Evidence that the rich are not paying taxes....

[Neil D]

You can read what Warren Buffett says or if you want, you can listen to him from CNN Money-

[Dr. Shane]

I don't have a problem asking the rich to pay more taxes but the facts are that we have less rich people since this recession started. I think we need economic policies in place that we create more rich people before we go after taxing them more.

[bonnie]

You can read what Warren Buffett says or if you want, you can listen to him from CNN Money-

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[bonnie]

Does anyone know how to spell hypocrisy? He has every chance to pay more simply by paying what the IRS says he owes.

He doesn''t have to take any deductions and just pay on his gross.His problem is solved

“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”

By Bill Wilson — The Obama Administration has turned to billionaire Warren Buffett, chairman and chief executive of financial giant Berkshire Hathaway, to make the case for raising taxes on the rich because, says Buffett, he can afford it. On Aug. 22, the White House reportedly chatted with Wall Street’s most famous investor to get his thoughts about the sputtering economy.

What likely got the Administration’s attention was Buffett’s oped in The New York Times. Buffett proposed that “It’s time for our government to get serious about shared sacrifice.” He implied he would like to see the capital gains be treated equally as income.

To wit, he wrote of the so-called “super-rich,” which he apparently defines as households earning $1 million or more a year: “Most wouldn’t mind being told to pay more in taxes as well, particularly when so many of their fellow citizens are truly suffering.” Isn’t that nice of Mr. Buffett?

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.

According to the report, “We anticipate that we will resolve all adjustments proposed by the U.S. Internal Revenue Service (‘IRS’) for the 2002 through 2004 tax years at the IRS Appeals Division within the next 12 months. The IRS has completed its examination of our consolidated U.S. federal income tax returns for the 2005 and 2006 tax years and the proposed adjustments are currently being reviewed by the IRS Appeals Division process. The IRS is currently auditing our consolidated U.S. federal income tax returns for the 2007 through 2009 tax years.”

Americans for Limited Government researcher Richard McCarty, who was alerted to the controversy by a federal government lawyer, said, “The company has been short-changing the tax collection agency for much of the past decade. 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.”

Apparently, not paying taxes in full is an annual occurrence under Buffett’s watch. Considering the size of the company, the amount of unsettled taxes could total in the tens of millions.

McCarty explained, “The rough translation of the report is that 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.”

He continued, “For 2005 and 2006, Berkshire Hathaway again did not pay all the federal taxes that it was required to. 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 concluded, “And, finally, the IRS has opened another examination of Berkshire Hathaway’s tax returns for 2007 through 2009, but has not officially sent Berkshire Hathaway the bill yet for taxes that Berkshire Hathaway failed to pay for those years. One would expect they will find yet more issues.”

Now, most Americans, when they receive a tax bill from the government, they pay it. They don’t get an attorney. They don’t appeal the bill. They pay it — on time and in full. But not Buffett’s company, which apparently takes years to settle its liabilities.

Since this appears to be an ongoing pattern at the company, it becomes reasonable to ask: Is this some sort of internal company policy to delay paying taxes on time? If so, could this be construed as a form of tax evasion?

Interesting questions for the man who professes to want to pay more to Uncle Sam, and who sees fit to raise the burden on all job creators — except for perhaps his company — despite the longest period of sustained high unemployment since the Great Depression.

As Mr. Buffett has seen fit to enter the political arena, in the interests of full disclosure, the American people should be alerted to his own taxing hypocrisy. Reporters should ask him, “If you’re so interested in paying more in taxes, why doesn’t your company settle its tax bills from the past decade now?”

Then they might ask him about the pot and the kettle as a follow-up.

_________________________

'I'll keep my God, my freedom, my gun and my money. You can keep "THE CHANGE".'

[Neil D]

I don't have a problem asking the rich to pay more taxes but the facts are that we have less rich people since this recession started. I think we need economic policies in place that we create more rich people before we go after taxing them more.

So let me get this straight....

When 85% of the wealth of this country is controled by 15% of the people, you are not willing for the rich to pay more......?

[bonnie]

Originally Posted By: Shane

I don't have a problem asking the rich to pay more taxes but the facts are that we have less rich people since this recession started. I think we need economic policies in place that we create more rich people before we go after taxing them more.

So let me get this straight....

