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Buffett Discloses $62,855,038 In 2010 Gross Income, $39,814,784 In Taxable Income, And $6,923,494 In Federal Taxes

Tyler Durden's picture




 

Following a back and forth between Kansas Congressman Tim Huelskamp, we have now discovered what, according to Buffett, were the precise amounts of the Octogenarian Crony Capitalist of Omaha's 2010 gross income, taxable income and Federal tax respectively. These are as follows: $62,855,038, $39,814,784 and 6,923,494. This, apparently, was not enough for Huelskamp. The debate continues below.

Congressman Huelskamp Releases Response from Warren Buffett

 

(WASHINGTON) – In an open letter in September, Congressman Tim Huelskamp called on billionaire Warren Buffett to release the contents of his tax returns. Subsequently, Congressman Huelskamp told Neil Cavuto that he would release the contents of his own tax returns if Mr. Buffett would do the same. Congressman Huelskamp reiterated this additional promise to Mr. Buffett in a letter last week. Today, Congressman Huelskamp released the contents of the response he received from Mr. Buffett (available here).

 

After reading Mr. Buffett's inadequate response, Congressman Huelskamp said: "Mr. Buffett still refuses to release his tax returns. What he does disclose may be accurate, but it is incomplete and it fails to explain how he shelters millions of dollars in income from taxation. It is unprecedented that we would write an entire law based on one man's anecdotes without actual proof. By sheltering millions of dollars of income from taxation, probably through charitable giving, Mr. Buffett demonstrates that he doesn't trust Washington with his own money either."

 

"There are not many Americans who can maneuver the tax code in the way Mr. Buffett does. But, as I have said time and time again, there is no need for Mr. Buffett to wait on Congress or the President to change the tax code. If Mr. Buffett is truly concerned about paying his 'fair share' to the government, he is more than able to send voluntary contributions to President Obama and the rest of the federal government. Apparently he has not done so.

 

"I'm disappointed that my request to exchange tax returns was rejected. I guess Mr. Buffett still fears public disclosure – and my offer still stands."

And full response from Buttett:

 

h/t London Dude Trader

 

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Wed, 10/12/2011 - 17:00 | 1767161 jarboejl
jarboejl's picture

Just a hair over 11%.  I wonder what his secretary's Effective Tax Rate is??  LMFAO!!

Wed, 10/12/2011 - 17:24 | 1767250 MillionDollarBonus_
MillionDollarBonus_'s picture

Americans have a moral obligation to pay their FAIR SHARE of money to the government for providing schools, bridges, roads, welfare for the poor and retirement plans for the elderly. Politicians do not have to provide these things, but they provide them anyway out of the kindness of their hearts. It is completely despicable that libertarians receive all these generous gifts from their government, but can do nothing but throw tantrums about how unfairly they are treated. It’s time for libertarians to stop whining and start giving something back to the community.

Wed, 10/12/2011 - 17:48 | 1767360 Tsunami Wave
Tsunami Wave's picture

Either you're being completely sarcastic, or you're just another communist or socialist telling people you disagree with or an independent like me to pay "my" "fair share".  Also, there is nothing in the U.S. Constitution that says it's the government's job to provide "welfare for the poor and retirement plans for the elderly".. at all.

Wed, 10/12/2011 - 18:00 | 1767405 cynicalskeptic
cynicalskeptic's picture

Move to Somalia - a libertarian paradise.... no government so no taxes, no police, no roads, no ANYTHING.....   

I bet you'd love the Dark Ages.

Wed, 10/12/2011 - 18:24 | 1767519 MillionDollarBonus_
MillionDollarBonus_'s picture

Finally some sanity on this blog. So true. What libertarians can't seem to understand (even though it has been demonstrated repeatedly) is that average people are simply not capable of interacting peacefully with each other. That is why we need a group of experts to COORDINATE activity for everyone else and FORCE them to do what they are told. Professional politicians are granted this right by their willingness to hold elections and offer other people an opportunity to vote for the expert of their choice. This is the core principle of democracy, and it is the dichotomy between the rights of talented leaders and the average citizen is the foundation of a free and moral society.

Wed, 10/12/2011 - 18:46 | 1767610 johnQpublic
johnQpublic's picture

dude, you must be getting THE best weed available, because you are fucking high

Wed, 10/12/2011 - 21:00 | 1767979 Pure Evil
Pure Evil's picture

Smokin' weed? I doubt it.

