Lion of the Blogosphere

Warren Buffett is full of you-know-what

Warren Buffett has not released a full copy of his tax returns; he has released a very brief statement that contains a few line items from his most recent tax return:

My 2015 return shows adjusted gross income of $11,563,931. My deductions totaled $5,477,694, of which allowable charitable contributions were $3,469,179. All but $36,037 of the remainder was for state income taxes.

The total charitable contributions I made during the year were $2,858,057,970, of which more than $2.85 billion were not taken as deductions and never will be. Tax law properly limits charitable deductions.

My federal income tax for the year was $1,845,557. Returns for previous years are of a similar nature in respect to contributions, deductions and tax rates.

Trump has already released much more detailed financial information. Where is an online copy of Buffett’s COMPLETE 2015 tax return?

Buffett has probably avoided paying billions of dollars in taxes by donating appreciated assets to charitable organizations. Those assets would cause a huge capital gains tax if sold on the open market.

Despite this, the dishonest Trump-hating mainstream media is eating up Buffett’s press release.

Written by Lion of the Blogosphere

October 11, 2016 at 4:44 pm

Posted in Politics

36 Responses

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  1. There’s no way he only earns $12 million a year. If his net worth is $65 billion like the www says, then even a measly 1% interest rate would net him $650 million a year.

    Feeder Farmer

    October 11, 2016 at 5:07 pm

    • Not if he just keeps the money invested. Any increase in his wealth only becomes income, and thus taxable, if he liquidates assets.

      Hermes

      October 11, 2016 at 6:33 pm

      • The guy lives in a $500K home in Omaha, which probably puts him in the city’s best neighborhood, or close to it. He couldn’t SPEND $12million a year if he tried to.

        Sgt. Joe Friday

        October 11, 2016 at 8:35 pm

    • Buffets fortune consist mainly of Berkshire stock, and they don¨t pay dividends.

      Anders L

      October 11, 2016 at 7:07 pm

    • had the same thought

    • His net worth is probably in stock. He probably has billions in unrealized capital gains, but he will not have to report that income until he sells the stock.

      You can live very nicely on $12 million a year.

      Mike CA

      October 11, 2016 at 8:03 pm

  2. I’ve been obsessing recently over the fact that the media is so complicit in promoting Hillary and destroying Trump. I really wish more people would promote these kinds of angles:

    ex 1. General bias. Trumps P-s-y Grab story versus Hillary’s laughing about successful defense of rapist of 12-year old: (note, you have to get through a bit of auto-tuning video fun at beginning)

    ex 2. Polling dishonesty. Pollster of widely cited poll received 1/4 MILLION from Hillary SuperPAC in September

    JeremiahJohnbalaya

    October 11, 2016 at 5:17 pm

    • Mainstream media says Trump also lost the 2nd debate, because he was diverting the questions asked by the moderators, so he could launch a personal attack on Clinton, and this has nothing do with her ability to govern.

      Arguing with American liberals are a waste of time. This country really needs a bloody coup d’etat.

      JS

      October 11, 2016 at 6:20 pm

      • “This country really needs a bloody coup d’etat.”

        When the rulers are corrupt… Plan B.

        destructure

        October 11, 2016 at 8:43 pm

  3. Buffett’s tax info made no sense. he says the 2.85 billion was not tax deductible but then he says his federal taxes were less than 2 million. it’s incoherent. but some basic math shows how little tax as a percentage of his assets he pays. 65 billion in assets and he pays about 2 million taxes, that’s one dollar in taxes for every $32,000 dollars in assets. not even a rounding error.

    JimBonobo

    October 11, 2016 at 6:21 pm

  4. Great article on what a total fraud Buffett is:

    http://www.cnbc.com/2016/10/11/trump-doesnt-have-to-release-his-taxes-and-warren-buffett-should-zip-it-commentary.html

    “Buffett continues to employ an array of accounting and other tricks to drastically reduce his tax liabilities. Just to name a few: Buffett has been known to buy companies and cancels their dividends to shield most of his net worth from taxable income. He has also used stock splits to buy companies to help avoid paying taxes on those buys. And, through what is called “deferred liabilities,” Berkshire can get out of paying tens of billions of dollars in taxes right now. This is something Buffett himself has referred to as “an interest-free loan from the U.S. Treasury.”
    None of this has stopped him from calling for higher taxes on other rich people. And, it makes sense: Higher taxes on the rich, especially estate taxes, would be a major boon to Buffett’s insurance and annuity businesses that help rich Americans avoid those kinds of higher taxes.
    As money manager Robert Sanborn wrote four years ago: “Buffett, at his death, will most likely, relative to his wealth, be the lightest-taxed American in the history of the republic.”