When 85% of the wealth of this country is controled by 15% of the people, you are not willing for the rich to pay more......?

Maybe you should look a little closer at Buffett.

Then maybe ask why you have a right to demand "rich" pay more.

Those making 200,000 a year are suddenly going to find themselves rich and paying more as Buffett runs off at the mouth and avoids his

[Dr. Shane]

Originally Posted By: Shane

I don't have a problem asking the rich to pay more taxes...

So let me get this straight....

When 85% of the wealth of this country is controlled by 15% of the people, you are not willing for the rich to pay more......?

That is not what I said. Is it?

[olger]

Originally Posted By: Shane

I don't have a problem asking the rich to pay more taxes but the facts are that we have less rich people since this recession started. I think we need economic policies in place that we create more rich people before we go after taxing them more.

So let me get this straight....

When 85% of the wealth of this country is controled by 15% of the people, you are not willing for the rich to pay more......?

Work a little harder, Beach and you could be among them. America still offers lots of opportunity to those who work hard and focus their ambition in constructive ways.

regards,

`g

[bonnie]

Originally Posted By: Shane

I don't have a problem asking the rich to pay more taxes but the facts are that we have less rich people since this recession started. I think we need economic policies in place that we create more rich people before we go after taxing them more.

So let me get this straight....

When 85% of the wealth of this country is controled by 15% of the people, you are not willing for the rich to pay more......?

The 85% are not rich because they took it from you. Those making 200,000 that Obama wants to tax didn't take it from you either. You want more,you work more.Excluding voluntary giving God does not require a higher percentage from the rich

Those making 200,000 a year are generally working pretty hard to get to that income level.

you are not willing for the rich to pay more......?

Because you are willing for someone to pay more than you is a pretty poor excuse to tax someone at a higher rate.

[Dr. Shane]

Quote:

You want more,you work more.

I think that is a bit simplistic. Some of the hardest working people are among the poorest and some of the laziest people are among the richest. In general, working hard and avoiding debt are the keys to building wealth but there are plenty of exceptions to those principles.

[bonnie]

Quote:

You want more,you work more.

I think that is a bit simplistic. Some of the hardest working people are among the poorest and some of the laziest people are among the richest. In general, working hard and avoiding debt are the keys to building wealth but there are plenty of exceptions to those principles.

There is always a exception to the rule. What does that have to do with a government spending like a out of control teenager?

The middle class and wealthy use less government resources and in addition provide total support thru their taxes for untold numbers.They provide medical care in total for many,partial for others,food stamps etc.They pay a large part for the public school system while paying for private education for their own.

Why should they be the target for a out of control government and those not willing to do all they can to care for themselves?

I can control my income to a degree.When I want or need something not in the budget I work more hours.Explain to me why I should be helping to pay for my neighbors medical expenses when in her words"Why do you work so hard,I really don't like to work"? Because I choose to work harder I should pay a higher percentage? Higher percentage isn't quite accurate as far as federal income tax,she doesn't pay any.

[Neil D]

Originally Posted By: Hamilton-Beach

So let me get this straight....

When 85% of the wealth of this country is controlled by 15% of the people, you are not willing for the rich to pay more......?

That is not what I said. Is it?

[bonnie]

Quote:

I think we need economic policies in place that we create more rich people before we go after taxing them more.

that means that there is 15% of the wealth that the other 85% of us are fighting over.....it is this 15% that pays the taxes of this country, and you want to create more rich people from this 15%,,,, Sorry, perhaps I did misunderstand you....

Why are you fighting over what others have. Better your own circumstances

[Neil D]

Why are you fighting over what others have. Better your own circumstances

I am not quibbling over what others have. You have not been listening....You can not get more taxes from those who are already burdened with the current system. You will have a bloody revolt.

Those who do NOT pay taxes are those 15% who control the wealth of this country. The tax system, as Warren Buffet has said, favors the rich and they pay LESS in taxes than what YOU or I pay. You pay a higher percentage of tax than Warren Buffet...

In addition, Corporations, who are now considered individuals [thank you Supreme Court], do not pay taxes either....and they do so, legally..So, in case you are wondering, no, I don't think it is fair for me to bear the burden of the taxes of this country when there are others who are getting off scott free...

[Dr. Shane]

The middle class and wealthy use less government resources and in addition provide total support thru their taxes for untold numbers.

