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More Warren Buffett Hypocrisy; Restructures Deal To Avoid $400 Million In Taxes

Tyler Durden's picture




 

Submitted by Mike Krieger of Liberty Blitzkrieg blog,

Warren Buffett epitomizes everything that is wrong with the global economy, and the U.S. economy specifically. He is the consummate crony capitalist, a brilliant yet conniving oligarch who intentionally plays on the gullibility of the masses to portray himself as one thing, when in reality he is something else entirely.

He publicly talks about how rich people need to pay more in taxes, then turns around and pioneers new ways for his company Berkshire Hathaway to avoid hundreds of millions in taxes. He thinks that by going on television stuffing ice cream cones and hamburgers in his mouth and acting all grandfatherly that no one will notice who he is really is and the incredible hypocrisy of his actions.

I’ve pointed out “Uncle” Warren’s hypocrisy previously on these pages, most recently in my post from last March titled: Crony Capitalist “Uncle” Warren Buffett Drives Company Profits Using Derivatives.

While that was pretty blatant hypocrisy, Buffett’s latest elaborate scheme to avoid $400 million in capital gains taxes from the disposition of a large chunk of Berkshire Hathaway’s Washington Post stake (which was acquired in the 1970s for $11 million) absolutely takes the cake.

The Street published an excellent article on the topic. Their conclusion at the end of the piece says it all:

Bottom Line: Warren Buffett is pioneering new ways to avoid capital gains tax, even as he is President Obama’s richest spokesperson for progressive income tax policy. 

More from The Street:

NEW YORK (TheStreet) - Berkshire Hathaway may have avoided about $400 million in taxes by exiting its long-time stake in Graham Holdings - formerly known as The Washington Post Company - through an asset swap with the company that will add Miami-based TV station WPLG and hundreds of millions in cash to Berkshire’s coffers. Wednesday’s transaction also may also break new ground in how large investors structure deals to avoid taxes on their investment gains.

 

Berkshire’s deal with Graham Holdings is structured in a way that may allow the Warren Buffett-run conglomerate to exit a multi-decade investment in Graham Holdings without paying any capital gains tax, Robert Willens, an independent tax expert, said in a Friday telephone interview.

 

The cost-basis for Berkshire’s 1,727,765 million shares was $11 million, Warren Buffett said in Berkshire’s 2000 annual letter to shareholders. Now, Berkshire is seeking to exit Graham Holdings at a value in excess of $1.1 billion.

 

Applying a 38 percent tax rate (federal plus state and local taxes) would bring Berkshire to about $400 million in tax liability, Willens said. The swap orchestrated between Berkshire and Graham Holdings, however, is likely to reduce Berkshire’s tax liability to $0.

 

The mechanics of Berkshire’s maneuvering are arcane, especially since both Berkshire and Graham Holdings hold large investment gains on each other company’s shares. Berkshire holds 1,727,765 Graham Holdings shares, while Graham Holdings owns 2,214 shares in Berkshire’s Class A stock.

 

To unwind each other’s investment, Berkshire and Graham Holdings devised what amounts to a stock swap, although not a direct swap that would have locked in capital gains on both companies’ respective investments.

 

Normally, both corporations and investors must recognize taxable gains on appreciated assets, even if they transfer shares for assets such as cash or business lines.

But Berkshire isn’t directly taking the TV station from Graham, and Graham isn’t taking Berkshire’s stock. NewSub is doing all of the stock, TV station and cash swapping. As such, the swap may meet Sec. 355 of the federal tax code that exempts capital gains.

 

“This particular cash-rich split-off breaks new ground since, to our knowledge, it is the only one in which the investment assets of the distributed subsidiary consist, at least in part, of the stock of the very shareholder to whom the subsidiary’s stock is being distributed,” Willens wrote on Thursday.