    JimBonobo

    October 11, 2016 at 6:28 pm

    • I don’t know about “fraud.” It’s just nasty and dirty of him to pretend he’s releasing his tax information or that he doesn’t take advantage of every loophole possible, just like every other rich person.

      Lion of the Blogosphere

      October 11, 2016 at 8:32 pm

  5. i keep pointing out that buffett is full of sh!t on taxes. he only calls for increases in income tax. he wants doctors and engineers to pay more, while virtue signaling he’s a selfless hero.

    • Well if you think that, then Republicans should get back at him by actually raising his taxes in a way that hurts him and other rich people.

      Lion of the Blogosphere

      October 11, 2016 at 8:41 pm

    • “he only calls for increases in income tax.”

      He has actually said that? If so, what’s with his oft-repeated quip that his tax rate is lower than his secretary’s? That’s only true because his income is comprised mainly of capital gains, while his secretary’s is earned income.

      My left-wing father likes Warren Buffet, because he calls for higher taxes on rich people. To some people, it doesn’t matter what a person actually does in their own life, it matters what “side” they’re on. Buffet calls for higher taxes on rich people, ergo he’s good.

      Hermes

      October 11, 2016 at 9:57 pm

      • I don’t expect anyone to pay more taxes than they are legally required to pay. Warren Buffett, acknowledging that he thinks he has too good of a deal, is NOT a hypocrite.

        Lion of the Blogosphere

        October 11, 2016 at 10:38 pm

      • But he only acknowledges he thinks he has too good of a deal if he advocates capital gains tax being raised, which according to DSGNTD_PLYR, he doesn’t do.

        You think he’s not a hypocrite, but he is full of you-know-what, nasty, and dirty?

        Hermes

        October 11, 2016 at 11:24 pm

      • The Buffett Rule he proposes would raise his tax rate to 30%. Not a hypocrite. I support the Buffett Rule. If rich people WANT their taxes raised, why don’t Republicans agree to it?

        Obama put the legislation forward and Republicans in Congress BLOCKED it from happening. It’s a clear case of Democrats trying to make taxes more fair and Republicans preventing it from happening.

        Lion of the Blogosphere

        October 11, 2016 at 11:40 pm

      • “Obama put the legislation forward and Republicans in Congress BLOCKED it…”

        It was not a good bill; it largely just took away charitable contributions.

        Buffet is a hypocrite ’cause he calls for higher INCOME taxes while he and many other wealthy have structured their income to be taken as capital gains. If he was genuine, he would call for equaling the capital gains tax rate with the regular income tax rate.

        bomag

        October 12, 2016 at 1:05 am

      • Sounds like you’re repeating a Republican talking point. There’s already a limit of that sort as Buffett pointed out in his brief little press release. The bill would have prevented rich people from having a tax rate lower than 30%. Republicans blocked it because they wanted rich people to be able to avoid paying taxes. And the charities that the ultra-rich donate to all promote liberal causes anyway.

        Lion of the Blogosphere

        October 12, 2016 at 7:59 am

      • I don’t expect anyone to pay more than they’re required either. But any time a billionaire advocates raising income and capital gains taxes they’re being hypocritical. Those hit the middle class not billionaires. If they were sincere they’d advocate a progressive wealth tax instead.

        destructure

        October 12, 2016 at 1:32 am

      • WRONG. The “Buffett Rule” tax bill proposed by Obama would have only raised taxes on those with incomes greater than a million per year, it would NOT have affected the middle class ore even the upper middle class, not at all.

        Lion of the Blogosphere

        October 12, 2016 at 8:00 am

      • the “buffet rule” would require a 30% rate above $1M. the top marginal rate on income is 35%, and that kicks in at $415,050 for singles and $466,950 for married filers like buffet. so if your income is from capital…

        i support a flat-tax, with a basic income, and allowing non-poor people to buy into medicaid or medicare by giving up their tax credit.

      • The Buffett Rule would have prevented rich people form having a tax rate much lower than 30% by having a majority of their income classified as capital gains. For example, it would have been a big tax increase for people whose primary income is carried interest from a hedge fund.

