Posted by Brian
It Turns Out Warren Buffett Is A Master Of Avoiding Taxes
The Daily Reckoning|April 04, 2012
Life isn’t fair. Some extremely smart people never make much money. Similarly, some rather stupid people seem to fall into it and make fortunes. Go figure. Then, there is Warren Buffett.
Warren is fond of playing the role of the “folksy” type who still lives in his modest house in nowhere Omaha and owns an old car he’s had for years. Just plain folk, he’d have you believe. Well, DON’T believe it! This is the same Buffett who constantly travels by private jet; is chauffeured by limousines wherever he goes; regularly stays at 5-star hotels; invests in deals not available to any other investors. Yet, he’d have you believe he’s just like you. Sure!
Lately, Warren has been a shill for Obama. Over and over again, we hear how good ole Warren “wants” to pay more taxes and thinks his wealthy buddies ought to follow suit. “We aren’t taxed enough,” he says. Well, let’s take a closer look at just where Warren stands when it really comes down to paying his taxes. Not at what he says about taxes but what he has actually done regarding the paying of taxes that he legitimately owes.
There 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. Both of these cases are well-documented and you can satisfy yourself simply by using Google to inquire as to the voracity of these assertions. Also note the timeframes of 14-years and 10+-years; not exactly a haphazard hissy fit. While you’re at it, you might also ask yourself “why” Warren says one thing in public discourse while he practices the exact opposite in his business and personal life. Is not that the definition of hypocrite?