{"id":4744,"date":"2011-09-03T10:01:01","date_gmt":"2011-09-03T14:01:01","guid":{"rendered":"http:\/\/angry.net\/blog2\/?p=4744"},"modified":"2022-08-17T14:24:18","modified_gmt":"2022-08-17T18:24:18","slug":"warren-buffet-billionaire-hypocrite","status":"publish","type":"post","link":"https:\/\/angry.net\/blog2\/?p=4744","title":{"rendered":"Warren Buffet, Billionaire hypocrite"},"content":{"rendered":"

Greetings all, I was wondering, how many of you have ever heard of Warren Buffett? He is the chairman and CEO of Berkshire Hathaway<\/a> and one of the richest people in the world. It\u2019s estimated he\u2019s worth around $50 billion dollars.<\/p>\n

Buffett is admired by many people for his ability to make money. The founders of Google praised Buffett for his managerial worldview. ((Google founders pay homage<\/a>)) Now you might think that means that Buffett believes in the Free Enterprise system. ((Free Enterprise, the Economy and Monetary Policy)) Nothing could be further from the truth.<\/p>\n

Warren Buffett is a big supporter of what is known as \u201cCrony Capitalism. ((What is Crony capitalism)) He firmly believes in government intervention in private industry, and uses his influence to enrich himself and his investors\/clients. Since the biggest supporters of government intervention are Liberal, Progressive Democrats, (yes I\u2019m repeating myself again), Buffett has generally backed Democrats. He was and is one of the biggest boosters of Obama. If you follow the news, you will see that Buffett is always talking with Obama. (Now put the tin foil away. I\u2019m not saying they are conspiring)<\/p>\n

Lately, Old Warren has been saying the tax rates are to low and that the government should jack them way up.. He recently penned an editorial in the New York Times, ((Warren Buffett: Stop coddling the super rich<\/a>)) saying that he has to much money and that the rich need to have it confiscated.<\/p>\n

There\u2019s just one problem. It seems that Warren doesn\u2019t bother to pay the taxes he ALREADY OWES!!<\/p>\n

Say what? The man who says he has to much money, and wants the government to tax it away isn\u2019t paying his taxes?<\/p>\n

It\u2019s a bit more complicated than that, of course. There\u2019s a good article on NewsMax<\/a> on this little problem. From Newsmax.com<\/a>:<\/p>\n

Billionaire investor Warren Buffett triggered a major debate over taxes recently when he wrote in The New York Times<\/a> that he should be paying more to the federal government. He called on Washington lawmakers to up tax rates on the rich.<\/p>\n

But it turns out that Buffett\u2019s own company, Berkshire Hathaway, has had every opportunity to pay more taxes over the last decade. Instead, it\u2019s been mired in a protracted legal battle with the Internal Revenue Service over a bill that one analyst estimates may total $1 billion.<\/p>\n

Yes, that\u2019s right: while Warren Buffett complains that the rich aren\u2019t paying their fair share his own company has been fighting tooth and nail to avoid paying a larger share.<\/p><\/blockquote>\n

There\u2019s a word for people like Old Warren. That word is \u201cHypocrite.\u201d Old Warren is a typical elitist. In his world, the rules apply to everyone else, but not to him. The Newsmax story quotes extensively from Americans for Limited Government<\/a> who went through Berkshire Hathaway\u2019s own Annual Report.<\/p>\n

Using only publicly-available documents, a certified public accountant (CPA) detailed Berkshire Hathaway\u2019s tax problems to ALG. AlG President Bill Wilson cites the company\u2019s own 2010 annual report<\/a><\/strong>, which states at one point that \u201cAt December 31, 2010\u2026 net unrecognized tax benefits were $1,005 million\u201d, or about $1 billion.\u201d<\/p><\/blockquote>\n

$1 Billion dollars? Who does he think he is? Dr. Evil<\/a>? If I owed just a few hundred dollars to the Imperial Torturers<\/em><\/span> Internal Revenue Service I\u2019d have a federal SWAT team crashing my door and terrorizing my household.<\/p>\n

According to Newsmax<\/a>:<\/p>\n

That $1 billion represents about 0.2 percent of the company\u2019s $372 billion in total assets, according to ALG.<\/p>\n

As Wilson points out, \u201cOn one hand Buffett advocates for paying more taxes, but when it comes to his own company\u2019s taxes, he has gone through great lengths to pay less. That\u2019s rich.\u201d<\/p><\/blockquote>\n