        REPUBLICANS blocked it, because they protect rich people from having their taxes raised. They don’t care about the middle class, at least not when it’s middle-class vs super-rich.

        Lion of the Blogosphere

        October 12, 2016 at 8:02 am

      • WRONG. The “Buffett Rule” tax bill proposed by Obama would have…

        Yeah, and if you like your healthcare then you can keep your healthcare. But you’d have to pass it first before you could find out what’s in it.

        destructure

        October 13, 2016 at 12:02 am

      • The proposed change to the tax code is a lot simpler than the massive Obamacare bill. Republicans blocked it to protect their rich donors, while convincing tools like you that it was actually for your benefit.

        Lion of the Blogosphere

        October 13, 2016 at 12:07 am

      • “Republicans blocked it to protect their rich donors…”

        It was just posturing by Buffet and the Dems. If they were serious about raising taxes on the rich, they would raise the capital gains rate.

        Republicans are hewing to the line of cutting taxes and cutting spending, so why should they support such a bill? It is true the money gets spent anyway, and we should have spending equal taxes, but there is only negative political consequences for the Repubs if they start caving on Dem taxing strategies.

        bomag

        October 13, 2016 at 2:43 am

      • ” If they were serious about raising taxes on the rich, they would raise the capital gains rate.”

        It would have raised the capital gains rate on rich people to 30%.

        Lion of the Blogosphere

        October 13, 2016 at 7:35 am

      • “It would have raised the capital gains rate on rich people to 30%.”

        Any links? I haven’t seen anything that the legislation did anything but tinker with income tax rates and deductions. The bill would have raised 20 billion dollars, which is like a couple chicken dinners in the bloated behemoth of our budget/deficit.

        bomag

        October 13, 2016 at 12:47 pm

  6. “Trump has already released much more detailed financial information. Where is an online copy of Buffett’s COMPLETE 2015 tax return?”

    Why should Buffett release his full tax return? Buffett is not running for president or any other elected office.

    Mike CA

    October 11, 2016 at 8:06 pm

    • He should release his full tax return if he wants to prove a point about Trump hiding something. Otherwise he should shut up.

      Lion of the Blogosphere

      October 11, 2016 at 8:56 pm

  7. I used to believe Buffet’s jolly ole’ grandpa routine until I realized he was lobbying against the Keystone Pipeline. Buffet owns Burlington Northern which transports all the oil from North Dakota. He donated big bucks to the Dems to quash that deal and is probably the force behind the environmental opposition as well. Buffet claims rail is safer and more environmentally friendly which is a complete lie. Just goes to show that the greens are nothing but a rent-a-mob just like BLM. American politics is totally corrupt.

    http://www.americanthinker.com/articles/2015/11/warren_buffett_and_the_keystone_decision.html

    destructure

    October 11, 2016 at 8:10 pm

  8. Buffet says “I have copies of all 72 of my returns and none uses a carryforward.” I’m sure Berkshire (or its subsidiaries) have made use of NOLs. He’s using the average person’s lack of knowledge to look good.

    TK421

    October 12, 2016 at 11:38 am

    • It’s beyond doubt that some of the companies Buffett has invested in have used NOLs. It’s the same with Trump, whose business are separate companies and not his own personal sole proprietorship. The difference is that Trump is using pass-though companies like LPs or LLCs that allow him to use the losses generated against other personal income (from profitable companies).

      Lion of the Blogosphere

      October 12, 2016 at 2:12 pm

      • The wealthier you are, the more control you have over what is considered taxable income. Yes, it’s trivially true that Warren Buffet lobbied for a tax that set a floor of 30% on taxable income for the wealthy. So what? The wealthy can determine what is counted as taxable. So Warren Buffet pays 30% on $10 million in income? So what? He’s worth 65 billion. The single greatest returns he gets is manipulating the tax code.

        Yes, Republicans are stupid and clueless, thinking that opposing this is some form of consistency. But none of this operates the way you suggest.

        map

        October 13, 2016 at 2:56 am

  9. Warren Buffet: My federal income tax for the year was $1,845,557

    Another reason why Mr. Buffet is useless in America, and why this country has no sense of purpose, and it should cease to exist.

    The scheming De Medicis of Renaissance Italy would not pay the tax and use it to fund talented artisans and builders to erect their next public work. This would create all sorts of jobs.

    JS

    October 16, 2016 at 5:19 pm


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