This dude is dropping LSD or magic shrooms.

Talented leaders? Exactly who are these magical beings. Are they Extraterrestrials from the planet DumbAss?

Obviously you've been taking one too many hits from Obama's hopium crack pipe.

If you put all the talented leaders flocking the Washington D.C. beltway under an ordinary microscope it would not be difficult to discern that they're all corrupt to the core.

And, yet, for some unknown reason you're unable to explain how and why our talented leaders not only in the US but in Europe have practically managed to destroy Western Civilization in less than 30 years and land us in a depression that will make the great depression look like child's play.

So, if it's possible, pull your lips off Obama's anal sphincter and learn what its like to breath fresh air.

Wed, 10/12/2011 - 22:32 | 1768101 LetThemEatRand
LetThemEatRand's picture

Million Dollar Bonus is the Sean Colmes of this board.  He has come here to make ridiculous arguments against pure libertarianism, to make what he really believes in -- pure libertarianism -- seem less silly.   We are our government.  We the people.  This has been lost, but we must take it back.  Giving it up in favor of individuals who can't understand the first thing about humanity, is insane.

Thu, 10/13/2011 - 00:52 | 1768477 spiral_eyes
spiral_eyes's picture

MDB deals in trenchant sarcasm, little else.

Thu, 10/13/2011 - 07:01 | 1768772 UBIGDummy
UBIGDummy's picture

HHAHAA, You guys who argue with MDB are suUUCKERS!  He does it on purpose so you can get steamed up and waste time arguing with him.  HAH.

Thanks for the Comedic relief MDB, but why is your focus completely on libertarians.  Perhaps you should try libertines?

Thu, 10/13/2011 - 08:57 | 1768967 prole
prole's picture

That is the key question-

There are an endless stream of trolls here on this blog, who use any thread to vent their bile against Libertarianism and freedom in general with less and less clever sarcasm. This isn't even a Libertarian blog per se anyway. Who are/is this troll? and from what Stygian pit do they crawl?

Wed, 10/12/2011 - 18:50 | 1767621 GeezerGeek
GeezerGeek's picture

MDB: Your comment that a "group of experts" should "FORCE them to do what they are told" reminds me of a song named "Mr. Blue" and performed by Clear Light. I recommend that everyone listen to this song - it's on YouTube. My favorite line goes like this: "but never think again...that you can EVER think again." You have a headstart, I think. You give no indication of informed thinking.

Wed, 10/12/2011 - 19:07 | 1767655 James T. Kirk
James T. Kirk's picture

If you were a contestant on "To Tell the Truth," your tag line would be either:

A: I am a smart 1960's hippie who was abducted and brainwashed by the Trilateral Commission, and then teleported 50 years into the future by the Illuminati to post on ZH.

Or B: I am a clone of Abbie Hoffman mixed with Joe McCarthy, and I somehow escaped from the government "lab."

Wed, 10/12/2011 - 19:11 | 1767676 Tsunami Wave
Tsunami Wave's picture

@ cynicalskeptic: I'm not a libertarian and I have my own beliefs.. hence I'm an independent.  I believe a limited federal government with smaller municipalities or states that have their own smaller governments are better in comparison than the size of our federal government and certain state governments we have now.  A flat tax or maybe a low flat progressive tax is clearly better than no taxes.  And yes duh, it's important to have the roads, the police, and even the "low" taxes.

@ MillionDollarFullRetard: A simple argument to turn yours on it's head is what happens if a super conservative or libertarian government rises into power and coordinates how much taxes you should pay or what you should do with your life. We have repetadly seen from time to time the groups of experts who "COORDINATE activity for everyone else" (They're called communists.. Think the former Soviet Union, North Korea, Cuba, Nazi Germany, China) that destroy freedoms and people's lives so they can exist for themselves and be on a higher level than everyone else.

To finish this.. in the United States we rarely get "experts" that get voted in and push through meaningful, non-negative non-socialst change that's benefits everyone. Most of those smart people actually have no desire to be in a divisive controversial profession.  Also we live in a Constitutional Republic, not a democracy (for many reasons you might not like hearing).

