Warren Buffett Owes 1 Billion in Back Taxes

Higher taxes. They’re for other people. People who don’t have Obama’s private phone number.

There are are two recent cases where Warren has done everything possible to AVOID paying taxes that he actually owes. The first case involved a 14-year fight over the dividend-received deduction that was finally settled with the IRS in 2005. The second case is still pending after 10 years in which he owes just over $1 BILLION in back taxes.

If only we raised taxes on the rich, the well-connected crony capitalist rich like Warren Buffett still wouldn’t pay theirs.

We don’t need to raise taxes. We need to crack down on crony capitalism and political corruption. Crony capitalists like Buffett shouldn’t be able to score billions off the government and avoid paying billions in taxes just because of their close relationship to the Obama Crime Family.

  • montford2

    WHY is this person not in jail? Anyone else would be, for a very long long time. He should be paying the taxes, fees, interest EVERYTHING. Here is the 1B $ question, how do you make someone like this
    pay what he owes? He is NOT above the law

    • http://www.zottasperspective.blogspot.com Greg Zotta

      WHY is this person [Buffett] not in jail? Anyone else would be, Not everyone. Tax cheat Timmy Geithner, who was more of a tax evader than Al capone, was made Treasury Secretary who oversees the IRS.

      • Mary Sue

        because he told Obama that he wouldn't mind paying more taxes, and that in fact he needs to.

    • objectivefactsmatter

      At the very least, he should have been cited as an example of lost revenue during the campaign, rather than this BS class warfare where every Republican or conservative is imagined as the enemy by liberals.

    • jmw123

      Years ago, I had an IRS agent stop at the post office to find out where I lived, I'm sure she couldn't be bothered to get a map to get directions. She plashed her irs id to make sure the post master in the time 200 person town knew who she was.

      Then she showed up on my doorstep unannounced and demanding I talk to her right then. She was there to collect mt $2,000 debt from last year's taxes.

      I had done the returns so I knew exactly what was on the return, but I went to get my copy anyway. I asked her if she was sure I owed that.

      "Yes, and not only do you owe that but you also owe for penalties and interest."

      I asked her to add up the penalties and interest so I knew exactly what amount was being debated. She did so and asked me if I was going to write a check for the full amount and reminded me of the legal problems I could get into including charges for tax evasion, etc.

      I asked her again what the total amount was and she showed me.

      Then I said. "Then write me a check for that amount, please. That $2,000 was the amount of my refund, but I'll be happy to accept penalties and interest also."

      Seriously? The govt. can send out an IRS attorney to a tiny country village to collect $2,000, but they can't collect billions from rich cronies and federal employees who owe back taxes. What's wrong with this (expletive) picture.

      • jmw123

        cripes ignore typos, should be splashed, not plashed and tiny, not time.

        • Steven W.

          LOL! Actually it should be "flashed" and not "splashed" or "plashed"; but I DO get the point of the story, and you are correct. Buffet's a hypocrite, but the IRS won't seize his assets for the money he owes because he knows Obama.

  • Yehoshua Friedman

    Maybe they count the taxes the lawyers and accountants pay against the taxes he owes.

    • objectivefactsmatter

      That's funny. However, it wouldn't be a problem if they didn't pay either. Selective enforcement policies in the name of some "social justice" is just yet another tool in their bag.

  • SuicidePrevention

    It's not Buffett's personal taxes. It's Berkshire Hathaway's taxes. He's the chairman and CEO. Lots
    of companies engage in multi-year legal battles with the IRS. If a CEO doesn't do a good job in minimizing the taxes his company owes, he'd be negligent and subject to lawsuits from shareholders.
    It's funny how the true believers on this web site don't know the first thing about how capitalism is actually practiced.
    A good source for understanding the tax system in this country is David Cay Johnston.Two of his books are:
    Free Lunch: How the Wealthiest Americans Enrich Themselves at Government Expense and Stick You With The Bill
    Perfectly Legal: The Covert Campaign to Rig Our Tax System to Benefit the Super Rich—and Cheat Everybody Else

    • Mary Sue

      Most of us know full well that Warren Buffett's "income", or rather the bulk of it, does not get included in "income taxes" because it is not classified as such.

      If what you say is true, how come the top 1% are paying nearly 40% of all "income" taxes?

    • objectivefactsmatter

      "It's not Buffett's personal taxes. It's Berkshire Hathaway's taxes. He's the chairman and CEO. Lots
      of companies engage in multi-year legal battles with the IRS. If a CEO doesn't do a good job in minimizing the taxes his company owes, he'd be negligent and subject to lawsuits from shareholders."

      That's a fair point, but not salient.