What a phony. Warren Buffett is a classic reason why this country is in so much trouble. He has used his wealth and influence to game the system. Now gaming the system has been going on as long as there\u2019s been a United States. However, it\u2019s really taken off since the Roosevelt administrations New Deal. ((Franklin Delano Roosevelt\u2019s New Deal<\/a>))<\/p>\n

Apparently this isn\u2019t the first time Old Warren and Berkshire Hathaway have fought it out with the IRS:<\/p>\n

Wilson also points to a prior tax fight the company fought. \u201cApparently, this is not the first time that Berkshire Hathaway has tangled with the IRS. They fought a 14-year battle over the dividends received deduction. That case was just resolved in 2005,\u201d Wilson reports..<\/p>\n

\u201cAlthough the prior case was settled in Buffett\u2019s favor, it demonstrates a decades-long pattern of behavior by Buffett to minimize his taxes. That\u2019s the important part of the story,\u201d Wilson writes.<\/p><\/blockquote>\n

Oh please sir, tell us more. What else has the old hypocrite been up to?<\/p>\n

And Buffett this week is at the center of another tax controversy, according to The Wall Street Journal. His recent decision to invest in Bank of America “represents another tax-avoidance triumph for the Berkshire chief executive,” the Journal wrote in an editorial Wednesday. ((I don\u2019t have a link to that editorial. <\/strong>AW<\/strong><\/em>))<\/p>\n

It turns out that U.S. corporations are subject to a top federal income tax rate of 35 percent, the second highest in the world. But Berkshire won’t pay anything close to that on their investment in BofA preferred shares.<\/p><\/blockquote>\n

While I don\u2019t have a problem with people and corporations trying to minimize their tax liability, I do have a problem with people like Buffett saying taxes need to be massively hiked. You know Warren, you might have a bit more credibility if you PAID THE TAXES YOU ALREADY OWE!!<\/p>\n

But wait! There\u2019s more!<\/p>\n

“With the exclusion for Mr. Buffett and his fellow shareholders, Berkshire will enjoy an effective tax rate of 14.175% on the $300 million in dividends it will receive each year from Bank of America,” the Journal reported.<\/p><\/blockquote>\n

The Newsmax article also quotes from an article written by John Hayward in Human Events:<\/p>\n

On top of this tax bill, figure the value of the time IRS agents have invested trying to collect it \u2013 they don\u2019t work cheap, and we pay their salaries \u2013 and the resources Buffett\u2019s people have invested fighting back. All of which would have been saved if Buffett simply practiced what he preached, and willingly handed over his fortune to the brilliant and compassionate \u201cleaders\u201d he commands the rest of us to support without resistance.<\/p>\n

Warren Buffet is no different from the other liars and frauds orbiting Barack Obama. His hypocrisy just runs billions of dollars deeper. When it comes to \u201cshared sacrifice,\u201d you do the sacrificing, and they do the sharing.<\/p><\/blockquote>\n

Warren Buffett is a complete fraud and a total hypocrite. I had thought about saving this posting for later and naming Buffett the Chump of the Week, but this is far beyond that. Warren Buffett is a classic example of the problems caused by a massive government no longer responsive to the will of the voters.<\/p>\n

While I do not support any punitive actions against Buffett, (Unless he\u2019s shown to have knowingly violated the law), I do want his plans to screw over America to fail spectacularly and Berkshire Hathaway to fail miserably. Yes, this will harm his investors, but if they\u2019re paying attention, they will bail out of his funds.<\/p>\n

