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Post by helens on Apr 16, 2012 12:17:38 GMT -5
I just realized that perhaps your point is that Warren Buffett PERSONALLY told his accounting dept to cheat the IRS intentionally? Because you know if that's the case, that's criminal income tax evasion, with intent to defraud, and fired accountants are happy to whistle-blow.
Given how much money big business is throwing at trying to discredit Buffett, that would be old news by now if true, and Buffett would be already charged with income tax evasion. Hasn't happened has it?
Further, Berkshire is a fund, and the laws have changed multiple times over Bush's Presidency. Mistakes happen with accounting, and the treasury gets richer because of them. The IRS will get their money no matter what. The bonus are the penalties, something everyone benefits from, so not sure what your point here is?
If Buffet ordered his company to tax evade, he'd have been prosecuted by now. If he did not know, he would not be fully responsible for it except in the form of excruciating fines that will cost his company a lot of money and which benefit the Treasury as a windfall.
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grayfingers
Cave Dweller
Member since November 2007
Posts: 4,575
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Post by grayfingers on Apr 16, 2012 12:20:22 GMT -5
It isn't like this just happened, they have been doing this for ten years, the taxes are owed back to 2002. He knows, and obviously singed off on a matter as serious as this. I mean, do you really think this never came up in a meeting or two in the past decade? What gets me is that it would be best to target corporate loopholes first, before coming after individuals. The reason Obama is focusing on this is because it is polling well. The average person does not realize that this is chump change compared to our spending and debt. I saw on TV that the proceeds from the Buffett Tax would (in 4,200 years), pay for last year's budget deficit. Heck, even the Huffington Post sees the irony of Buffett's situation. . . . "But it turns out that Buffett’s own company, Berkshire Hathaway, has had every opportunity to pay more taxes over the last decade. Instead, it’s been mired in a protracted legal battle with the Internal Revenue Service over a bill that one analyst estimates may total $1 billion." www.newsmax.com/Headline/buffett-irs-back-taxes/2011/09/01/id/409520
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Post by helens on Apr 16, 2012 12:30:53 GMT -5
2002 is the year that the taxes changed right? I don't have time to look, but pretty sure. Most corporate execs who are visionaries get glazed eyes from accounting. It's a totally different form of number crunching, the not fun kind. You don't sign off on accountant stuff? Who the heck looks at it if you pay someone else to do it? If you have to look at it, you'd just do it yourself?
If it came up, odds are good he said 'deal with it'. When you hire people to deal with things, you expect they deal with it. You think the IRS mailed disputes to his house?
I think EVERYONE should be happy that Berkshire owes all that money. Monthly penalty to 2002? OWWWW. I don't see the problem:).
And I think ALL of it should be targeted, loopholes, subsidies, all forms of waste. But a HUGE HUGE part of any DEMOCRACY is the feeling that the already priviledged are MORE equal than you and pay less than you because they are priviledged. There's just nothing 'equal' about it, and it's psychological and you may be right, it's polling well.
If all men are created equal, then by God, they get to pay the same taxes as those poorer.
I don't really care what sequence the inequities are addressed. I only care that we are moving forward to address them. The Republicans want to LOWER taxes AGAIN... gee, that's going to fix the deficit? How? THAT's why they have to go, they are completely out of touch with reality right now. Not saying the Dems are much better, but at least they don't want to lower the tax on the rich some more in the middle of our deficit.
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Post by helens on Apr 16, 2012 12:40:56 GMT -5
I'm not holding my breath that Obama is going to win anymore... FCEL is dropping... LOL! Romney is a tool, but his masters have buckets and buckets of money. I can't see that enough Americans are dumb enough to vote for him, but I don't discount the buying of the Electoral College.
We may well get Romney the criminal tool in the White House this year... making it more critical that he doesn't get a Republican Congress to wipe out the middle class and finish the job Bush started.
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grayfingers
Cave Dweller
Member since November 2007
Posts: 4,575
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Post by grayfingers on Apr 16, 2012 12:47:32 GMT -5
It's a Long Way to Tipperary . . 203 days to go, a lifetime in politics
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Post by parfive on Apr 16, 2012 12:58:44 GMT -5
Chump change? Buffet rule, sure, it’s eyewash. Bush tax cuts, no.
Bush tax cuts added about $2.5 trillion (foregone revenue and added interest) to the debt from 2001 – 2010.
Two year extension adds about $561 billion over the next 10 years.
Extension to 2020 adds another $3.3 trillion to the debt.
Eliminate them ALL, and leave the triggers alone.
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grayfingers
Cave Dweller
Member since November 2007
Posts: 4,575
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Post by grayfingers on Apr 16, 2012 13:18:59 GMT -5
Let's see, 15.75 Trillion in debt minus 2.5 Trillion . . . "Extension to 2020 adds another $3.3 trillion to the debt." Projected Federal Debt In 2020 . . . $26.3 Trillion
I think the piggy bank is still a tad short. . . At least in so much as being able to blame our deficit on the missing money the rich "owe" us.
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Post by parfive on Apr 16, 2012 14:34:32 GMT -5
Who said rich?
Eliminate them ALL.
Ta ta for now. Got three tax returns to do sometime tonight after I dig up all the statements. ;D
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