      "It's funny how the true believers on this web site don't know the first thing about how capitalism is actually practiced."

      Well you miss the salient point. Try looking at the photograph of the 2 men, one of whom talks a lot about fair share and social justice while doling out "stimulus funds" that only stimulate certain select fat cats. Now Buffet may not have been a direct beneficiary of the bogus stimulus packages, but if you want to talk about "finding" money, talk about the real issues. Does it take ten years to figure out a billion dollar tax dispute? Would it make more sense to expedite certain cases based on benefits to the taxpayer?

      It's a question of approaching things intelligently. You can parse the conversation and find "hypocrisy" only if you remove facts from their context and deliberately miss the point, or worse, you just don't get it.

      Conservatives expect elected leaders to lead. That means leading the conversation with intelligence, not manipulating false perceptions that "victims" already have, or worse, creating even greater sense of victim-hood among the constituents.

      It's really easy to understand how pathetic it is – when you understand the issues. If you don't understand, you'll remain confused till your grave. What else can I say?

      "A good source for understanding the tax system in this country is David Cay Johnston.Two of his books are: Free Lunch: How the Wealthiest Americans Enrich Themselves at Government Expense and Stick You With The Bill
      Perfectly Legal: The Covert Campaign to Rig Our Tax System to Benefit the Super Rich—and Cheat Everybody Else"

      That would be fine if that was the object of the discussion. It's non-salient here.

    • Ann Darcangelis

      Loop holes are legal! If this article is factual, Buffet is a hypocrite at least.

    • Yvonne

      But most CEO's are not out there campaigning to pay more taxes. And he should be setting an example with his personal taxes and not take all those deductions. No one is putting a gun to his head and telling him to take every deduction he can.

  • http://twitter.com/dongreenfield @dongreenfield

    I agree with Daniel. First, I support capitalism – but Buffett is using his riches to bribe his way out of pay his taxes instead of paying what he owes.

    • objectivefactsmatter

      "I agree with Daniel. First, I support capitalism – but Buffett is using his riches to bribe his way out of pay his taxes instead of paying what he owes."

      At the very least, Obama's relationship with him is evidence of Obama's hypocrisy and lack of understanding or concern with how the economy works, and how to find rational effective solutions. He tells people what they want to hear, not what they need to know. That begs the question if he even knows what "we" need to know. I doubt it.

  • cynthia curran

    Well, let's make Buffett pay..

  • cynthia curran

    Well, talking about the left with government how about the right rich like the Wall Street Journal that wants to increase stem-tech to indians who want Democratic.

  • cynthia curran

    I man the stem-tech vistas to Indians that vote Democratic.

  • pemullen

    I see two hypocrites in a disgusting phony lovefest designed to rip off the American people. Next.

    • objectivefactsmatter

      Correct answer!

  • culmat

    they took out 1400 i owed in back taxes from my disability check, wonder why they dont garnish the wages of gov. employees who owe back taxes. gov employess owe billions in back taxes

  • Parenthetical Phrase

    That photograph says it all. Croney capitalism at its finest. Buffet is all for the death tax because he knows it will force heirs to pay a huge tax bill when someone dies — forcing them to sell a profitable business at a huge loss, which of course, Buffet then goes out and buys for cheap. Good ol' Uncle Warren. Salt of the earth, just a simple man living simply in Nebraska and screwing the rest of us up, down and sideways.

  • gerry

    Buffet,Soros etc etc nice bunch!And all working for and with Obama.Crooks conniving together.

  • GARY

    It`s a bit sad that so many get away with paying little or no tax, when those with the least are hounded to death…….You have to understand, most politicians are what they are, thieves, liars, and people with no ability to see others problems………

  • 8vetfamily

    regrettably the article is misleading..it is alleged that berkshire hathaway owe back taxes..not buffet…nice CON job from a regressive CONservative site..

    • Schmitty

      Dems will split hairs no matter what. Who owns Berkshire Hathaway? Do you think Warren made the final decision on to pay or not pay those taxes? Dems will make up stories how the rich don’t pay enough yet let rich people who share their opinion slide on paying.

      • 8vetfamily

        it is a mutual fund…it is owned by all of the shareholders…your lack of financial knowledge is apparent here on public display…please do look up and research what exactly a mutual fund is….

        • Bad Cat

          It is actually a holding company, not a mutual fund.

          • 8vetfamily

            right you are..i misspoke…tis a company of which many own shares…but he controls it….

          • Bad Cat

            It’s funny when those that jump on others don’t know their facts.

      • Hannibal Lecter

        If you are so concerned about tax cheats then why do you think that Rand Paul has put a block on legislation that would punish tax cheats that put money into foreign accounts? Moron.