You should think seriously about what you say when it comes to "people" (The lying cheating scumbags that become politicians in both political parties) "coordinating" (really, doing what's most convenient to the donors, getting re-elected, and giving just enough for the people to move on) activities for everyone else and "force them to do what they're told" (aka everyone doing what I tell them to do.. execpt for me, my family, my friends, and the scumbags/companies that keep me here for this purpose)

 

Wed, 10/12/2011 - 20:32 | 1767907 steve from virginia
steve from virginia's picture

Don't feed trolls ...

Thu, 10/13/2011 - 00:13 | 1768405 FreedomGuy
FreedomGuy's picture

I thought you two were doing sarcasm at first. Now you're just self serving idiots. Somalia is all about force, no rights, no courts, no law, just guns you morons. Governments are first and last about coercion. You just get to vote on who gets coerced and how much of other peoples' stuff they will give to you.

Experts! Ha, ha, ha! Experts in what? Engineering, space travel, metalurgy, plumbing, medicine, phyisics, psychology, parenting, soliciting prostitutes? Please. The typical centrally planned government figures they can run everything much like the average Somali tribal leader, actually.

The natural end of libertarian thought is voluntary interactions with the rule of common laws with equality before the law. It is the absense of coercion you morons. The natural end of your thought is some sort of dictatorship whether communist or the old oligarchies. The will always be some other problem and the government will write more laws, take more taxes, hire more inspectors, auditors and policing agencies until you can't move without government documents. Look, Obamacare comes with 16000 IRS agents! Need I say more? It's going to be wonderful.

Thu, 10/13/2011 - 01:17 | 1768518 english serf
english serf's picture

Cant you see he's just having a laugh?, i cant believe anyone thinks he,s being serious!

Thu, 10/13/2011 - 01:29 | 1768536 monkeyshine
monkeyshine's picture

Sarcasm, when written, is totally lost on totalitarians, statists, fascists and homosexuals.

Thu, 10/13/2011 - 09:46 | 1769159 monoloco
monoloco's picture

Back for more discipline fro the ZH dominatrix are ya?

Wed, 10/12/2011 - 18:04 | 1767426 Fred C Dobbs
Fred C Dobbs's picture

He should be ignored.  

Wed, 10/12/2011 - 18:48 | 1767618 Au_Ag_CuPbCu
Au_Ag_CuPbCu's picture

He is being sarcastic and some of his posts are pretty damn funny.

Wed, 10/12/2011 - 20:16 | 1767866 bania
bania's picture

agreed. it's astounding many folks here can't see the humor. getting you all wound up is part of the fun.

Wed, 10/12/2011 - 21:17 | 1768033 Pure Evil
Pure Evil's picture

Or, he actually believes the hallucinations he gets from drinking the Obummer koolaide.

Wed, 10/12/2011 - 22:01 | 1768108 LetThemEatRand
LetThemEatRand's picture

He's a straw man.  Like red meat to the Randers of ZH.   

Wed, 10/12/2011 - 18:09 | 1767441 Savyindallas
Savyindallas's picture

I'm a Ron paul/Buchanan  conservative Libertarian. I don't like taxes -i think they all should be dramaticaly reduced  -but as long as those bastards are owned by the Buffet gang, i know they will never reduce my taxes  -and if mine can't be reduced  -that asshole Buffet needs to pay his share.  I say soak the phony fraud  -and tax Lloyd Blankfein at a 101% rate  -make him actually pay for every dollar he rips off the American public. These clowns aren't captains of Industry who create real wealth and jobs  -they are speculators and frauds. Frankly, i think they all need a long stint in Guantanamo  - daily waterboarding until they confess to all of their crimes and we flip them to roll over on the crooks on the Hill. Then a jury of their peers should decide if they should be executed.

By the way, i think the Occupy Wall Street gang are a bunch of pussies  -when are they going to storm the police brigades and take over Goldman Sachs?

Wed, 10/12/2011 - 18:13 | 1767465 MillionDollarBonus_
MillionDollarBonus_'s picture

That is a typical spoiled brat libertarian comment. We OWE the government money because they were kind enough to provide us with so many gifts and necessities. I can hardly comprehend the selfishness that your rude and ungrateful comment demonstrates. This is one of the reasons there is so much poverty and conflict in the world. If people simply appreciated their governments more, we could move forward as a civilisation and not backward.