 

Berkshire’s swap deal with Graham Holdings and similar moves the investment conglomerate has made in exiting large investments in Phillips 66  and White Mountain Insurance indicate that Warren Buffett isn’t interested in paying taxes on Berkshire’s investment gains when cutting deals on behalf of the company’s shareholders.

 

That comes as Buffett has placed himself front-and-center in a debate over taxation that has simmered in Washington for decades.

If you haven’t thrown up yet, I suggest you read my most popular post ever on our favorite crony oligarch from back in August 2011: A Wolf in Sheep’s Clothing.

Full article from The Street here.

 

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Tue, 03/18/2014 - 11:22 | 4563207 Big Corked Boots
Big Corked Boots's picture

Eat the rich.

Tue, 03/18/2014 - 11:31 | 4563261 WayBehind
WayBehind's picture

same shit different day

Tue, 03/18/2014 - 11:39 | 4563339 Arius
Arius's picture

still everyone in america .... guess what ... WANTS TO BE ... a little Warren.

 

so, how about that?  everyone envy him and the rich ... so what he doesnt care, he is still an average Joe living in a small town and going to play with his compadres

Tue, 03/18/2014 - 12:03 | 4563515 lordylord
lordylord's picture

It's funny how rich people pretend to be socialists as long as they never have to give up their millions/billions.    They espouse the "kumbaya" type socialism meanwhile the socialist/fascist type policies they advocate just redistribute money from the working poor and middle class to them.  The "occupy" people and libtards fall hard for this shit.

Tue, 03/18/2014 - 13:01 | 4563925 kchrisc
kchrisc's picture

And here is "thief at the right place and time" Gates exclaiming that more taxes and immigration is the answer to unemployment.

http://www.wnd.com/2014/03/bill-gates-calls-for-more-taxes-on-workers/

Man, I wonder what they have on this guy? Bestiality, pedophilia...

 

"I stole other people's work and got rich so listen to me."

Tue, 03/18/2014 - 14:21 | 4564414 eatthebanksters
eatthebanksters's picture

So Buffet is a disingenous bozo...he's hired the best attorneys to maneuver around existing law.  In the end he's not really doing anything wrong and he is making his investors more money.  If you want to bash him for being a hypocrite I'm all for it, but what we really need to do is change the fucking laws so pieces of shit like him cannot continue this behavior....Barry, do you hear me?  Of course you don't...

Tue, 03/18/2014 - 14:31 | 4564466 lordylord
lordylord's picture

I partially agree.  I believe taxation is theft.  Good for those who can avoid it and get away with it. BUT...Buffet advocates socialist policies and crony capitalism.  ALL his gains are ill-gotten.  

Tue, 03/18/2014 - 15:03 | 4564591 imaginalis
imaginalis's picture

Buffet must have bust a gut laughing when Wesley Snipes was convicted for tax evasion.

Tue, 03/18/2014 - 14:50 | 4564541 A Nanny Moose
A Nanny Moose's picture

What exactly to you suppose is the precise purpose of "The Law?" It is not going to change for the better without some sort of game chaning event. Uber plague, Meteor strike, or peaceful parenting ought to do.

Tue, 03/18/2014 - 14:24 | 4564434 lordylord
lordylord's picture

ALL of Gates' solutions to poverty involve big government and small minded socialists and liberals eat this stuff up.   Bill Gates likes to pretend to be one of the elites, but is probably more like their lap dog. You know, old money vs new money sort of thing.

Tue, 03/18/2014 - 12:19 | 4563601 Manthong
Tue, 03/18/2014 - 11:32 | 4563277 Canadian Dirtlump
Canadian Dirtlump's picture

That Satanic pedophile has been eating children as long as many of us have been alive so turn about is fair play. You woudn't even need to know about his involvement in the Franklin Cover up scandal in Nebraska ( satanic pedophile ring ) in the 80s and a history in penn state ( sandusky anyone? ) to figure it out but knowing it lays it bare.