That\u2019s all for now.<\/p>\n

~The Angry (and poverty stricken) Webmaster~<\/strong><\/em><\/p>\n\"1\"2\"3\"4\"5 (3<\/strong> votes, average: 2.33<\/strong> out of 5)
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JEFF DUNETZ: A HELL OF A LOOPHOLE\u2026.BUFFET’S BERKSHIRE …<\/a><\/h3>\n<\/div>\n
A Hell-of-a-Loophole: Buffet’s Berkshire Hathaway,Owes $1 Billion In Back Taxes. The spokesman for the I want to pay more taxes campaign has a perfect opportunity to make himself very happy. Apparently his company Berkshire Hathaway …<\/div>\n
http:\/\/www.ruthfullyyours.com\/<\/a> \u2014 Sat, 03 Sep 2011 05:22:31 -0700<\/span><\/div>\n<\/div>\n
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Buffett Widens Rift With Republicans by Faulting Tea Party | Rift …<\/h3>\n<\/div>\n
30 (Bloomberg) \u2014 Warren Buffett, the self-made billionaire and son of a former Republican congressman,rift Marksman. has widened the rift with his father’s party by pressing for tax increases on the wealthy and reinforcing ties with President Barack Obama. Buffett endured scorn from Republicans this month … Buffett, chief executive officer of Berkshire Hathaway Inc., was cited as an exemplar by Obama at least three times since July. Whenever Buffett says something, you can almost …<\/div>\n
http:\/\/www.rift-platinums.com\/ \u2014 Sat, 03 Sep 2011 03:35:45 -0700<\/span><\/div>\n<\/div>\n
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Warren Buffet: Raise My Taxes, I’m Rich! | Home Based Business …<\/h3>\n<\/div>\n
Warren Buffet, one the richest men in the world, wrote a New York Times piece where he argues that the rich need to pay more taxes. Cenk Uygur breaks it down. … @wjweigand How Much is Buffett’s Berkshire Hathaway Back-Tax Bill Exactly? About $1 Billion. Reply … @BorgKing001 buffett is a phony and when the president of usa calls u up and ask for help u r going to do as he says unless u want problems he knows taxing rich is a not going to do anything. Reply. Drav1212 says: …<\/div>\n
http:\/\/home-based-business-ideas.sovagroup.org\/ \u2014 Sat, 03 Sep 2011 02:00:03 -0700<\/span><\/div>\n<\/div>\n
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Bank of America layoffs ‘to hit 30000? | Financial Market News …<\/h3>\n<\/div>\n
Amid rumors that it had serious capital deficiency problems, last week it announced a $US5 billion injection from investment giant Warren Buffett’s Berkshire Hathaway, and on Monday it said was selling half of its 10 percent stake in China …<\/div>\n
http:\/\/www.24hoptions.com\/ \u2014 Fri, 02 Sep 2011 21:35:54 -0700<\/span><\/div>\n<\/div>\n
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Warren Buffett’s quest for “sacrifice”: you first<\/a><\/h3>\n<\/div>\n
1 \u2014 I respect Warren Buffett. How can anyone not? Wall Street’s most famous investor did not attain that status without abundant smarts. He is a prime example of what makes the free enterprise system work. (All the more surprising then that he generously contributes to and otherwise supports President Obama, but “whatever.”) … The smaller businesses who would get whacked with the Obama tax ax operate closer to the margins (to put it mildly) than a Berkshire-Hathaway. If some of …<\/div>\n
http:\/\/www.renewamerica.com\/columns\/connor\/110128<\/a> \u2014 Fri, 02 Sep 2011 20:14:45 -0700<\/span><\/div>\n<\/div>\n
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Washoe County Republican Party \u00bb Report: Buffett’s Berkshire Owes …<\/h3>\n<\/div>\n
Report: Buffett’s Berkshire Owes $1 Billion In Back Taxes. Posted By: Vicky Published in Legislative Issues. 2. Sep. Thursday, 01 Sep 2011 06:37 PM. By Newsmax Wires. Billionaire investor Warren Buffett triggered a major debate over taxes recently when he wrote in The New York Times that he should be paying more to the federal government. … But it turns out that Buffett’s own company, Berkshire Hathaway, has had every opportunity to pay more taxes over the last decade. Instead …<\/div>\n
http:\/\/www.washoecountygop.org\/ \u2014 Fri, 02 Sep 2011 19:30:23 -0700<\/span><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Greetings all, I was wondering, how many of you have ever heard of Warren Buffett? He is the chairman and CEO of Berkshire Hathaway and one of the richest people in the world. It\u2019s estimated he\u2019s worth around $50 billion dollars. Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3,32,71,8],"tags":[3,8],"class_list":["post-4744","post","type-post","status-publish","format-standard","hentry","category-crime","category-general","category-news-of-the-day","category-politics","tag-crime","tag-politics"],"views":2074,"jetpack_featured_media_url":"","jetpack-related-posts":[{"id":5199,"url":"https:\/\/angry.net\/blog2\/?p=5199","url_meta":{"origin":4744,"position":0},"title":"The “Buffett” Rules","author":"Angry Webmaster","date":"October 15, 2011","format":false,"excerpt":"Good afternoon all, Angry Webmaster here. Last month I wrote about Warren Buffett and what a hypocrite he is. Buffett has been screeching to Obama asking to have his taxes raised. I wrote about how it would be nice if he tried paying the $1 Billion he already owes.","rel":"","context":"In "Moonbat"","block_context":{"text":"Moonbat","link":"https:\/\/angry.net\/blog2\/?cat=100"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6658,"url":"https:\/\/angry.net\/blog2\/?p=6658","url_meta":{"origin":4744,"position":1},"title":"How about a Global minimum Tax?","author":"Angry Webmaster","date":"February 14, 2012","format":false,"excerpt":"And the hits from the Obama tyranny just keep on coming. Last week Obama declared war on the Catholic Church as well as the 1st Amendment. This week, one of his nitwit advisers wants a global tax.","rel":"","context":"In "liberty"","block_context":{"text":"liberty","link":"https:\/\/angry.net\/blog2\/?cat=37"},"img":{"alt_text":"Barking Moonbat","src":"https:\/\/i0.wp.com\/angry.net\/blog2\/wp-content\/uploads\/2010\/02\/barking_moonbat3.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":4911,"url":"https:\/\/angry.net\/blog2\/?p=4911","url_meta":{"origin":4744,"position":2},"title":"I know, lets steal another $1.5 Trillion!","author":"Angry Webmaster","date":"September 19, 2011","format":false,"excerpt":"I love waking up to unpleasant surprises and comrade Obama dropped a doosey. He wants to raise taxes by $1.5 TRILLION dollars ((Obama to propose $1.5 trillion in new tax revenue)).","rel":"","context":"In "Crime"","block_context":{"text":"Crime","link":"https:\/\/angry.net\/blog2\/?cat=3"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":21936,"url":"https:\/\/angry.net\/blog2\/?p=21936","url_meta":{"origin":4744,"position":3},"title":"Need a reason to vote for Trump?","author":"Angry Webmaster","date":"August 4, 2016","format":false,"excerpt":"How about Hillary Clinton announcing she wants to raise taxes on the middle class. Yes, Cankles actually said she wants to raise taxes on the middle class and did it to cheers from her supporters.","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/angry.net\/blog2\/?cat=176"},"img":{"alt_text":"queen-hillary-steve-dininno","src":"https:\/\/i0.wp.com\/angry.net\/blog2\/wp-content\/uploads\/2016\/07\/queen-hillary-steve-dininno-220x300.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":24702,"url":"https:\/\/angry.net\/blog2\/?p=24702","url_meta":{"origin":4744,"position":4},"title":"Poor Warren Buffet has a problem","author":"Angry Webmaster","date":"August 7, 2017","format":false,"excerpt":"Good day all. It seems that Warren Buffet has a problem. The company he runs, Berkshire Hathaway Inc. is sitting on almost $100 billion dollars in cash. Buffet\u2019s company is basically a conglomerate that has other companies inside it. Buffet has managed to buy many profitably companies which is why,\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/angry.net\/blog2\/?cat=176"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/angry.net\/blog2\/wp-content\/uploads\/2016\/03\/shocked-face-300x225.png?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":21922,"url":"https:\/\/angry.net\/blog2\/?p=21922","url_meta":{"origin":4744,"position":5},"title":"Billionaires for Cankles!","author":"Angry Webmaster","date":"August 2, 2016","format":false,"excerpt":"Good day all. Over the years, we\u2019ve seen the Democrats say they were \u201cFor the little person\u201d when it came to the economy. They have accused the Republicans of \u201cBeing in the pocket of Wall Street billionaires\u201d. So, why is it that all the billionaires are supporting Hillary Rodham Clinton\u2026","rel":"","context":"In "Crime"","block_context":{"text":"Crime","link":"https:\/\/angry.net\/blog2\/?cat=3"},"img":{"alt_text":"Evil Grin","src":"https:\/\/i0.wp.com\/angry.net\/blog2\/wp-content\/uploads\/2016\/07\/Evil-Grin-300x169.jpg?resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/angry.net\/blog2\/index.php?rest_route=\/wp\/v2\/posts\/4744","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/angry.net\/blog2\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/angry.net\/blog2\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/angry.net\/blog2\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/angry.net\/blog2\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4744"}],"version-history":[{"count":27,"href":"https:\/\/angry.net\/blog2\/index.php?rest_route=\/wp\/v2\/posts\/4744\/revisions"}],"predecessor-version":[{"id":38058,"href":"https:\/\/angry.net\/blog2\/index.php?rest_route=\/wp\/v2\/posts\/4744\/revisions\/38058"}],"wp:attachment":[{"href":"https:\/\/angry.net\/blog2\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4744"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/angry.net\/blog2\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4744"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/angry.net\/blog2\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4744"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}