Does Warren Buffet's company owe $1B in taxes.

[Courtesy Flush]

This is floating around Facebook

Warren Buffett says we should pay more taxes, but guess what... Mr. Buffett's companies are fighting to avoid a $1 billion tax bill. LIKE if you agree Mr. Buffett's companies should pay their OWN taxes before lecturing struggling Americans. —

I can't find any source to back this up (surprised?). I Googled it and only got RW commentary making the claim.

[rfranklin]

1. Becuase it's right wing crap...

Most big corporations have big tax departments that are busy 24/7 setting up ways to avoid taxes. Half the time the schemes are so complex that virtually no one, including the IRS, can say for sure what taxes are legitimately owed. Ask the right winders if they think that Buffet's corporations should pay higher taxes. I seem to recall them whining about how high corporate taxes are crippling the "job creators."

And besides, Warren Buffet is talking about his personal taxes. Let's deal with one thing at a time.

On edit: Buffet is not lecturing "struggling Americans." He is talking about the fact that most mega wealthy Americans pay a much lower tax rate than people who really are struggling. These right wingers are so stupid it hurts.

[Courtesy Flush]

2. You should have read the comments

People don't question anything. If a Facebook page says it, that's good enough.

[banned from Kos]

3. Berkshire's tax attorneys know more than the IRS does

http://www.tax-news.com/news/Berkshire_Hathaway_Victorious_In_Tax_Dispute_With_IRS____21618.html

"Ruling on Friday in a long-running dispute between Berkshire Hathaway and the US Internal Revenue Service, Judge Lyle Strom of the US District Court of Nebraska found in favour of the investment firm.

The firm's major shareholder, billionaire investment guru Warren Buffett in September testified in the suit, which was brought by Berkshire over the tax authority's decision to disallow $16.3 million in tax deductions.

The legal wrangle between the two parties began in 2002, and involved the taxes paid by the organisation in 1989, 1990 and 1991.

Berkshire Hathaway alleged that the IRS made an "erroneous, wrongful and illegal" interpretation of the US tax code. The tax body's decision was based on the discovery that Berkshire Hathaway had borrowed $750 million to buy dividend-paying stock."

Never bet against the Oracle.

[former9thward]

6. You are posting an article from 2005.

His company is currently in a tax dispute with the IRS involving about a billion dollars. It is detailed on page 54 of their 2010 annual report. http://www.berkshirehathaway.com/2010ar/2010ar.pdf

[Ruby the Liberal]

4. I don't know about $1b, but Berkshire has not paid taxes since 2007

as their attorneys are still negotiating with the IRS over various provisions. That isn't a refusal (or even a hint of one), only a 'negotiation' as reported by MSM.

$1b is likely an ENORMOUS overstatement designed to inflame.

[banned from Kos]

7. Nonsense - Berkshire paid $5.6 billion in taxes last year

"With that kind of sad-sack performance, maybe it's time for Jeff Immelt to start emulating the head of an even more diverse conglomerate: Berkshire Hathaway ( BRK - news - people ) Chairman Warren Buffett. The Oracle of Omaha has for years pushed for higher taxes for the rich, lamenting that his tax rate is lower than his secretary's. Berkshire paid some $5.6 billion in income taxes last year, at a 29% rate. That same $100 in Berkshire would now be up to $140."

http://www.forbes.com/2011/04/13/ge-exxon-walmart-apple-business-washington-corporate-taxes_2.html

[Coexist]

5. well its on FB and its anti Buffett, so it must be true.

[xchrom]

8. Somebody is busted & it isn't Berkshire Hathaway. Nt