 

Thing is I'd rather feast on dog shit than him or munger.

Tue, 03/18/2014 - 11:33 | 4563284 DavrosoftheDaleks
DavrosoftheDaleks's picture

I don't get how swapping one asset for another isn't taxed.  I know there's a real estate scenario, but c'mon man.  I can't go to a car dealer and swap my car for a new car and not pay the car tax.

Tue, 03/18/2014 - 11:37 | 4563328 Never One Roach
Never One Roach's picture
One-third of Americans only have $1,000 saved for retirement

 

http://finance.yahoo.com/news/americans-only-have--1-000-saved-for-retir...

 

Gap grows wider every day.

Tue, 03/18/2014 - 13:07 | 4563974 kchrisc
kchrisc's picture

"One-third of Americans only have $1,000 saved for retirement"

And unbeknownst to them, the banksters have stolen that.

See "fraudulent-reserve banking" and "bail-in" for reference.

Tue, 03/18/2014 - 14:23 | 4564431 eatthebanksters
eatthebanksters's picture

I once had about $5m but I made the mistake of trusting Barney Frank and our government...all is fine, nothing to see here!

I won't make that mistake again if i ever earn it back.

Tue, 03/18/2014 - 16:44 | 4565059 Catflappo
Catflappo's picture

Can't believe its possible to write an article about Buffett without using the word "cunt"?

Tue, 03/18/2014 - 11:23 | 4563213 PlusTic
PlusTic's picture

typical hypocrite scumbag...schucks, oh gollie, i fukked'em good

Tue, 03/18/2014 - 11:51 | 4563428 101 years and c...
101 years and counting's picture

is he still nailing becky quick?

Tue, 03/18/2014 - 11:55 | 4563455 skwid vacuous
skwid vacuous's picture

Uncle Warren molested me in his bathtub 40 years ago, I have total recall now... pervert !! 

Tue, 03/18/2014 - 11:23 | 4563216 LawsofPhysics
LawsofPhysics's picture

It's a club, always has been...

 

Tue, 03/18/2014 - 11:28 | 4563246 jon dough
jon dough's picture

And we ain't in it...

Tue, 03/18/2014 - 13:05 | 4563956 Miffed Microbio...
Miffed Microbiologist's picture

Soros, Warren. Damn, why don't they just DIE. God, I can't stand to look at their corpse-like maggoty bodies with out bile in my throat. God, I will take back all my requests if you just grant this and please hurry before they come up with the technology to keep their disgusting heads alive in a jar.

Miffed;-)

Tue, 03/18/2014 - 14:25 | 4564438 eatthebanksters
eatthebanksters's picture

Buffet may be disingenuous but he is a saint next to Soros...that guy is a piece of rotten turd IMHO.

Tue, 03/18/2014 - 15:30 | 4564717 NotApplicable
NotApplicable's picture

No way.

Tue, 03/18/2014 - 11:23 | 4563219 fonzannoon
fonzannoon's picture

why is the market ripping higher with the Yen under 102? 

Tue, 03/18/2014 - 11:28 | 4563242 PlusTic
PlusTic's picture

if it's open, it goes up...law of the land

Tue, 03/18/2014 - 11:59 | 4563482 skwid vacuous
skwid vacuous's picture

cash on the sidelines...they missed 500 handles but might as well pile in now...?

Tue, 03/18/2014 - 11:35 | 4563252 Dr. Engali
Dr. Engali's picture

Who needs the Yen carry trade when we have the Putin put?

Tue, 03/18/2014 - 11:30 | 4563256 Skin666
Skin666's picture

USDCNY?

EURUSD?

USDAUD?

 

LOL

Tue, 03/18/2014 - 11:24 | 4563220 NOTW777
NOTW777's picture

gekkobuffet

 

Tue, 03/18/2014 - 11:24 | 4563221 youngman
youngman's picture

Liberals ALWAYS want someone else to pay higher taxes..never themselves

Tue, 03/18/2014 - 11:28 | 4563245 HardAssets
HardAssets's picture

He's no 'liberal'.