I don't think so. When a small business man hires someone that has a high school diploma, that small business man is benefiting from the public education system - even if his own children are in private school.

Whose assets are being protected by our military, police and fire departments? The rich of course have more assets. So the rich are receiving a bigger benefit from the military, police and fire departments.

[Dr. Shane]

Sorry, perhaps I did misunderstand you....

Yes, I think you did. You stated that 15% of the population has 85% of the wealth. I don't know if that is true or not and it is rather irrelevant really.

My point is that I have no ethical problem raising taxes on the rich but what we really need - what is a greater priority - is economic policies that will create more rich people.

Let's say that your 15%:85% ratio is correct. The solution to that isn't taking the wealth from the 15% and giving it to the 85%. The solution is to create economic policies that will allow more of the people in the 85% group to move up into the 15% group.

The economy is not a finite piece of pie. Let says for example that there are $20 Trillion of assets in the US economy. And let's say that 85% of those assets are held by 15% of the people. If we grow the economy to $25 Trillion the 15% of people with all that money can keep their money and we can move thousands of people that we previously in the 85% up into the 15%. The solution to social injustice is to grow the economy - not take for the "haves" and give to the "have-nots".

[bonnie]

I don't think so. When a small business man hires someone that has a high school diploma, that small business man is benefiting from the public education system - even if his own children are in private school.

[bonnie]

Originally Posted By: bonnie

Why are you fighting over what others have. Better your own circumstances

I am not quibbling over what others have. You have not been listening....You can not get more taxes from those who are already burdened with the current system. You will have a bloody revolt.

Those who do NOT pay taxes are those 15% who control the wealth of this country. The tax system, as Warren Buffet has said, favors the rich and they pay LESS in taxes than what YOU or I pay. You pay a higher percentage of tax than Warren Buffet...

In addition, Corporations, who are now considered individuals [thank you Supreme Court], do not pay taxes either....and they do so, legally..So, in case you are wondering, no, I don't think it is fair for me to bear the burden of the taxes of this country when there are others who are getting off scott free...

The ones getting off scot free of federal income tax are not the wealthy,it is those that are supported by the rest of us.

http://www.ehow.com/info_8237770_income-groups-pay-federal-taxes.html

[bonnie]

What Income Groups Pay the Most in Federal Taxes?

You often hear people complain that the rich don't pay their fair share. That is true. According to the IRS, the rich pay far more than their fair share. This is because they pay taxes at a significantly higher rate than average. Also, nearly half of the population pays no federal income tax, which places more of a burden on taxpayers.

Who Paid the Most Taxes

In 2008, the largest amount of tax was paid by those earning between $100,000 and $200,000, according to the IRS. This group of taxpayers paid $240.1 billion. They filed 13.8 million returns that represented $1.34 trillion in taxable income. This meant that the average taxpayer in this bracket paid $17,382, or 17.9 percent of their adjusted gross income.

Who Paid the Highest Percentage

The income group that paid the most in federal income taxes as a percentage of their income earned between $5 million and $10 million in 2008. In this income range, 21,238 returns were filed representing $129.1 billion in taxable income. This means that the average taxpayer in this group paid $1.7 million in tax, or 27.6 percent of their taxable income.

Top Earners

The top 1 percent of taxpayers (adjusted gross income over $380,354) paid 38 percent of the income taxes in the country, though they earned only 20 percent of the total adjusted gross income. The top 5 percent of taxpayers (adjusted gross income over $159,619) paid 58.7 percent of the income taxes collected in 2008, though they earned only 34.7 percent of the adjusted gross income. Compare this to the bottom 95 percent of taxpayers (adjusted gross income under $159,619) who paid 41.3 percent of the income taxes collected while earning 65.3 percent of the adjusted gross income.

Getting a Free Ride

In 2009, about 47 percent of the households in the country didn't even pay income taxes, according to the Tax Policy Center. Around 71 million households owed no income tax. Many in that group received money from the government because they qualified for refundable tax credits like the Earned Income Credit. Nearly all of the households earning up to $30,000 a year and about half of the households earning between $30,000 and $40,000 a year are in this category.

Note that Obama believe the rich to start at 200,000.Many of these are small business men.

When on average the government spends 1.56 for every 1.00 increase in revenue they will always be looking for someone to bleed a little more