Not Logged In Log In   Sign Up   Points Leaders
Follow Us    9:31 PM

Message Forum - Read Message

Category: US politics > Topics Add to favorite topics   Post new topicPost New Topic
Author Topic: Is Warren Buffett Unpatriotic? Back to Topics
MahopacJack

Champion Author
New York

Posts:9,588
Points:1,857,935
Joined:Feb 2008
Message Posted: Aug 26, 2014 3:31:57 PM

~
In response to US corporations merging with foreign companies to avoid the double taxation of a company's foreign earnings, President Obama stated such corporations were unpatriotic when they took advantage of the tax laws that do not tax a foreign corporation's non-US profits.

It was recently disclosed that Bershire Hathaway whose major shareholder is none other than the huge Obama supporter and contributor, Warren Buffett, will be helping finance the Burger King and Tim Hortons. This is the same Warren Buffett that has been "vocal proponent of having wealthy Americans pay higher taxes. However, Berkshire is effectively helping Burger King dodge taxes." according to a BusinessInsider article.

Did Warren Buffett really mean that wealthy Americans should pay more taxes?

Will Obama restate his, "...Even as corporate profits are as high as ever, a small but growing group of big corporations are fleeing the country to get out of paying taxes. they’re keeping most of their business inside the United States, but they’re basically renouncing their citizenship and declaring that they’re based somewhere else, just to avoid paying their fair share." to save face with the relationship with his wealthy benefactor? Or will he denounce Buffett as being unpatriotic? Will the media even pick up on this hypocrisy?

~
REPLIES (newest first) Post a Reply
Profile Pic
MahopacJack
Champion Author New York

Posts:9,588
Points:1,857,935
Joined:Feb 2008
Message Posted: Aug 28, 2014 11:34:56 PM

TrollerDiesel, >>"Fair" tax Another mindlessly stupid idea by neo-Marxist dupes.

How about "less" tax?<<
~
The Fair Tax is not a neo-Marxist idea. It simply reverts back to the days when citizens were not held under the Government's thumb by the IRS. Article I Section 9.4 of the US Constitution prohibits the Government from taxing citizens directly. This of course was changed with the passing of the Sixteenth Amendment.

There are many benefits to switching. Among them are America's economic engine is fully engaged instead of being hampered by the ridiculous Tax Code. You may want to take a look at Steve's link as it give a quick overview of the Fair Tax.

It is supported by the TEA Party, Mike Huckabee, Herman Cain, Gary Johnson and a number of others who would like to put an end to the Gestapo Tactics of the IRS.
~
Profile Pic
Cliffisher
Champion Author Wisconsin

Posts:30,257
Points:3,727,300
Joined:Sep 2003
Message Posted: Aug 28, 2014 7:59:56 PM

And the pilgrim craps another load.
Profile Pic
Troller_Diesel
Champion Author Denver

Posts:1,879
Points:16,725
Joined:Jun 2014
Message Posted: Aug 28, 2014 7:37:42 PM

theTower, you do know, of course, that you're trying to have an intelligent conversation with what amounts to nothing more than an OFA spambot, right?
Profile Pic
Troller_Diesel
Champion Author Denver

Posts:1,879
Points:16,725
Joined:Jun 2014
Message Posted: Aug 28, 2014 7:32:05 PM

"Fair" tax Another mindlessly stupid idea by neo-Marxist dupes.

How about "less" tax?

Oh, but they can't conceive of less government, can they?
Profile Pic
SemiSteve
Champion Author Tampa

Posts:19,305
Points:439,285
Joined:Sep 2005
Message Posted: Aug 28, 2014 5:20:26 PM

Let me know the next time you are a billionaire and don't hire lawyers and accountants to handle your taxes and represent your case to the IRS, fly.

And, like I've said all along, this could all be history if we simply adopt the non-partisan FairTax

Do yourself a favor. Actually click on the FairTax link and learn what it is all about before you pass it by and assume you already know.