Thomas Jefferson was a true liberal . . . believing in the rights of individuals, and that they should not be ruled by kings.

The language has been distorted over the last two centuries.

Tue, 03/18/2014 - 12:01 | 4563498 notmymoney
notmymoney's picture

"The language has been distorted over the last two centuries."

 

Why yes it has, glad someone else notices this.  While most just watch sit-calms as the woners of language tell us what to buy and what words mean.

Tue, 03/18/2014 - 12:13 | 4563570 ILLILLILLI
ILLILLILLI's picture

"Even the Party slogans are changing. How will you say "Freedom is Slavery" when freedom doesn't exist...?" - Syme, 1984

Tue, 03/18/2014 - 13:15 | 4564026 kchrisc
kchrisc's picture

"1984," the best non-fiction, fiction book.

Combine it with the non-fiction book, "Road to Serfdom," and one has the complete playbook of the sociopaths.

 

"I prefer guillotines to end all my stories on pols, crats and banksters."

Tue, 03/18/2014 - 12:16 | 4563585 Grinder74
Grinder74's picture

Wait, you mean when I said I was a gay fellow it didn't mean "happy and joyous, spirited" ????

Tue, 03/18/2014 - 19:06 | 4565560 mercy
mercy's picture

Not by kings but by white, landowning males. Right?

Tue, 03/18/2014 - 11:30 | 4563250 Akrunner907
Akrunner907's picture

As a shareholder, I welcome the work to limit the taxes paid that affect shareholder value.  Buffet can pay all the taxes on his personal wealth he wants.  I am a greedy capitalist and have no desire to fund the sheeple's welfare and subsidized living.  

 

Maybe that is lost on most you who never attended business school - first rule: maximize shareholder wealth.  And this manuveur did just that.

Tue, 03/18/2014 - 11:34 | 4563304 Chupacabra-322
Chupacabra-322's picture

Yes, "shareholder wealth" that doesn't produce not a Goddammed thing.

Tue, 03/18/2014 - 11:44 | 4563365 manofthenorth
manofthenorth's picture

I look forward to the ending of ALL corporate charters. Shareholders should be financially and legally liable for ALL losses and criminal activities as well as gains. Where in business school was it stated that individuals should keep the gains while losses are stacked on to the taxpayers by the Government ??? I must have missed the chapter on TOO big to fail. When there are NO subsidies , NO bailouts you can keep your "gains".

Tue, 03/18/2014 - 11:56 | 4563467 AsIseeIt
AsIseeIt's picture

My B School education didn't change my belief business should be operated in a moral and ethical manner and in spirit with the law that granted it the right to exist. Sorry no psyhcopath here.

Tue, 03/18/2014 - 12:12 | 4563567 teslaberry
teslaberry's picture

the ideology of business school dressed up in ridiculous flowery language. 

 

yes, i attended classes at columbia business scchool. 

plenty of sheep there as everywhere. 

 

the ideology of shifting the tax burden onto the poor and working classes------is simply an ideology of kleptocracy and feudalism, not of capitalism. 

capitalism ends when money is filtered into the process of lobbying money to government in order to shift the burden of paying taxes. more and more money gets invested into this very profiteabile endeavor of bribing officialls to shift taxes to the poor and working class. less and less capital then remains available to invest in productive pursuits. while more and more go to the government class of beauracrats who then bid up the prices of good and products at the expense of those who aren't gate keepers collecting bribes. 

 

finally-----i don't understand why it is readily apparent to general business school types that while communist redistribution and government monopolization of resources destroys incentives to produce and save-----by stealing from the wealthy---------why it is any different when govenrmnet steals from the poor and working class?

