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Warren Buffet responds
Posted on 10/12/16 at 1:42 am
Posted on 10/12/16 at 1:42 am
CNBC LINK
"I have paid federal income tax every year since 1944, when I was 13. (Though, being a slow starter, I owed only $7 in tax that year.) I have copies of all 72 of my returns and none uses a carryforward," Buffett said in a statement.
"I have paid federal income tax every year since 1944, when I was 13. (Though, being a slow starter, I owed only $7 in tax that year.) I have copies of all 72 of my returns and none uses a carryforward," Buffett said in a statement.
2
Posted on 10/12/16 at 6:36 am to Cheese Grits
quote:
Buffett said that his 2015 return shows adjusted gross income of $11.56 million. He had total deductions of $5.48 million, which includes $3.47 million for allowable charitable contributions. He said he paid federal income tax of $1.85 million.
An effective tax rate of 16%? You'd think the left would eat him alive.
Posted on 10/12/16 at 6:44 am to PrivatePublic
In reality, billionaires puy enough money into the economy, idgaf how much tax they pay.
Posted on 10/12/16 at 6:57 am to Cheese Grits
I am not a cpa and I have not seen either return, but considering that they make their money in 2 completely different industries with very different accounting principles, Trump probably gets allowances that Buffett doesn't and vice-versa.
Posted on 10/12/16 at 8:26 am to PrivatePublic
quote:
An effective tax rate of 16%? You'd think the left would eat him alive.
Gave twice that amount to charity
essentially 50% of his adjusted gross income goes to taxes or charity. How close to this number do you think trump comes 
Posted on 10/12/16 at 8:42 am to MoarKilometers
quote:
essentially 50% of his adjusted gross income
Warren Buffett is WORTH OVER $65 BILLION.
He claimed an adjusted gross income of $11 million.
Let's repeat that.
Warren Buffett is WORTH OVER $65 BILLION.
He claimed an adjusted gross income of $11 million.
$11 million is 0.017% of his net worth.
Yet he claims he's not using Tax Law to his benefit?
Who would actually believe that?
Buffett talks quite the game
For example, the Buffett Rule is claimed to be end-all-be-all of "fair" taxation.
Yet the Buffett Rule would virtually not cost WarrenBuffet one red cent in extra taxes!
That anyone is silly enough to buy Buffett's crap, is just amazing.
........
So of course Buffett is using Tax Law to his benefit
and you know what?
Good for him!
But cut the damn bullshite Warren!
Warren Buffett will never pay a fraction of tax on that fortune.
Nor will most of it ever see its way into this country via charity.
Want to get Buffett's attention?
Tell him foreign charitable tax-free deductions are limited to $10,000/year and $100,000/lifetime.
That would get Buffett's attention bigtime.
His "I need to pay more taxes" BS would end in a heartbeat.
Posted on 10/12/16 at 8:52 am to NC_Tigah
I think CheeseGrits is about to blame your chart on The Russians! The Russians! The Russians! Buffett also buys politians to make sure the Keystone pipeline doesnt get built to protect his railroad ownership that moves the oil.
Posted on 10/12/16 at 9:01 am to NC_Tigah
quote:
Buffett said he made $2.86 billion in charitable contributions for the year. More than $2.85 billion was not taken as deductions.
Glad to see you bothered to read the article.
Posted on 10/12/16 at 9:28 am to MoarKilometers
quote:
Glad to see you bothered to read the article.
Reading is not fundamental to some fundamentalist I suppose
I was going to post it later just to see if folks actually bothered to read it.
Also, net worth does not apply to actual income. Ask a farmer with lots of land (valuable asset) but making .1% in actual income from that asset. Bill Gates has high net worth in Microsoft stock but if he announced he was selling it all tomorrow, the price (and his net worth) would take a massive dive.
Posted on 10/12/16 at 9:29 am to MoarKilometers
MK,
I'm glad that you read the article but I'm afraid the information wasn't explained well enough for the reality of the situation to hit fully.
"Buffet gave almost 50% of his AGI to charity."