Wed, 10/12/2011 - 18:52 | 1767638 johnQpublic
johnQpublic's picture

gifts?

such as?

everything i ask for would be and is provided by the free market

the govt steals tribute from me for things i havent asked for and generally dont need

pay for school and toll roads, a military we dont even actually NEED, overzealous cops i could do without

i'd happily pay a small sum to the volunteer fire department

i'm sure we could drum up small scale volunteer government too, that wouldnt overstep its mandate

you are so cracked out on so many levels its impossible to address them all

Wed, 10/12/2011 - 20:14 | 1767860 AldousHuxley
AldousHuxley's picture

you can't get rid of government, but you can buy it to do what you want.

Wed, 10/12/2011 - 21:15 | 1768025 Pure Evil
Pure Evil's picture

I guess the real question for MDB is what effective tax rate does he pay? What are MDB's deductions? If MDB is do any overpayment on income taxes does MDB always apply it to next year's taxes? OR, does MDB write a check to the Treasury every April 15th willing overpaying even though MDB might be eligible for a refund on overpayment of income taxes?

MDB talk's a lot of shit, but does MDB actually pay at or more than MDB's fair share? Or, is MDB exactly like Buffet, taking advantage of every tax loophole that can be found at the Federal and State level.

Wed, 10/12/2011 - 22:19 | 1768139 LetThemEatRand
LetThemEatRand's picture

No, the real question is which one of you guys started posting as Million Dollar Bonus as an alter ego, in order to make your arguments seem less specious.

Wed, 10/12/2011 - 21:42 | 1768079 brew
brew's picture

+1000

Wed, 10/12/2011 - 21:11 | 1768015 prains
prains's picture

move along....his schtick gets old after a couple of weeks.......move along

Wed, 10/12/2011 - 18:20 | 1767495 solgundy
solgundy's picture

here's just another communist learking here, working for the Faux Pres Barry Obama

Wed, 10/12/2011 - 17:48 | 1767363 Denver768
Denver768's picture

Let's get this straight.  Buffet only does what's in Buffett's best interest, ever.

Anything he says, he says because he wants something. I'm tired of hearing about him.

When Buffett kicks it, BTW, he will never have the emotional sendoff that Steve Jobs had.....  Buffet is merely a financier and money whore.   He never *created* anything with his time, never did anything great, and never will have any lasting impact.

I'm tired of hearing about this ol' scrouge McDuck....  he can drown in his own 'wealth' and 'fame'.

He's just a sorry old money whore. ... 

Wed, 10/12/2011 - 21:06 | 1767999 brew
brew's picture

i can't beiieve you got 16 +1's, and I'm the one who junked you...  of course buffet only does what's in his best interest.  you would to if you had .0000005% of his wealth...  there is no way to compare buffet and jobs in any way.  steve jobs didn't "create" anything.  he built on something that was already there. thomas edison had +2,000 "real" patents.  jobs is a dead fraud, and appe will die without him.  sell aapl now. buffet's wealth will live on forever...

Thu, 10/13/2011 - 04:31 | 1768685 Western
Western's picture

Junked for being an asswipe.

Thu, 10/13/2011 - 00:00 | 1768379 Willzyx
Willzyx's picture

Of course he will be mourned.  By the MSM at least.  They have so many angles to play.  The oracle of omaha, cherry coke and cheeseburgers, his friendship with Gates, advising politicians, bailing out the likes of Goldman and GE.  CNBC could fill an hour with this drivel.

Wed, 10/12/2011 - 18:02 | 1767419 GovernmentMule
GovernmentMule's picture

Bullshit!

Wed, 10/12/2011 - 18:09 | 1767449 SilverIsKing
SilverIsKing's picture

Douche on the loose!

Wed, 10/12/2011 - 18:22 | 1767506 mfoste1
mfoste1's picture

You havent used proper logic in ANY of your arguments......Moral obligations? so the govt doesnt have a MORAL obligation to properly spend tax revenue?

Politicians do not have hearts.....

 

libertarians recieve gifts, just as they pay TAXES....

 

time for libertarians to stop whining? its time for you to off yourself.....

Fri, 10/14/2011 - 02:42 | 1772591 LudwigVon
LudwigVon's picture

LOL.

MDB FTW +(insert x=RAND#>100)!

Thu, 10/13/2011 - 00:06 | 1768394 knukles
knukles's picture

If you want to pay more, then do so. 
In fact, as a matter of good faith, that you practice what you preach, are not indeed a hypocryte, on behalf of all readers, I thus challenge you to contribute additional, substantitive, above and beyond the call of duty, greater than the minimum legally responsible tax to the Federal Government and display publicly upon the web, that you have done so.