 

the real thing they teach you in busienss school is that ideological allegiance to the upper classes requires thoughtless obedience .  what they don't teach you is that the sort of communism for the corporatacy will also lead to the destruction of the upper middle class as less and less is left for even the newly rich to fight over. 

 

the kids of oligarchs don't bother attending business school bitches. its a waste of their time. nuveauriche however , don't yet understand the canibbalistic nature of communism for the corporations. 

Tue, 03/18/2014 - 18:17 | 4565376 HardAssets
HardAssets's picture

One thing they don't teach in B school  . . . . . is that the 'isms' are bullshit.

Nothing but a smokescreen used to confuse the victims.

Tue, 03/18/2014 - 11:26 | 4563230 Seasmoke
Seasmoke's picture

Maybe he figured a way to take Billions with him when he dies in the near future. 

Tue, 03/18/2014 - 11:26 | 4563232 Spastica Rex
Spastica Rex's picture

Were an American to recognize another's hypocrisy, they might also have to acknowledge their own.

Tue, 03/18/2014 - 11:34 | 4563292 jon dough
jon dough's picture

That explains our hypocrite-ic oath.

Whee Duh Peep Oh

Tue, 03/18/2014 - 11:27 | 4563233 skwid vacuous
skwid vacuous's picture

POS can he die soon so I can piss on his grave?

Tue, 03/18/2014 - 11:32 | 4563268 LoneStarHog
LoneStarHog's picture

He is cognizant of the number of people who want to do the exact same thing.  His grave will have an admission fee with an additional charge for pissing.  A crony capitalist even in death.

Tue, 03/18/2014 - 12:40 | 4563754 BeetleBailey
BeetleBailey's picture

Be creative.

Dump buckets of piss on his grave using a helicopter.

Water Sports Warren - you fucking Quick-diddler

Tue, 03/18/2014 - 18:42 | 4565467 skwid vacuous
skwid vacuous's picture

but then again he lives in fuking Nebraska, lol... live it up you old fuk probably can't even eat steak anymore... LOL 

Tue, 03/18/2014 - 11:29 | 4563240 Chief Wonder Bread
Chief Wonder Bread's picture

I generally like Mike Krieger's stuff but last I checked Berkshire Hathaway is a public-traded corporation.

Doesn't Buffett have a fiduciary duty to his shareholders and therefore shouldn't he be doing this?

Tue, 03/18/2014 - 11:37 | 4563329 replaceme
replaceme's picture

Absolutely - but he's also a complete douche.

Tue, 03/18/2014 - 11:37 | 4563330 Chief Wonder Bread
Chief Wonder Bread's picture

Some people don't like to hear it apparently.

Okay, I agree he's a hypocrite.

Tue, 03/18/2014 - 12:42 | 4563776 udaman
udaman's picture

fuck you, you not-as-smart-as-ye-thinks dickwad!

Tue, 03/18/2014 - 13:15 | 4564024 Cthonic
Tue, 03/18/2014 - 13:31 | 4564056 Chief Wonder Bread
Chief Wonder Bread's picture

If you like your subscription to AwesomePennyStocks, you can keep your subscription to AwesomePennyStocks lol. udafool.

Tue, 03/18/2014 - 11:28 | 4563243 Dr. Engali
Dr. Engali's picture

All these billionaires are out ot touch hypocrites. This from Bill Gates:

 

 

The Microsoft founder, whose net worth is $76 billion, suggested the problem could be fixed by reducing taxes on employers and raising taxes on employees, via the reduction of payroll taxes and the addition of new federal consumption taxes.

http://dailycaller.com/2014/03/17/gates-tax-consumption-to-fix-unemployment-caused-by-technology-video/

Tue, 03/18/2014 - 11:56 | 4563463 joego1
joego1's picture

From the man who screwed millions of people into thinking that a hairball on a desk was actually a working computer operating system.

Tue, 03/18/2014 - 13:43 | 4564202 DontGive
DontGive's picture

Didn't you get the memo? Only the biggest scum are allowed to be billionaires.