The irony in this statement is it appears that this is being viewed by you as purely altruistic. A key piece of information that is being overlooked in both this quote and the "He gave 2.86 billion and 2.85 billion wasn't deducted." is that there are limits to what is deductABLE. The IRS caps what you can deduct from your AGI as a charitable contribution. Whats the figure you ask? Ironically enough, 50%. Meaning that he absolutely took full advantage of the allowable deductions, though he did clearly give more than necessary to achieve this I grant you that.
Another point brought up that was confusing, this one not by you MK, was the use of foreign charitable contributions. Not sure why this is mentioned because there isn't a higher deduction that you get from contributing to a foreign charity. Also, the recipient of a good portion and I would dare say majority of the contributions that Buffet makes are to the Bill and Melinda Gates foundation which absolutely has domestic involvement as well as international good doings.
I'm glad that you read the article but I'm afraid the information wasn't explained well enough for the reality of the situation to hit fully.
"Buffet gave almost 50% of his AGI to charity."
The irony in this statement is it appears that this is being viewed by you as purely altruistic. A key piece of information that is being overlooked in both this quote and the "He gave 2.86 billion and 2.85 billion wasn't deducted." is that there are limits to what is deductABLE. The IRS caps what you can deduct from your AGI as a charitable contribution. Whats the figure you ask? Ironically enough, 50%. Meaning that he absolutely took full advantage of the allowable deductions, though he did clearly give more than necessary to achieve this I grant you that.
Another point brought up that was confusing, this one not by you MK, was the use of foreign charitable contributions. Not sure why this is mentioned because there isn't a higher deduction that you get from contributing to a foreign charity. Also, the recipient of a good portion and I would dare say majority of the contributions that Buffet makes are to the Bill and Melinda Gates foundation which absolutely has domestic involvement as well as international good doings.
Posted on 10/12/16 at 10:27 am to MoarKilometers
quote:I'm fairly familiar with Buffett. Here is what Buffett stated
Glad to see you bothered to read the article.
Posted on 10/12/16 at 10:39 am to GameCocky88
quote:Correct.
The irony in this statement is it appears that this is being viewed by you as purely altruistic
Look, I begrudge nothing of Buffett's success. Nor do I fault his use of the tax code in passing money to charity. However, I do find his Holier-Than-Thou innuendos about Tax Fairness, the "Buffett Rule, and his supposedly over-generous tax contributions to be despicable.
So let's call a spade a spade, please.
Buffett is funneling his money into a foundation. He is hiding it there. He is also taking advantage of every loophole the US tax code allows. What he is doing is Donald Trump's "tax avoidance" on megasteroids.
The Gates-Buffett foundation will serve to permanently empower Buffett's progeny, and only a small fraction of the US money in it will ever actually make its way back to the US.
Posted on 10/12/16 at 8:02 pm to NC_Tigah
quote:
The Gates-Buffett foundation will serve to permanently empower Buffett's progeny, and only a small fraction of the US money in it will ever actually make its way back to the US.
I think you may be incorrect here.
Seems in the past he already empowered his progeny with tiny sums compared to his actual worth. See this link
Peter's Only Inheritance: From Granddad's Farm
Peter Buffett's financial standing did not come from his father's wealth, nor any hot stock tips from dad. In fact, the younger Buffett has never purchased a share of stock.
He received $90,000 in Berkshire Hathaway stock in 1979, purchased from proceeds from the sale of his grandfather's farm. The younger Buffett said his dad had been in a conundrum about what to do with the farm. Neither he nor his sister or brother, all young adults, were capable of running a farm.
"My dad didn't believe in misallocated capital and he didn't believe in inherited wealth," says Peter Buffett. "The Berkshire Hathaway stock was my big head start and it was kicked in my head that it would be all I would get. People wrongly assume we [kids] get piles of money from our dad."
Indeed. Warren Buffett in 2006 pledged $37 bilion to the The Gates Foundation, earmarking the vast majority of his wealth with the nonprofit and not his children upon his death.
Says Peter Buffett: "I watched someone who transferred values to me, and not wealth."
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