There is a lot to like there.

Such as getting a free extra day every year.

Most Americans spend about a day doing their taxes. Or they pay somebody else as much money as they earn in a day. With the FairTax, there is no tax day. Your taxes never have to be done. Because there IS no more income tax. You get to keep your entire income. The only time you'll pay tax is when you buy something new. Want to save on the things you buy? Buy used. No tax. No income tax and no sales tax on pre-owned stuff.

There's a lot to like about the FairTax. Check it out. You might be surprised. You may be hard pressed to find something you don't like about it.

Fly, you are always saying you want taxes to be simplified. Well here's a system that does it. Imagine how many people the IRS could lay off to become productive members of society instead of wasting government dollars figuring out how to collect more government dollars!

Go ahead. Take a few moments and learn what it is all about. I dare you. And you. And you and you and you. You, reading this post. What have you got to lose? A few minutes? Imagine all you could save under this very different system. Besides having an extra day each year...

FairTax
Profile Pic
flyboyUT
Champion Author Utah

Posts:28,172
Points:1,523,695
Joined:Aug 2008
Message Posted: Aug 28, 2014 4:59:07 PM

Seems Warren plays fast and loose with the tax codes Steve....
.
.
>>>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.

Berkshire Hathaway, the eighth-largest public company in the world according to Forbes, openly admits to still owing taxes for years 2002 through 2004 and 2005 through 2009, according to the New York Post. The company says it expects to "resolve all adjustments proposed by the US Internal Revenue Service" within the next year. <<<Then we have stuff like this -
.
.
>>>Higher taxes. They’re for other people. People who don’t have Obama’s private phone number.

There are are two recent cases where Warren has done everything possible to AVOID paying taxes that he actually owes. The first case involved a 14-year fight over the dividend-received deduction that was finally settled with the IRS in 2005. The second case is still pending after 10 years in which he owes just over $1 BILLION in back taxes.

If only we raised taxes on the rich, the well-connected crony capitalist rich like Warren Buffett still wouldn’t pay theirs.<<<


And some more Steve -
.
.
>>>This one’s truly, uh … rich: Billionaire Warren Buffett says folks like him should have to pay more taxes — but it turns out his firm, Berkshire Hathaway, hasn’t paid what it’s already owed for years.

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.

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.<<<
.
.
.
.
.
.
Steve it is no secret that both Warren and his company do not pay their taxes. They are presently embroiled with huge squabbles with the IRS over what they should pay and what they owe.

Attention everyone - How do you spell the word hypocrite - its easy - W A R R E N B U F F E T!
Profile Pic
SemiSteve
Champion Author Tampa

Posts:19,305
Points:439,285
Joined:Sep 2005
Message Posted: Aug 28, 2014 2:04:54 PM

Buffet said wealthy Americans should pay more taxes. He didn't say wealthy businesses should.
Profile Pic
theTower
Champion Author Indiana

Posts:15,437
Points:560,315
Joined:Jun 2007
Message Posted: Aug 28, 2014 1:14:25 PM

Buffet on inversions

Semisteve.
I never even made the claim you are attributing to me.
So you can just stop anytime now.
But most likely you won't.
You are rolling.

[Edited by: theTower at 8/28/2014 1:15:29 PM EST]
Profile Pic
SemiSteve
Champion Author Tampa

Posts:19,305
Points:439,285
Joined:Sep 2005
Message Posted: Aug 28, 2014 1:07:05 PM

Here's the quote you may be thinking of, Tower:

Buffett: "But it does get a little annoying to us when we see other people paying far lower tax rates while engaging in the same sort of business that we engage in."

Buffett: "I would personally change that part of the law."

He's not saying rich businesses should be paying higher taxes, is he? Sounds like he's actually complaining about high business taxes!