Tue, 03/18/2014 - 11:32 | 4563272 Chupacabra-322
Chupacabra-322's picture

"who intentionally plays on the gullibility of the masses to portray himself as one thing, when in reality he is something else entirely."

Yes, he's part of The Global Criminal Oligarch Cabal Bankster Intelligence Crime Syndicate.

And, please correct me if I am wrong Hedgers but didn't this POS / Berkshire receive Criminal UNITED STATES, CORP. INC taxpayer Bailouts?

Tue, 03/18/2014 - 11:33 | 4563287 Zero-risk bias
Zero-risk bias's picture

When I get my MBA I'm going to buy some stocks, start a hedge-fund, then I can buy a hot wife, and then I can hang out with you, Bill Gates and Steven Jobs, because you're so cool Buffet

Tue, 03/18/2014 - 11:46 | 4563390 Seasmoke
Seasmoke's picture

I'm feeling rough, I'm feeling raw, I'm in the prime of my life.
Let's make some music, make some money, find some models for wives.
I'll move to Paris, shoot some heroin, and fuck with the stars.
You man the island and the cocaine and the elegant cars.

This is our decision, to live fast and die young.
We've got the vision, now let's have some fun.
Yeah, it's overwhelming, but what else can we do.
Get jobs in offices, and wake up for the morning commute

Tue, 03/18/2014 - 11:34 | 4563294 Catullus
Catullus's picture

I thought the IRS sued Exelon for this.

Tue, 03/18/2014 - 11:51 | 4563421 replaceme
replaceme's picture

It's not settled yet, from what I see - think that means it's still open to interpretation (which, if I remember anything from The Frim, is what corporate tax is all about). 

If they don't try it, they have to pay 38% - somehow I think the math works out in favor of trying.

 

Tue, 03/18/2014 - 11:37 | 4563331 Yancey Ward
Yancey Ward's picture

Buffett is free to pay all the additional tax he wants on his own income and holdings, and criticizing him for hypocrisy in this regard is fair game.  However, this particular target for a critique is inappropriate.  At the corporate level, as long as it is legal, Berkshire management is obligated, both legally and ethically, to minimize the impact of taxes on the shareholders of Berkshire (many of which are not wealthy).

Tue, 03/18/2014 - 11:58 | 4563485 overmedicatedun...
overmedicatedundersexed's picture

yancey, eat shit and die, your it's good corp management is for the stupid idiots who don't know that corp laws and regs are written by the likes of buffett's staff and lawyers, the laws are written by the buffetts of the world. damn educated past your IQ, is a bitch.

Tue, 03/18/2014 - 13:01 | 4563922 insanelysane
insanelysane's picture

I 2nd the yancey, eat shit and die.  It would be one thing if Buffet STFU and just followed the legal tax laws.  Instead he joins the efforts of one political party to lament how the whole system is unfair and how he wishes it was fair.  The guy is a fucking lying weasel.

Tue, 03/18/2014 - 11:38 | 4563336 Downtoolong
Downtoolong's picture

Who are these men of lust greed and glory?
Rip off the mask and let’s see.
But that’s not right.
Oh no, what’s the story?
Well, there’s you and there’s me.

Crime Of The Century,  Supertramp

Tue, 03/18/2014 - 11:49 | 4563406 notmymoney
notmymoney's picture

Hypothetical question, how many angry individuals would it take to lobby congress to make car insurance optional and make this "oligarchs" points moot ?

Tue, 03/18/2014 - 11:50 | 4563413 jay28elle
jay28elle's picture

Hey, if he were my grand dad I'd want him to skirt as much taxes as he could.

Tue, 03/18/2014 - 11:52 | 4563430 buzzsaw99
buzzsaw99's picture

Typical.