 
In short, sir, we hereby request proof that you are an honorable man of principle.
Should you not demonstrate such, cease and desist any further postings.
A simple enough challenge.  I give you an opportunity to demonstrate the quality of your character.

Thu, 10/13/2011 - 08:41 | 1768925 Chuck Walla
Chuck Walla's picture

 

No, its not the kindness of the lying politicians, its the kindness of the taxpayer.  All for the benefit of the politician. Welfare has kept the poor ignorant, unmotivated and poor for the purpose of vote buying.  Same with SS that has been expanded in purpose without concomitant increase in funding taxes. Something for nothing, the life blood of vote buying over spenders. You are a dunce of the worst kind. Go back to OWS, they are your kind of  clueless, too.

 

Wed, 10/12/2011 - 17:23 | 1767253 Deadpool
Deadpool's picture

check your math. 11% rate on TAXABLE.

Wed, 10/12/2011 - 18:14 | 1767471 jarboejl
jarboejl's picture

Okay since I didn't show my work (and you're obviously the one who can't do math)...

$6,923,494/$62,855,038 (Gross Income) = 0.11015... or 11% of Gross Income was paid intaxes.  And since you brought up Taxable vs. Non-taxable.. He paid 17.4% on his taxable earnings.  Please don't make me show that work too.  Slapping you once is enough. 

Wed, 10/12/2011 - 18:38 | 1767549 DosZap
DosZap's picture

jarboejl

Yeah, dats whut de figures say...........

But,w/a $23+B in write off's..........that 17.4 ain't sheeeeut.

He's made that 17.4% back off the write offs before he even sent the return in.

Wed, 10/12/2011 - 20:29 | 1767900 AldousHuxley
AldousHuxley's picture

Rich people's secret is never having an income....but gain wealth through asset growth.

Hold Coca Cola until he dies and hand it over to the foundation tax free. Capital gains never get taxed when you don't cash in.

 

It is like having a gold brick all your life and then handing it over to your kids. IRS isn't going to check your gold brick purchase 50 years from now so they won't know. you never sold it, so you never get taxed.

 

 

Wed, 10/12/2011 - 23:21 | 1768298 DOT
DOT's picture

Can't eat asset growth.

Thu, 10/13/2011 - 00:02 | 1768386 Willzyx
Willzyx's picture

That is why they show zero income.  Here we go again

Thu, 10/13/2011 - 08:23 | 1768899 mr_sandman
mr_sandman's picture

It's even worse than that.

It's not just the asset appreciation: the dividends are capital gains as well.  So you can keep reinvesting dividends back in equity and never pay a dime over a 15% rate.

Fri, 10/14/2011 - 02:46 | 1772596 LudwigVon
LudwigVon's picture

or if one merely exchanged the brick outside of the dollar fiat system...

Wed, 10/12/2011 - 18:27 | 1767535 kubrick007
kubrick007's picture

why did he earn so little this yr? seems pretty low for the guy considering how much cash he has???!

Wed, 10/12/2011 - 19:16 | 1767699 oogs66
oogs66's picture

His secretary has more reportable income :D

Wed, 10/12/2011 - 21:25 | 1768045 Xrated
Xrated's picture

$23 million donated to obama's reelection campaign

Thu, 10/13/2011 - 00:20 | 1768413 FreedomGuy
FreedomGuy's picture

As a guy who paid almost 40% in state and federal taxes last year I resent anyone who pays lower percentages, advocates yet higher taxes and fails to donate large sums from their own treasury first to prove their true belief in the efficiency and efficacy of government. The wealthy like Buffett can afford both the deductions and sophisticated professionals to dodge the taxes.

The average citizen is armed with nothing more than TurboTax or H&R Block tax preparers.

I have a relative in China. They pay lower and simpler tax rates in communist countries than we do in our "free" country. Anything wrong with that picture?

Modern liberals are profound liars and generally tax cheats, a.k.a. Geithner, Kerry, Rangel, Frank, etc.

Thu, 10/13/2011 - 01:05 | 1768499 Philippines
Philippines's picture

I got the solution. Stop paying taxes =)

Wed, 10/12/2011 - 17:05 | 1767173 Deadpool
Deadpool's picture

Occupy Omaha!

