Warren Buffet Tax Shirker and Hypocrite

-By Warner Todd Huston

Why is it that every time we meet yet another socialist-loving, left-winger he ends up being an utter hypocrite? This time it's tax-whiner -- and now known tax shirker -- Warren Buffet, the investment giant that has been telling anyone that will listen that "the rich" don't pay enough in taxes.

Well, apparently, he's right, the rich don't pay enough in taxes. Well, not in general, just in his specific case, anyway. The New York Post has discovered that his famous company, Berkshire Hathaway, has unpaid back taxes going back to 2002 and have even more recent taxes left unpaid.

This cretin has been going around in his Obama-infused stupor insisting that "the rich" need to be destroyed because they don't pay enough taxes, and he, himself hasn't even paid what he owes?

That takes a lot of gall, doesn't it? Whining for more of Obama's onerous tax schemes when he hasn't even paid what he owes in the first place!

The Post goes on to lay out that Buffet's original claim that "the rich" don't pay enough taxes is a misleading pile of garbage, too, but the fact that he hasn't even paid what he owes is just unbelievable.

Yeah, why we have here is yet one more liar supporting Obama. It really is unbelievable. Obama's entire administration is filled with tax cheats!

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    So then when one takes advantage of the tax system yet points out that he should not take advantage of said tax system. While at the same time pointing out the holes that should be plugged to prevent him and his friends from being able to take advantage of the same tax system that he takes advantage of, that makes him a hypocrite? I would have to disagree. It takes some degree of honesty to point out the flaws that we have in our system while taking advantage of the system that is in place. After all, notice how Bill Gates is awesomely silent on the issue?

  • I agree with John Anthony "It takes some degree of honesty to point out the flaws that we have in our system while taking advantage of the system that is in place." .... Incidentally invalid statements such as "Obama's entire administration is filled with tax cheats!" certainly diminishes any moral value in your comment.

  • 1) Warren Buffet's claim that the rich don't pay enough taxes is just bullshit: http://www.cbo.gov/publications/collections/taxdistribution.cfm
    2) His examples have to do with capital gains tax treatment which already represents double taxation of corporate income and is a benefit to a broad spectrum of people with various incomes.

  • In reply to Gary Lucido:

    Quite frankly, if you take a step back, it should be pretty obvious that the rich should never have a lower tax rate than the poor/middle class.

    I mean isn't that intuitively obvious? The additional money to them means far less than to the middle class and poor.

    Yet because of the minimal capital gains tax, the rich do frequently have a considerably lower tax rate than the poor.

    Regardless of whether capital gains is a double tax [and it usually isn't] or not, can you imagine any scenario where it makes sense that middle class working family with two working parents should pay 32-33% in taxes, but Joe Billionaire plays 15%?

    Can you imagine a scenario where family's barely above the poverty line are paying more in taxes than billionaires?

    I invest plenty, and if the capital gains tax went up to the normal taxation rate I sure as hell wouldn't stop investing money.

    As far as capital gains being a double tax, how so? If I buy and sell intel, then the profit I make has not been taxed before. If Intel produces a dividend then that money is taxed twice, but I would imagine the vast majority of investment income is just gambling on investments and has not been taxed in any way whatsoever.

  • In reply to DougThonus:

    This isn't to say Warren Buffet is excused from not meeting his tax debt, of course he isn't. I'm sure he has a team of accountants who handle that for him, but regardless of whether he knew he has to pay the penalties.

    However, Buffet is still correct that the rich do not pay enough taxes. They're paying a historically low tax rate right now when our country needs money the most.

    I'm not really partisan, the democrats have just as much issue. The republicans keep cutting taxes from the upper class while the democrats keep giving out entitlements we can't afford to the lower class, especially to non citizens, and neither side is tough enough on tariffs and trade to keep the jobs in this country.

  • In reply to DougThonus:

    You said, "I mean isn't that intuitively obvious? The additional money to them means far less than to the middle class and poor."

    This is untrue. Wealth is not a zero sum gain. Because you have $100 dollars does not mean that I cannot have $100 because you have gotten it first.

    It is BS to say that rich people are evil because they take away the possibility of the middle class and the poor to get money. It is a class warfare lie used by socialists that want to destroy capitalism in favor of their proven failed system of government control.

  • In reply to DougThonus:

    A company's stock market value is a function of their earnings. The higher their earnings the higher their market value. Those earnings are taxed once as income and then those earnings are taxed again in the form of capital gains taxes. And this is precisely the scenario where Joe Billionaire shouldn't be taxed as high as regular working people. In fact, Joe Billionaire suffers a third tax in the form of estate taxes when he dies. So this income is triple taxed.

    Statements like "family's barely above the poverty line are paying more in taxes than billionaires" confuses the issue because it's not clear if you are talking about absolute dollars or tax rates. Some people think you are talking about absolute dollars and that scenario just doesn't exist. As for tax rates...I've covered that above.

    In fact, I don't even think income should be taxed at all. Consumption should be taxed, with exclusions for healthcare, housing, and food. It makes no sense to penalize people for producing something but to not penalize them for consuming precious resources. When you produce income you're not taking away anything from anyone. When you consume resources you are taking something away from others.

  • Ah I love the working class thats been brainwashed by the right and now proudly carries the flag of the uber rich. Look at the concentration of wealth in the US... we are worse off than some African nations. Wake up my delusional friend.

  • Sorry, JohnAnthony, but your answer is a non sequitur in connection with this story. There was no legal loopholing going on here. It is out right non payment of what's owed.

    What makes him a hypocrite is right in the story that it seems you did not read. He is going around saying "the rich" don;t pay enough all the while his company has nearly a decade of tax cheating by not paying what the DO owe.

  • Will you then, be writing out some extra checks to Uncle Sam to help them make ends meet without having to force Paris Hilton to go through the indignity of learning to write her name on a 1040 form?

  • LOL. I don't think enough ink could be spilled to educate Paris Hilton!

    Regardless, we could confiscate every penny of all those evil rich people you hate so much and it wouldn't be a drop in the bucket of the useless spending that Obama has got us into.

    Instead of focusing on anti-American class warfare and socialist trope, I'd rather look for real solutions.

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