Warren Buffett stuffs Donald Trump's tax lies right back in his orange-tinted face

[Dafinch]

http://www.dailykos.com/story/2016/...l&email_subject=polls-show-trump-in-free-fall

Warren Buffett stuffs Donald Trump's tax lies right back in his orange-tinted face

By Mark Sumner
Monday Oct 10, 2016 · 10:39 AM PDT





During Sunday night’s second presidential debate, Donald Trump admitted to not paying taxes for years. But, like a 7-year-old caught playing in the mud, Trump was quick to pout and say other people did it, too.

TRUMP: Many of her friends took bigger deductions. Warren Buffett took a massive deduction. Soros, who’s a friend of hers, took a massive deduction. Many of the people that are giving her all this money that she can do many more commercials than me gave her — took massive deductions.
​

Well, if other people were not paying a dime to support the nation while talking about what freeloaders poor people are … but hang on a second. Warren Buffett has a reply.

My 2015 return shows adjusted gross income of $11,563,931. My deductions totaled $5,477,694, of which allowable charitable deductions 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 similar nature in respect to contributions, deductions, and tax rates.
​

In a single year, Warren Buffett gave $2.85 billion to charity—and still paid his fair share of taxes. Read the full note below the fold.

Some Tax Facts for Donald Trump
Answering a question last night about his $916 million loss carryforward in 1995, Donald Trump stated that “Warren Buffet took a massive deduction.” Mr. Trump says he knows more about taxes than any other human, He has not seen my income tax returns, but I am happy to give him the facts.
My 2015 return shows adjusted gross income of $11,563,931. My deductions totaled $5,477,694, of which allowable charitable deductions 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 similar nature in respect to contributions, deductions, and tax rates.
I have paid federal taxes 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.
Finally, I have been audited by the IRS multiple times, and am currently being audited. I have no problem releasing my tax information while under audit. Neither would Mr. Trump — at least he would have no legal problem.
​

 

[NFLTrends]

Not going to read it by clicking "Read Post" but lets post some odds and wager on it.

From Dailykos or Huffintgon -200000000000000

From a non-biased legitimate website +99999999999999

 

[Willie99]

The only thing the OP knows about taxes is that he never has to pay them

 

[Dafinch]

As usual, you schmucks don't have anything to say about the article, because there IS nothing to say, just bullshit insults. Stick it up your ass, scumbags.

 

[SheriffJoe]

Hey, remember when Obama said, "Warren Buffet shouldn't pay less taxes than his secretary"?

Nice soundbite from the community organizer. I bet duhhhhhhfinch was clapping like the mindless seal he is.

Oh yeah baby, let's throw logic out the window and play Robin Hood politics going full retard on economics!

How did THAT turn out? ointer:

 

[NFLTrends]

As usual, you schmucks don't have anything to say about the Ben Carson lost his license article, because there IS nothing to say, just bullshit insults. Stick it up your ass, scumbags.

 

[LENBO]

Raiders Hold On to Beat Chargers, Tie For First in West

 

[superbeets]

http://www.dailykos.com/story/2016/...l&email_subject=polls-show-trump-in-free-fall

Warren Buffett stuffs Donald Trump's tax lies right back in his orange-tinted face

By Mark Sumner
Monday Oct 10, 2016 · 10:39 AM PDT





During Sunday night’s second presidential debate, Donald Trump admitted to not paying taxes for years. But, like a 7-year-old caught playing in the mud, Trump was quick to pout and say other people did it, too.

TRUMP: Many of her friends took bigger deductions. Warren Buffett took a massive deduction. Soros, who’s a friend of hers, took a massive deduction. Many of the people that are giving her all this money that she can do many more commercials than me gave her — took massive deductions.
​

Well, if other people were not paying a dime to support the nation while talking about what freeloaders poor people are … but hang on a second. Warren Buffett has a reply.

My 2015 return shows adjusted gross income of $11,563,931. My deductions totaled $5,477,694, of which allowable charitable deductions 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 similar nature in respect to contributions, deductions, and tax rates.
​

In a single year, Warren Buffett gave $2.85 billion to charity—and still paid his fair share of taxes. Read the full note below the fold.