Tue, 03/18/2014 - 11:53 | 4563439 vincent
vincent's picture

Just another fine example of how the rich get richer and why we are forced to play by their rules

Tue, 03/18/2014 - 11:57 | 4563472 joego1
joego1's picture

All of those guys didn't get rich figuring out how they could pay more taxes.

Tue, 03/18/2014 - 12:02 | 4563513 justsayin2u
justsayin2u's picture

money laundering - buffet style or uncle warren cronyin up to the irs or that's why we have such a complex tax code - pickem

Tue, 03/18/2014 - 12:14 | 4563578 Calculus99
Calculus99's picture

I've been saying for a long time that when Buffett passes away a whole lot of shit is going to come out about this 'wholesome country boy'.

And it's going to be very ironic because Warren, when the tide goes out we're going to see just how naked you really are....

Tue, 03/18/2014 - 12:21 | 4563615 NoTTD
NoTTD's picture

He doesn't want to pay taxes.

 

But he thinks you should.

 

Tue, 03/18/2014 - 12:50 | 4563840 raeb
raeb's picture

Three cheers for Tyler.  Couldn't say it better myself.

Tue, 03/18/2014 - 12:59 | 4563902 ThisIsBob
ThisIsBob's picture

It appears that most here want that randy old goat to pay more in taxes than he is legally obligated to do.  Any of you guys (and gals) do that?

Tue, 03/18/2014 - 13:27 | 4564110 libertysghost
libertysghost's picture

I don't see that...all I really see is people pointing out says one thing and does another..hence the "hypocricy".  People here aren't saying others should pay more taxes are they?

Tue, 03/18/2014 - 15:34 | 4564079 Cthonic
Cthonic's picture

...

Tue, 03/18/2014 - 13:11 | 4564004 william114085
william114085's picture

come sit on Uncle Warren's lap....and don't tell mommy or daddy

Tue, 03/18/2014 - 13:38 | 4564171 skwid vacuous
skwid vacuous's picture

die you old fuck!

Tue, 03/18/2014 - 13:41 | 4564183 Jim Shoesesta
Jim Shoesesta's picture

He is no worse than John Kerry. 

Tue, 03/18/2014 - 13:50 | 4564235 Johnny Cocknballs
Johnny Cocknballs's picture

hey don't blame Warren, blame our fucking absurd tax code.

Warren's just a cunt.  The tax code is the boot on all our throats. It's amazing people put up with all the incentives and punishments and loopholes and shelters - after ending the Fed, or nationalizing it, the next thing to do is to throw out the tax code in its entirety and replace it with something not to exceed, say, 30 pages, 11 font double spaced. 

 

 

Tue, 03/18/2014 - 15:30 | 4564719 The Most Intere...
The Most Interesting Frog in the World's picture

True, but if this were France during the French Revolution, he would have been at the front of the line...

Tue, 03/18/2014 - 14:11 | 4564367 pupdog1
pupdog1's picture

For years, I had a high regard for Warren.

Then, a few years ago, he started singing the praises of Goldman Sachs.

You are known by the company you keep.

Fuck you, you robber baron piece of shit.

 

Tue, 03/18/2014 - 21:42 | 4566106 Quaderratic Probing
Quaderratic Probing's picture

As such, the swap may meet Sec. 355 of the federal tax code that exempts capital gains.

It meets the code he owes no tax.....Period

Wed, 03/19/2014 - 06:25 | 4566803 WalterWhite
WalterWhite's picture

Warren Buffett and the Franklin Coverup.

Hypocracy is the least of our worries with "uncle Warren"

Wed, 03/19/2014 - 06:47 | 4566821 overmedicatedun...
overmedicatedundersexed's picture

those who support this reptile I call cancer on our economy, by saying why it's his duty to avoid taxes, you know good corp management, willfully ignore his true actions, via paid for .gov and his constant public stance that we all need to pay more taxes, try as they will most here see what's behind the reptiles curtain, a corrupt man.

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