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lquadland10 (< 20)

Cousin by blood. Obama Supporter Warren Buffett’s Co. and Tax Evasion

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18

August 30, 2011 – Comments (8) | RELATED TICKERS: BRK-A , GLD , GS

Birds of a feather flock together. CFR Buffett

Remember when Warren Buffett — a staunch Obama supporter — said that rich people like him would be willing to pay more taxes to help out? If you do, it will probably shock you that his company, Berkshire Hathaway, has back taxes dating back to 2002.

The New York Post explains:

That’s right: As Americans for Limited Government President Bill Wilson notes, the company openly admits that it owes back taxes 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.

That’s a big revelation. And given the gravity of it, the New York Post lets Buffett have it:

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?

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.

http://www.conservativerefocus.com/blog5.php/2011/08/29/obama-supporter-warren-buffett-s-co-and-tax-evasion

Both CFR and related. No wonder he supported him. http://www.huffingtonpost.com/2009/12/15/obama-buffett-cousins-related_n_392219.html

Still the taxes issue in not resolved. 

Another Tax cheater. I think that was resolved. Treasury Secretary Tim Geithner has recently warned other countries about undercutting US regulatory efforts to lure business away from American banks, which will help small cap business development corporations (BDCs) such as Pennant Park Investment (NASDAQ: PNNT), Prospect Capital (NASDAQ:PSEC), Solar Capital (NASDAQ: SLRC),and  MCG Capital (NASDAQ: MCGC).   Even though Treasury Secretary Geithner was more concerned with protecting the interests of money centre banks such as JP Morgan (NYSE: JPM), Citigroup (NYSE: C), Bank of America (NYSE: BAC) and Wells Fargo (NYSE: WFC), BDCs will do better when large financial institutions are thriving.

http://www.smallcapnetwork.com/Geinther-Protects-JPMorgan-JPM-Bank-America-BAC-Citi-C-BDCs/s/via/3420/article/view/p/mid/1/id/8/

Now what is our Tax Cheater Timothy F. Geithne up to now. Well then you can see why gold and silver are up. Has he replaced the money yet? Have they replaced the money to Social Secutity yet? Medacare? Who knows? 

Geithner: Now Raiding the Goverment Pension Funds

http://www.dailykos.com/story/2011/05/16/976574/-Geithner:-Now-Raiding-the-Goverment-Pension-Funds-?via=siderecent

 

8 Comments – Post Your Own

#1) On August 30, 2011 at 8:26 PM, Varchild2008 (84.27) wrote:

+1 rec!  Thanks for this!  
I had no idea and it this acts as great ammunition in case any leftist talks about how "The Rich" are actually in favor of higher taxes.

Of course, another aspect is that if you raise tax rates on Billion Dollar Corporations.....Maybe of those Corporations will be in favor of that knowing full well the tax rates soak those making $250,000 a year or more... This means destroying competition when smaller companies collapse under the weight of higher tax rates...

While the bigger corporation can use foreign earned business income to offest higher taxrates...effectively hiding their cash overseas (AHEM.....GOOGLE.......AHEM).

And we all know that GOOGLE and GE are in the tank with OBAMA as well.    GE didn't pay any income taxes due to Green Jobs related Tax Credit / writeoffs.

Warren Buffet himself funnels gobs and gobs of his billions into a single Charity...the Bill Gates Foundation....  Bill Gates funnels his money into that as well.....all of which acts as a tax shelter.

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#2) On August 30, 2011 at 8:59 PM, TMFHousel (95.07) wrote:

I have two challenges for you. 

1) Ask yourself why the only news outlet to run with this story is a tabloid like the NY  Post. 

2) Try to find any company with a market cap over $50 billion that doesn't have similar language in their 10-K. 

I already regret waising my time on this.  

 

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#3) On August 30, 2011 at 10:49 PM, alstry (35.45) wrote:

TMF...ask yourself why Buffett invested in Bank America in light of the following statement he made a while back and you will understand why you should spend MORE time on this:

The banking business is no favorite of ours. When assets are twenty times equity-a common ratio in this industry-mistakes that involve only a small portion of assets can destroy a major portion of equity. And mistakes have been the rule rather than the exception at many major banks. Most have resulted from a managerial failing that we described last year when discussing the "institutional imperative:" the tendency of executives to mindlessly imitate the behavior of their peers, no matter how foolish it may be to do so. In their lending, many bankers played follow-the-Ieader with lemming-like zeal; now they are experiencing a lemming-like fate.

Because leverage of 20:1 magnifies the effects of managerial strengths and weaknesses, we have no interest in purchasing shares of a poorly-managed bank at a "cheap" price. Instead, our only interest is in buying into well-managed banks at fair prices.

And now that U.S. Bank is suing Bank America...maybe Buffett knows that he will be bailed out regardless of any outcome....so why not be BOTH the plaintiff and defendant.

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#4) On August 31, 2011 at 6:46 AM, devoish (98.77) wrote:

I suppose if it takes 12 months to sort through two years of Berkshire's returns and figure out how much Berkshire owes then Berkshire probably has to wait until they know how much they owe before they can pay.

Best wishes,

Steven

 

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#5) On August 31, 2011 at 10:24 AM, leohaas (93.16) wrote:

Cut the cr@p. What a nonsense article. What kind of "journalist" uses phrases such as "likely answer"? And then speculates about possible answers? Maybe journalists should stick to the facts. But then again, this doesn't surprise me: it is after all the NY Post.

Anyone with a tax issue does not pay up until the issue is resolved. It is just as simple as that. Every tax payer does that, regardless of political affiliation. The issue is not resolved. Consequently, Berkshire is not (yet) paying. But believe me, it will as soon as the issue is resolved.

It would also behoove you to distinguish between Berkshire as a company and Buffett as an individual.

Disclosure: long BRK at the time of writing.

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#6) On August 31, 2011 at 3:46 PM, HooDaHeckNose (98.33) wrote:

When oh when will TMF institute a negative rating system?

You're citing the NY Post? The NY freakin post?

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#7) On August 31, 2011 at 3:58 PM, truthisntstupid (95.70) wrote:

This is National Enquirer material.

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#8) On September 02, 2011 at 6:40 PM, lquadland10 (< 20) wrote:

The point is the man who flaps his lips that we should tax him more does everything he can to pay less.

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