Some Tax Facts for Donald Trump
Answering a question last night about his $916 million loss carryforward in 1995, Donald Trump stated that “Warren Buffet took a massive deduction.” Mr. Trump says he knows more about taxes than any other human, He has not seen my income tax returns, but I am happy to give him the facts.
My 2015 return shows adjusted gross income of $11,563,931. My deductions totaled $5,477,694, of which allowable charitable deductions 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 similar nature in respect to contributions, deductions, and tax rates.
I have paid federal taxes 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.
Finally, I have been audited by the IRS multiple times, and am currently being audited. I have no problem releasing my tax information while under audit. Neither would Mr. Trump — at least he would have no legal problem.
​

MEDIA BIAS/FACT CHECK NEWS

We are the most comprehensive media bias resource on the internet. There are currently 650+ media sources listed in our database and growing every day.


DAILY KOS


LEFT BIAS

These media sources are highly biased toward liberal causes. They utilize strong loaded words (wording that attempts to influence an audience by using appeal to emotion or stereotypes) , publish misleading reports and omit reporting of information that may damage liberal causes. These sources are highly untrustworthy.
Notes: Not a credible news source. Blatant left wing bias that is written by bloggers who won’t even use their real names. Requires fact and source checking. One of the worst sources on the internet.

 

[superbeets]

[h=3]Et tu, Brutus? Trump's website pulled down Mike Pence's entire campaign schedule as Pence tries to hide[/h]Dafinch



Follow

Mike PenceVerified account‏@mike_pence

Congrats to my running mate @realDonaldTrump on a big debate win! Proud to stand with you as we #MAGA.

• RETWEETS36,988
• LIKES94,114
• 

7:45 pm - 9 Oct 2016

36,988 retweets94,114 likes
Reply

Retweet
37K



Like
94K

More









Finches Brutus

 

[Dafinch]

Raiders Hold On to Beat Chargers, Tie For First in West

You have it in your little pea brain that I hate the raiders, and that you're somehow annoying me with this stupid little posts about them. Wrong on BOTH counts, Dumbo-but, then, that's why you're Dumbo, isn't it? Have you noticed the latest poll results, Jagoff?:nohead:Loser!@#0:missingteSlapping-silly90))Shush()*azzkick(&^:hammerit:nohead::madasshol:trx-smly0:kissingbb:bigfinger:fckmad:^^

 

[LENBO]

Of course , you don't hate the Raiders........ RAIDERHATER !

Remember that guy JAGOFF ?

:kissingbb

 

[SmallDaddy]

Not going to read it by clicking "Read Post" but lets post some odds and wager on it.

From Dailykos or Huffintgon -200000000000000

From a non-biased legitimate website +99999999999999

It contains actual quotes by Buffet, so where it comes from is not really important

 

[superbeets]

Warren Buffett’s Nifty Tax Loophole

Warren Buffett has backed higher individual tax rates–while ensuring that his vast wealth in Berkshire Hathaway is almost immune.




By MORRIS PROPP



April 11, 2015 12:21 a.m. ET


Warren Buffett is fond of saying his tax rate is lower than his secretary’s. He does not publicize his tax returns, but for the tax year 2010, he paid $6.9 million on taxable income of $39.8 million, according to partial disclosures he made in 2011.


What is astounding about those numbers is not the 17.3% tax rate, but that Buffett’s $39.8 million of taxable income is only about 0.05% of his reported net worth ($71 billion according to Forbes, which put him third on its list of the 400 wealthiest people in the world for 2015).


Proportionately, that’s like someone with an ever-expanding net worth, currently $10 million, reporting taxable income of only $5,000 and paying a federal tax bill of only $900.
So, how does he do it? Buffett’s principal holding is an economic interest of about 20% of Berkshire Hathaway, the huge conglomerate he has been building since the 1960s. It has a market value of about $350 billion. Berkshire hasn’t paid any cash dividends since 1967. Rather, the company accumulates its prodigious after-tax income ($19.9 billion in 2014) and cash flow ($32 billion in 2014) to get bigger by buying companies, lots of companies. Among its large recent acquisitions were Lubrizol, Burlington Northern Santa Fe, and a shared acquisition of H.J. Heinz.


