats 40% of 20 billion dollars? or the reason hes that rich in the first place

is because buffet isnt "paying his fair share"

what say you ats?

posted on Sep, 14 2011 @ 07:20 PM

Notes to Consolidated Financial Statements (Continued)
(15) Income taxes (Continued)
We file income tax returns in the U.S. federal jurisdiction and in state, local and foreign jurisdictions. We are under examination by the taxing authorities in many of these jurisdictions. With few exceptions, we have settled tax return liabilities with U.S. federal, state, local and foreign tax authorities for years before 2002. 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 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. It is reasonably possible that certain of our income tax examinations will be settled within the next twelve months. We currently believe that there are no jurisdictions in which the outcome of unresolved issues or claims is likely to be material to the Consolidated Financial Statements. At December 31, 2010 and 2009, net unrecognized tax benefits were $1,005 million and $926 million, respectively. Included in the balance at December 31, 2010, are $774 million of tax positions that, if recognized, would impact the effective tax rate. The remaining balance in net unrecognized tax benefits principally relates to tax positions for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. Because of the impact of deferred tax accounting, other than interest and penalties, the disallowance of the shorter deductibility period would not affect the annual effective tax rate but would accelerate the payment of cash to the taxing authority to an earlier period. As of
December 31, 2010, we do not expect any material changes to the estimated amount of unrecognized tax benefits in the next twelve months.

Seems they were paying there taxes. And the tax rate is not even a issue. His problem is with how many years deduction must be spread out. In the end the same amount of taxes are payed its just what your payments are and how many years you have to pay it.
edit on 14-9-2011 by JBA2848 because: (no reason given)

posted on Sep, 15 2011 @ 04:07 AM
It just makes reason stare. I cannot fathom that much money. I wonder if Buffet will pay off my tax debt as well as my student loans. Should I ask?

posted on Sep, 15 2011 @ 04:48 AM

Originally posted by applebaum
It just makes reason stare. I cannot fathom that much money. I wonder if Buffet will pay off my tax debt as well as my student loans. Should I ask?

The worst thing ever is this (as far as Buffet is concerned): Recently my mom actually asked him to help with funding something that could be the cure for Diabetes type 1. It's by a doctor in MA, USA named Denise Faustman. Her fund only needs 25 million dollars for the final trial, then to be sent off to the FDA for approval.

I am planning on starting a thread for that in the future, but everyone needs to know that Buffet is a heartless individual in my book. He has more than enough philanthropy contributions around the world, but this could make a real difference for the 35 million people in the world that have Type 1 Diabetes. The worst thing about it all is the fact that her research has been proven to reverse diabetes in mice, and so far in the trials it has worked on about 80% of others in reversing the disease.

If Mr. Buffet had thought to even throw a miniscule amount into the fund, like say a million or so, then I wouldn't have a problem with him at all.

At least the Lee Iacocca foundation funded over 8 million dollars in the study. There's a real hero. He did it because his wife suffered from the illness for many years. Warren would be a hero, if only he would help with some philanthropy right here at home!

posted on Sep, 15 2011 @ 04:49 AM
The way my mom knows so well of him is because she works for a Berkshire-Hathaway corporation.

The main point of the above posts is that I don't think Buffet gives a rip about paying taxes, or gives a rip about his fellow Americans.
edit on 9/15/2011 by InFriNiTee because: (no reason given)

posted on Sep, 15 2011 @ 02:04 PM
Yes, berkshire-hathtway got audited by the IRS, and there are some things unresolved.
We know that.

Does Markus Bachmann take medicare to pray away the gay?
Did Rick Perry use stimulus money?
How many teaparty caucus members didn't take their congress healthcare plan?

No seriously, there are about 30. How many refused government run health care, and went to private insurance?
How many complained that they don't get payed enough? (So far 1)

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