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Video: Buffett Says Wealthy Avoiding Taxes Among Romney's 47%

US Politics & Gov't  (tags: business, abuse, corporate, corruption, dishonesty, economy, finance, ethics, government, investing, investments, lies, money, society, usa, politics, debt, law, abuse, congress, corruption, economy, media, republicans, propaganda, u.s. )

- 2028 days ago -
"They were the moochers, and they paid zero," Buffett...said..."The way they get at them is a minimum tax and it's very simple to do."

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JL A (281)
Sunday December 2, 2012, 11:47 am
Buffett Says Wealthy Avoiding Taxes Among Romney’s 47%
By Susanna Pak - Nov 27, 2012

Warren Buffett, the billionaire investor, said the ability of some of the highest earners to avoid federal taxes shows why laws should be changed so the wealthy pay more.

“They were the moochers, and they paid zero,” Buffett, the chairman of Berkshire Hathaway Inc. (BRK/A), said today in an interview on MSNBC. “The way they get at them is a minimum tax and it’s very simple to do.”

Buffett is pressing his call for a minimum tax on incomes above $1 million as lawmakers seek to avoid the so-called fiscal cliff, which would impose more than $600 billion in tax increases and spending cuts starting in January. He said in a New York Times opinion piece yesterday that higher taxes on the wealthy won’t thwart investment.

Buffett’s remarks contrast with the position of Mitt Romney, the defeated Republican presidential candidate, who said in comments broadcast on CBS’s “60 Minutes” in September that low rates are “the right way to encourage economic growth, to get people to invest.” Romney, speaking to campaign donors at a private fundraiser in May, said Democratic President Barack Obama’s support came from the 47 percent of Americans who see themselves as “victims,” dependent on government.

Buffett said today that among the 400 with the highest incomes in the U.S. in 2009, the average income was about $200 million, and that six people in that group paid “nothing at all.”

“They were in Romney’s 47 percent,” Buffett said.

Buffett’s tax bill for 2010 was about $6.9 million, or 17 percent of taxable income, he wrote in the Times last year. He said that’s a lower rate than the other 20 employees in Berkshire’s office in Omaha, Nebraska, and that the wealthy benefit from favorable treatment of capital gains and dividends, compared with wages. Buffett’s salary is $100,000 a year.

Arielle S (313)
Sunday December 2, 2012, 11:56 am
My turn to cheer you, J.L.! Great article. My respect for Warren Buffet only grows...

JL A (281)
Sunday December 2, 2012, 12:08 pm
Thanks Arielle. Buffet does indeed deserve respect for being willing to speak up and use the facts and data to counter misrepresentations of tax policy, highlight the inequities and to propose solutions even the least informed should be able to easily understand. It is a form of patriotism of supporting his country and trying to make it better instead of seeking personal benefits masked by hyperbole that one would like to see more of by those who swore they would represent the interests of their constituents.

Carrie B (306)
Sunday December 2, 2012, 12:17 pm
Thank you JL. Great post.

JL A (281)
Sunday December 2, 2012, 12:20 pm
You are welcome Carrie.

. (0)
Sunday December 2, 2012, 3:27 pm
Of course the rich are among those who don't pay taxes. It's called the Delaware/Kale escape plan.

JL A (281)
Sunday December 2, 2012, 3:28 pm
You cannot currently send a star to Michael because you have done so within the last week.

Diane O (194)
Sunday December 2, 2012, 4:49 pm
Laugh Out Loud, JLA....Warren Buffett owes $1 billion in back taxes. Yes, thank you, JLA.

Diane O (194)
Sunday December 2, 2012, 4:51 pm
America is the land of opportunity. Why do you suppose that we have millions of immigrants who want to become American citizens? Think about what you are saying, JLA, and google Warren Buffett, your golden man, who owes $1 billion in back taxes to YOUR government. $1 billion can feed the poor in your vernacular.

Diane O (194)
Sunday December 2, 2012, 4:52 pm
Warren Buffett stated he paid less taxes than his secretary. What he didn't tell you is that he more than likely paid himself $1.00 in income because he was making his fortune on his stock portfolio.

JL A (281)
Sunday December 2, 2012, 5:22 pm
A corporation is distinct from individuals under the law--Berkshire-Hathaway is in a dispute with the IRS, but Buffett personally does not owe taxes and so the statements here constitute libel under the law. Better research and respect for the facts would've avoided violating the law this way.

Kit B (276)
Sunday December 2, 2012, 8:52 pm

Oh, J L -- Diane is right according to Fox news. But then don't all of her "facts" come from the same source? Golden boy? Warren Buffet - look him up, that is before you embarrass yourself again.

Kit B (276)
Sunday December 2, 2012, 8:58 pm

This isn't the first conservative criticism of Buffett since his Op-Ed. Jon Stewart recently singled out one Fox News commentator who asked if Buffett was "completely a socialist?" Yes, the same man who last week dreamt up a $5 billion BofA deal in the bathtub

What The Post hence assumes is that Berkshire Hathaway pays taxes at the top marginal rate of 35 percent. The corporation's effective tax rate was last put at 29 percent, according to Forbes. More generally, due to a variety of breaks and loopholes, many U.S. corporations don't pay the top marginal rate. Over one-fourth of the U.S. corporations comprising the S&P 500 paid a corporate tax rate below 20 percent over the last half-decade, The New York Times recently reported.

JL A (281)
Sunday December 2, 2012, 9:05 pm
In 2005 B-H turned out to be correct on a dispute they'd had with the IRS. The dozen sources I checked all used terms "alleged" and made it clear it was not alleged that he personally owed on his taxes Kit. More than one indicated that he had a salary of $100,000 and still paid less taxes than his secretary. The Fox sources I found did not include the in 2005 resolved in B-H favor portion and seemed to lump that in with unresolved issues in their 2011 coverage.

Marianne B (107)
Sunday December 2, 2012, 9:33 pm
This is a nice "dream". In reality, ALL the millionaires and billionaires know all the loopholes, where to hide their monies, e.g. Cayman Islands, Swiss Banks, safes in their homes. They will continue getting out of paying their share in taxes.

JL A (281)
Sunday December 2, 2012, 9:37 pm
No doubt they know, but some avoid the least ethical and those deemed illegal no doubt Marianne.You cannot currently send a star to Marianne because you have done so within the last week.

Kit B (276)
Sunday December 2, 2012, 10:04 pm

Thanks for that update, J L and still Diane was wrong. Though that is no surprise.

JL A (281)
Sunday December 2, 2012, 10:10 pm
You are welcome Kit. I know you are far from alone on C2 of those who want their information to be factual.

Sharon W. (4)
Monday December 3, 2012, 12:51 pm
Thanks for the article and the update! I don´t really know much about politics, but this seems useful knowledge about our tax system and how it should be changed.

JL A (281)
Monday December 3, 2012, 12:53 pm
So true Sharon.You cannot currently send a star to Sharon because you have done so within the last week.
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