Tags: Warren Buffett | Berkshire Hathaway | Americans for Limited Government

Wilson: Buffett's Calls For Tax Hikes Hypocritical

Friday, 26 Aug 2011 12:16 PM

Warren Buffett's calls for higher taxes on the rich like himself are hypocritical in that Buffett's investment vehicle, Berkshire Hathaway, is arguing with the IRS over its tax bill, says Bill Wilson, President of Americans for Limited Government.

Buffett wrote in a recent New York Times Op-Ed that the government was coddling the nation's wealthy by allowing them to pay less taxes, percentage-wise, than many average Americans.

"But if he were truly sincere, perhaps he might simply try paying the taxes the Internal Revenue Service (IRS) says his company owes? According to Berkshire Hathaway’s own annual report — see Note 15 on pp. 54-56 — the company has been in a years-long dispute over its federal tax bills," Wilson writes in a NetRightDaily column.

Others agree.

"Mr. Buffett’s company has not fully settled its tax bills from 2002-2009. Yet he says he’d happily pay more. Except the IRS has apparently been asking him to pay more going on nine years,” says Americans for Limited Government researcher Richard McCarty.

"Berkshire Hathaway did not pay all the federal taxes that it was required to for 2002 through 2004. The IRS examination team caught Berkshire Hathaway on at least some issues. Instead of paying up, Berkshire Hathaway is threatening the IRS with protracted litigation and is in the process of cutting a deal with the IRS Appeals office,” McCarty adds.

For 2005 and 2006, Berkshire Hathaway again did not pay all the federal taxes that it was required to, and again, the IRS examination team caught Berkshire Hathaway on at least some issues.

"Now, Berkshire Hathaway is again threatening the IRS with protracted litigation and is trying to cut a deal with the IRS Appeals office," McCarty concludes.

Others have said that Buffett should stick to picking stocks and stop calling for tax overhaul.

One-time Republican presidential hopeful Pat Buchanan says Buffett can write a check and mail it to the government if he likes.

"Why doesn’t he set an example and send a check for $5 billion to the federal government? He’s got about $40 billion. ... You get all this noise from these big rich folks. Let them send checks and set an example instead of writing op-eds," Buchanan told MSNBC recently.

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Economy
Warren Buffett's calls for higher taxes on the rich like himself are hypocritical in that Buffett's investment vehicle, Berkshire Hathaway, is arguing with the IRS over its tax bill, says Bill Wilson, President of Americans for Limited Government. Buffett wrote in a recent...
Warren Buffett,Berkshire Hathaway,Americans for Limited Government
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2011-16-26
Friday, 26 Aug 2011 12:16 PM
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