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Buffett thinks that he is outsmarting everyone, but he is not. it's the way he structures his wealth that helps him avoid the taxes that everyone else has to pay.
Buffett’s children won’t exactly be out in the cold. They will get to spend many billions of their father’s fortune, but as directors of charitable foundations, not as individuals. All of these gifts are announced in letters posted on the Berkshire Hathaway website, each with a condition that the gifts be treated in a way that will keep them tax-exempt.
Kim-Mai Cutler of the Boston Globe has a good article quoting Buffett’s unapologetic defense of the tax he won’t pay.
Advocates of estate tax repeal were cynical but not surprised by the announcement that Buffett would avoid the tax that he has helped protect. They have long contended that the largest fortunes usually escape the so-called death tax. Meanwhile, less tax-savvy businessmen, usually owners of small, newly successful firms, get socked by it because they haven’t had the time or inclinations to do expensive estate tax planning.
He is a hypocrite and a liar, but that is nothing new for big government liberals.
Berkshire paid quite a bit to move the company, Burger King was the smaller company combining with a larger company. The capital gains tax is quite speculative and the $400M does not add up since Burger King paid $30 M per year.
Quite different from Trump's paper loss, would love to see the details on that creation.
In Buffett's own words:
Quote:
Buffett cited statistics that the highest amount of federal tax the company has paid in the last three years is $30 million. “If anybody would be paying $11.8 billion to save $30 million of federal income tax, they did not go to the math class I went to,” he quipped.
He also reiterated a point he had made several weeks ago that Burger King is significantly smaller than Tim Hortons. “It’s a case of the larger company being in Canada,” he said. “Tim Hortons earns twice as much money as Burger King.”
Buffett thinks that he is outsmarting everyone, but he is not. it's the way he structures his wealth that helps him avoid the taxes that everyone else has to pay.
Buffett’s children won’t exactly be out in the cold. They will get to spend many billions of their father’s fortune, but as directors of charitable foundations, not as individuals. All of these gifts are announced in letters posted on the Berkshire Hathaway website, each with a condition that the gifts be treated in a way that will keep them tax-exempt.
Kim-Mai Cutler of the Boston Globe has a good article quoting Buffett’s unapologetic defense of the tax he won’t pay.
Advocates of estate tax repeal were cynical but not surprised by the announcement that Buffett would avoid the tax that he has helped protect. They have long contended that the largest fortunes usually escape the so-called death tax. Meanwhile, less tax-savvy businessmen, usually owners of small, newly successful firms, get socked by it because they haven’t had the time or inclinations to do expensive estate tax planning.
He is a hypocrite and a liar, but that is nothing new for big government liberals.
Buffett is very prudent with his children considering his enormous wealth, at least one of his sons does work for a charity in Africa. He will end up giving away all but a fraction of his wealth. He just donated $3B to the Gates Foundation seeking cures for river blindness, elephantitis and other diseases.
Yes he does use the capital gains to avoid paying taxes, but then he has been an outspoken critic of the tax structure claiming that billionaires don't pay their fair share percentage wise.
I'm not sure where you get the hypocrite part from, he uses the tax code as it is but he promotes change, maybe you think he should just go it alone?
But saved quite a bit more in taxes that don't have to be paid to the U.S., in perpetuity. If Buffett lies about how much he and BK will save in taxes (see the CNN article I posted), any of his other statements are suspect, as well. Just like Hillary. They're known liars.
See how that works? Buffett "talks" a big game, and then shortchanges the U.S. when the tax bills come due.
So what stops Buffett from paying whatever rate he thinks billionaires should pay?
If you didn't like smog back in the 1970's why should everyone be forced to put a catalytic converter on their car, just put one on your car. Anything less and you are a hypocrite.
But saved quite a bit more in taxes that don't have to be paid to the U.S., in perpetuity. If Buffett lies about how much he and BK will save in taxes (see the CNN article I posted), any of his other statements are suspect, as well. Just like Hillary. They're known liars.
See how that works? Buffett "talks" a big game, and then shortchanges the U.S. when the tax bills come due.
Hypocrite. In the extreme.
The math still doesn't add up, if that was his intention it would be a few decades to make even remote sense. Horton was a profitable company by the way, Burger King was not, this was not structured to avoid taxes. Buffett's primary goal is acquiring well managed profitable companies.
If you want to argue tax avoidance then look at GE or Google or look at Trump.
If you didn't like smog back in the 1970's why should everyone forced to put a catalytic converter on their car, just put one on your car.
People aren't forced to recycle, but some do. So yeah, if the environment is your thing, why not use a catalytic converter before it becomes law?
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. Anything less and you are a hypocrite.
