First of a let me say I admire Buffett very much. I believe in his method of investing in stocks, otherwise known a low-value investing. I think it’s the soundest way to invest and my portfolio is based on it.
However, when it comes to politics Warren Buffett is like a split personality. He openly once said that people shouldn’t benefit from being born in the “lucky sperm club” referring to heirs born to wealthy families and their need to pay higher inheritance taxes.
What makes Warren a hypocrite is that he doesn’t mind benefiting from low taxes rates that helped grow his businesses but then he has no problem wanting to change it for others after he accumulates his great wealth. Like most Liberal/Progressives I think Buffett suffers from deep guilt over his wealth and his calls for rich people paying more taxes is his way of doing penance.
New York Post
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.
Buffett’s free to back Obama, of course.
And if his firm wants to keep its tax bill low, well, that’s its right, too.
But it would be nice if this “pro-tax-hike” tycoon were a bit more honest about it.
More here
Memeorandum
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