The Berkshire Model is to buy companies rich in cash flow with histories of paying dividends, then cancel those dividends and retain the cash flow going forward for future acquisitions.


HOW MUCH TAX is Warren Buffett able to avoid by fixing Berkshire’s dividend at zero? The dividend yield of the Standard & Poor’s 500 is about 2%. The price/earnings ratio of the S&P 500 is about 18. Thus, for the S&P 500, approximately 30% of earnings are paid out to shareholders. These dividends are taxable at a current maximum rate of 23.8%.



If Berkshire followed the average of the S&P 500, it would have paid out about $6 billion in dividends in 2014, and Buffett’s share would have been about $1.2 billion.


At a 23.8% tax rate, that would have given Buffett a tax bill of $280 million, or about 40 times the taxes he said he actually paid in 2010.


Thus the Treasury has been getting exiguous tax revenue from one of its wealthiest citizens. Buffett is virtually immune to higher individual income-tax rates, while he promotes higher rates for other rich people, who may have a net worth a hundredth of 1% (0.01%) of his own.

Since, according to his publicly stated plans, Buffett intends to leave the bulk of his estate to charity, his estate won’t be paying much tax, either.


The Buffett Loophole and the Berkshire Model are allowing one individual to build one of the great American fortunes while avoiding individual taxes. Talk about someone not paying his share!


FOR 2014, BERKSHIRE ITSELF recorded a provision for $7.9 billion in taxes, most of which was “deferred.” In fact Berkshire, like many other companies, is able to defer much of its taxes, in its case $61 billion. This is money it acknowledges it owes the government but has yet to pay.


Deferred tax liabilities are the difference between taxes that will come due in the future and what the company owes today. Accounting rules require this difference to be recognized as a liability, but it ultimately acts as a sort of “float” that the government allows companies in the midst of an acquisition—which Berkshire almost always is.

In 2012, the year before it was acquired for $28 billion by Berkshire (and a Brazilian partner), H.J. Heinz paid more than $600 million in dividends. Those dividends were taxed and provided revenue to the U.S. Treasury. After the acquisition, the dividends stopped. Tax revenue from those dividends stopped.


In 2010, the year before it was acquired by Berkshire for $9 billion, Lubrizol paid $90 million in dividends. After the acquisition, the dividends stopped, as did tax revenue on the dividends.


In 2009, the year before it was acquired by Berkshire for $44 billion, Burlington Northern Santa Fe paid $546 million in dividends. After the acquisition, the dividends stopped, as did tax revenue on the dividends.



LAST YEAR, Berkshire entered into what became known as a “cash-rich split-off” that, according to the New York Times, might have allowed it to avoid $1 billion in taxes. Berkshire traded its stock in Procter & Gamble, which carried a low cost basis of $336 million, for P&G’s Duracell unit plus $1.7 billion in cash, a total value of $4.7 billion. The point was to reduce capital-gains taxes that would have been due on a sale of Berkshire’s P&G stock.


It seems that Buffett and his businesses are serial deprivers of tax revenue to the U.S. Treasury. Yet that does not deter him from loudly advocating higher income tax rates for others.


However unethical the Buffett Loophole and the Berkshire Model may seem, however much they may appear to be gaming the tax code, no one has claimed they are illegal.
Now consider Section 531 of the Internal Revenue Code, which imposes a 20% tax on the accumulated but undistributed income of a corporation. And Section 532 of the Code states that the tax shall apply to “every corporation…availed of for the purpose of avoiding of the income tax with respect to its shareholders…by permitting earnings and profits to accumulate instead of being divided or distributed.”