So when he goes and takes advantage of the existing law he complained about that does not make him hypocritical. He's merely following through on what he said.
Profile Pic
MahopacJack
Champion Author New York

Posts:9,588
Points:1,857,935
Joined:Feb 2008
Message Posted: Aug 28, 2014 12:07:28 PM

~
Isn't Obama being hypocritical by not denouncing Buffett's action?
~
Profile Pic
theTower
Champion Author Indiana

Posts:15,437
Points:560,315
Joined:Jun 2007
Message Posted: Aug 28, 2014 10:12:20 AM

Yes I do, and no I won't.
Look it up and disprove what I said.You can't.



[Edited by: theTower at 8/28/2014 10:13:48 AM EST]
Profile Pic
SemiSteve
Champion Author Tampa

Posts:19,305
Points:439,285
Joined:Sep 2005
Message Posted: Aug 28, 2014 9:45:10 AM

Tower: "Semisteve, this is about what Buffett said about companies going elsewhere to avoid taxes.
He said it was getting out of hand, crazy, or something to that effect."

We will gladly accept that as soon as a quote is produced.

You know how to post a link, don't you?

You just put your fingers on your mouse and slide...
Profile Pic
theTower
Champion Author Indiana

Posts:15,437
Points:560,315
Joined:Jun 2007
Message Posted: Aug 27, 2014 8:09:59 PM

Do you even read whats been posted?



[Edited by: theTower at 8/27/2014 8:12:55 PM EST]
Profile Pic
SemiSteve
Champion Author Tampa

Posts:19,305
Points:439,285
Joined:Sep 2005
Message Posted: Aug 27, 2014 5:33:58 PM

So you can't find a quote where Buffett actually says business taxes should be higher.

Anybody else care to try?

Or perhaps someone would like to explain why we have not yet adopted the FairTax, which would solve this problem of inversions.

"The FairTax would also prevent large corporations from avoiding paying taxes."

FairTax does not tax business income at all. This would lower product prices domestically and abroad. It would give businesses more money to hire, and make their products more competitive overseas.
Profile Pic
theTower
Champion Author Indiana

Posts:15,437
Points:560,315
Joined:Jun 2007
Message Posted: Aug 27, 2014 4:57:27 PM

Semisteve, this is about what Buffett said about companies going elsewhere to avoid taxes.
He said it was getting out of hand, crazy, or something to that effect.
Then he comes, plunks down some billions, and helps a company do just that for a 9% return on his money.
If this was the Koch brothers doing this you and your pals would be all over them like flys on manure

[Edited by: theTower at 8/27/2014 5:00:44 PM EST]
Profile Pic
SemiSteve
Champion Author Tampa

Posts:19,305
Points:439,285
Joined:Sep 2005
Message Posted: Aug 27, 2014 4:11:04 PM

I don't recall Buffett ever saying that businesses should pay higher taxes. He has said rich individuals should pay more.

Can someone post a quote where Buffett said that business taxes should be higher?
Profile Pic
SemiSteve
Champion Author Tampa

Posts:19,305
Points:439,285
Joined:Sep 2005
Message Posted: Aug 27, 2014 4:05:52 PM

"AFSNCO: "Steve, I guarantee that Burger King pays taxes in the United States regardless of whether they will be in the United States or Canada. The difference is the type of taxes they pay.

Stores are individually franchised so each owner will pay taxes of some kind. The problem with our tax system is our government wants to tax money every time it changes hands."

FairTax would fix that.

FairTax and Business
Profile Pic
mudtoe
Champion Author Cincinnati

Posts:13,832
Points:1,875,640
Joined:May 2008
Message Posted: Aug 27, 2014 2:29:35 PM

tower: "It looks to me like Buffett is just being a typical "do as I say not as I do" liberal elitist."


