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National Finance Examiner
April 10, 2012
Billionaire Warren Buffett knows how to separate his social activism from his business management. Over the past several months, as advisor to President Obama, Buffett has been calling for additional taxes on the rich, and telling Americans he also would like to pay more to the government.
However, on November 19th, the true side of Warren Buffett, that of the business mogul, came to light as he is now suing the IRS to avoid paying more than $600 million in taxes levied upon Berkshire subsidiary NetJets.
Warren Buffett, who has been running around complaining that the government should “stop coddling the super-rich” and should raise taxes, is reportedly suing the IRS to avoid $643 million in taxes that the government says Berkshire Hathaway’s NetJets subsidiary owes the government for failing to collect ticket taxes from NetJets customers (who include Mr. Buffett himself). The suit against the IRS is filed by NetJets Large Aircraft Inc., not by Mr. Buffett himself, but Mr. Buffett is CEO of NetJet parent Berkshire and its largest individual shareholder. – Fox Nation
They say that actions speak louder than words, and if Warren Buffett’s actions regarding taxation of himself, and his company are any indication, then his words prove him a hypocrite. Just as another Obama administration advisor Jeffrey Immelt worked the system to ensure GE paid no taxes in 2010, the rich play by different taxation laws that contridict the notion that there is a system in place to tax them, or the corporations they run, accordingly to their true earnings.
When the rich or 1% continuously try to tell the American people that they feel for them, and that there should be higher taxes placed on their incomes, people always need to be wary of the angle that is in play. Warren Buffett has for several months chastised rich Americans that they are unwilling to pay higher taxes, but he has now proved by his lawsuit against the IRS that his meaning is for people to do as he says, not as he does.
(Originally Posted: November 20, 2011)