The Buffett Loophole and the Berkshire Model provide clear examples of the purpose of Sections 531 and 532. Buffett and Berkshire are accomplishing precisely what the code is trying to prevent: shareholders getting away without paying taxes.


Enforcement of these two sections has been sporadic, subject to the judgment of the Internal Revenue Service. An official commentary on the code, Federal Tax Coordinator 2d, D-3003, states that, for enforcement of the accumulated-earnings tax, “Congress did not want the taxing authorities second-guessing the responsible managers of corporations as to whether and to what extent profits should be distributed or retained, unless the taxing authorities were in a position to prove their position was correct.”

CAN THE IRS CONTEND that Berkshire’s purchase of Duracell was not essential for its Heinz holding, for its Burlington Northern Santa Fe railroad, or for its core insurance businesses? Of course.


Can the IRS see that by looking the other way it has unreasonably feathered Buffett’s nest, allowing him to avoid paying reasonable taxes? Of course it can. It chooses not to see anything.


The relationship between the Wizard of Wall Street and our president is symbiotic. The two scratch each other’s back at the expense of the commonweal. How nice for our president, who is so eager to spread the wealth around, to have one of our richest citizens militating for higher taxes on the rich. How nice for Buffett to play to an adoring crowd of wealth-spreaders. How strange that it’s not his wealth that they are spreading around.

 

[SheriffJoe]

Scrap the IRS. No more government wealth redistribution and politicians using the tax code to buy votes.

Problem solved.

 

[superbeets]

 

[superbeets]

Here’s the breakdown of Buffett’s income taxes for 2015, according to the statement:

• Adjusted gross income: $11.6 million

• Deductible charitable contributions: $3.5 million
• Total deductions: $5.5 million

• Federal income tax paid: $1.8 million

It appears that Buffett’s income has tumbled from the last time he made it public. Back in 2011, Buffett said he had made nearly $62.9 million in adjusted gross income in 2010. He also said that his taxable income was $39 million. He did not report a similar figure this time around..

 

[superbeets]

Here’s the breakdown of Buffett’s income taxes for 2015, according to the statement:

• Adjusted gross income: $11.6 million

• Deductible charitable contributions: $3.5 million
• Total deductions: $5.5 million

• Federal income tax paid: $1.8 million

It appears that Buffett’s income has tumbled from the last time he made it public. Back in 2011, Buffett said he had made nearly $62.9 million in adjusted gross income in 2010. He also said that his taxable income was $39 million. He did not report a similar figure this time around..

[FONT=&quot]Trump, on the other hand, has claimed that his income in 2015 exceeded $557 million—though my [FONT=&quot]Fortune[/FONT] colleague Shawn Tully has pointed out that the presidential candidate appears to be confusing revenues with net income, and probably made closer to $177 million last year, before taxes. The 1995 loss could have allowed him to deduct $50 million from his income through 2013 using an IRS provision called a “carryforward,” allowing him to potentially skip paying taxes that whole time. Last year, however, Tully estimates that Trump paid a tax rate of 15%, or about $27 million.[/FONT]
[FONT=&quot]
[/FONT]

 

[Dafinch]

Of course , you don't hate the Raiders........ RAIDERHATER !

Remember that guy JAGOFF ?

:kissingbb

<<Yawn>> You have it in your little pea brain that I hate the raiders, and that you're somehow annoying me with this stupid little posts about them. Wrong on BOTH counts, Dumbo-but, then, that's why you're Dumbo, isn't it? Have you noticed the latest poll results, Jagoff?:nohead:Loser!@#0:missingteSlapping-silly90))Shush()*azzkick(&^:hammerit:nohead::madasshol:trx-smly0:kissingbb

 

[Willie99]

Only fucking idiots still don't know a very small minority pays a very large majority of income taxes in this country

They complain about income taxes, when they don't pay any

What the losing leeches want is for other people to give them more

When you rob Peter and give it to Paul, you'll always have Paul's support. Paul is the democratic base, Paul keeps them in power. And no, every Democrat is not a Paul, but the overwhelmingly vast majority of Pauls are democrats

Fact