Liberal and hypocrite should be listed as synonyms.



mudtoe

[Edited by: mudtoe at 8/27/2014 2:30:25 PM EST]
Profile Pic
theTower
Champion Author Indiana

Posts:15,437
Points:560,315
Joined:Jun 2007
Message Posted: Aug 27, 2014 2:20:28 PM

It looks to me like Buffett is just being a typical "do as I say not as I do" liberal elitist.
Its not as if anyone should be surprised by it.
People with lots of money generally want to make more money and pretty much know just how to do that or they wouldn't have lots of money in the first place.
Profile Pic
AFSNCO
Champion Author Montgomery

Posts:19,838
Points:1,831,435
Joined:Aug 2008
Message Posted: Aug 27, 2014 1:54:37 PM

Steve, I guarantee that Burger King pays taxes in the United States regardless of whether they will be in the United States or Canada. The difference is the type of taxes they pay.

Stores are individually franchised so each owner will pay taxes of some kind. The problem with our tax system is our government wants to tax money every time it changes hands.
Profile Pic
SemiSteve
Champion Author Tampa

Posts:19,305
Points:439,285
Joined:Sep 2005
Message Posted: Aug 27, 2014 1:35:47 PM

A loophole has been exploited. That's all.

The USA is a vast market.

Part of that market security comes from military spending.

That military spending requires revenue.

Logic says that those who reap the benefits of this vast secure market should help pay for the security.

Apparently we need to require that those who do business in the USA need to pay taxes in the USA. No matter where the corporate office is located.
Profile Pic
teacher_tim
Champion Author Maryland

Posts:19,359
Points:827,710
Joined:May 2004
Message Posted: Aug 27, 2014 11:34:56 AM

I believe most of the shareholders of Berkshire Hathaway are Americans. Was it unpatriotic for GM to move assembly plants to Mexico so they could keep prices down for Americans to buy their cars? Or to keep from bankruptcy and the loss of billions in Americans' stock holdings?

Hey, One World, One Love, doesn't mean you get to pick and choose just because our tax structure sucks for business and smart businesses are moving where the taxes aren't so high. It's certainly happening WITHIN the U.S. with Texas, Virginia and similar states being the beneficiaries. Hmmm, lower taxes and MORE tax revenue... HOW can that BE?!!!
Profile Pic
SE3.5
Champion Author Indianapolis

Posts:23,678
Points:3,770,165
Joined:May 2004
Message Posted: Aug 27, 2014 11:28:46 AM

"Buffett's earlier public stance of denouncing those involved in similar activities makes him appear hypocritical."

In other words, Warren believes it is OK for him to enhance Berkshire by any legal means, but others need to operate their businesses more altruistically.
Profile Pic
nraacct
Champion Author North Carolina

Posts:9,121
Points:1,768,460
Joined:Jul 2004
Message Posted: Aug 27, 2014 11:07:25 AM

I don't buy into this issue of inversions as being "unpatriotic". Berkshire Hathaway's responsibility is to maximize value of the company to their shareholders. Therefore, their role in financing the Burger King - Tim Hortons merger makes good business sense. However, Buffett's earlier public stance of denouncing those involved in similar activities makes him appear hypocritical.
Profile Pic
worryfree
Champion Author Twin Cities

Posts:27,241
Points:2,412,775
Joined:Oct 2005
Message Posted: Aug 27, 2014 12:15:32 AM

He has challenged other billionaires to give the bulk of their wealth to help others. That make him anathema to many cons.
Profile Pic
flyboyUT
Champion Author Utah

Posts:28,172
Points:1,523,695
Joined:Aug 2008
Message Posted: Aug 26, 2014 3:59:40 PM

Worry what does that have to do with his actions as mentioned in the OP. He is not walking the talk. He is saying one thing and doing another. Just like all the libs do.

Now for the question once more Worry. Is he unpatriotic as Obama says those companies that avoid paying taxes or not. Stick to the question Worry - dont try to derail the conversation please.
Profile Pic
worryfree
Champion Author Twin Cities

Posts:27,241
Points:2,412,775
Joined:Oct 2005
Message Posted: Aug 26, 2014 3:55:31 PM

yes because he doesn't support every selfish con idea.
Post a reply Back to Topics