Wed, 10/12/2011 - 17:06 | 1767175 Hedgetard55
Hedgetard55's picture

Hey, it's all legal.

 

Warren won't be able to take it with him, though, when his body returns to the dust from which it came.

Wed, 10/12/2011 - 18:27 | 1767530 Freddie
Freddie's picture

He should go take a dirt nap.

Thu, 10/13/2011 - 00:21 | 1768416 FreedomGuy
FreedomGuy's picture

And leave all his money to the U.S. Treasury which will fund it for about 12 minutes.

Wed, 10/12/2011 - 17:07 | 1767178 Ned Zeppelin
Ned Zeppelin's picture

low effective tax rate bitchez!

Wed, 10/12/2011 - 17:08 | 1767183 Elooie
Elooie's picture

"It's all in the game."

-Omar

 

Wed, 10/12/2011 - 17:25 | 1767260 kaa1016
kaa1016's picture

Great quote, I miss that show.

Wed, 10/12/2011 - 17:09 | 1767185 buzzsaw99
buzzsaw99's picture

They can keep their money. I want a pound of flesh per year from the uber-wealthy.

Wed, 10/12/2011 - 17:09 | 1767186 outsidertrader
outsidertrader's picture

The difference is that Murdoch is not dishing out sanctimonious opinion on tax rates. Buffet is. So it's Buffet who should put up or shut up. It's nothing to do with Murdoch.

Wed, 10/12/2011 - 17:32 | 1767291 wawawiwaa
wawawiwaa's picture

Murdoch in not putting out sanctimonious anything!!  All he humbly does is break every privacy law know to man w/ bribes to get the cover of his newspaper, but that seems to be ok w/ everybody?

 

Lets see...... Billion dollar empire unduly influencing politics in England the US and Australia (check)

Completely irrelevant fine when one of his employees gets nailed for breaking the law (check)

 

How do I sign up for this, I mean the billion dollar empire which pays irrelevant fines for breaking the law?

 

 

Wed, 10/12/2011 - 17:43 | 1767341 tinfoilhat
tinfoilhat's picture

Become a Primary Dealer *or* run for Congress.

Wed, 10/12/2011 - 20:31 | 1767906 AldousHuxley
AldousHuxley's picture

super rich buys primary dealers (goldman sachs and bank of america purchase), and buys congress by political bribes.

 

why work when you got money?

Wed, 10/12/2011 - 17:09 | 1767188 Deadpool
Deadpool's picture

2.3% muni income on $100bil. big whoop. and it's 17% on his taxable income (not 11% "jarboejl")

Wed, 10/12/2011 - 17:11 | 1767191 Atlas_shrugging
Atlas_shrugging's picture

This guy for president

Wed, 10/12/2011 - 17:16 | 1767207 P Rankmug
P Rankmug's picture

 

The Oracle of Hypocrisy.

Obama negates the rule of law and stiffs the bond holders for the benefit of UAW.

But when it comes to rail unions, Obama intervenes on the side of management/Buffett to prevent a strike.

http://www.reuters.com/article/2011/10/07/us-usa-railroads-obama-idUSTRE7957IB20111007 

Talks between 11 unions representing more than 80,000 workers and a group overseeing negotiations for CSX Corp, Norfolk Southern, Union Pacific and Burlington Northern Santa Fe -- owned by Warren Buffett's Berkshire Hathaway Inc -- faltered in September. 

More than two dozen smaller railroads are also involved in the negotiations and a strike could have begun on Friday if the White House had not acted. 

Wed, 10/12/2011 - 22:24 | 1768154 LetThemEatRand
LetThemEatRand's picture

Which rule of law did he violate in favor of the UAW?  I don't agree with what he did, but I am not aware of any law that was broken.  Enlighten me.  

Wed, 10/12/2011 - 17:15 | 1767208 HUGE_Gamma
HUGE_Gamma's picture

He wants to pay more taxes.. write a check and ship it to the DOD

Wed, 10/12/2011 - 18:35 | 1767567 Hephasteus
Hephasteus's picture

People still don't get it. Money MEANS NOTHING. All it is is permission to get your needs taken care of for doing what someone else wants.  He cares about how many thousands of gallons of orange juice and hundreds of dozens or croisant to order for the next shareholder meeting. If you give the government twice as much money they will pay sick fucks twice as much to poison the population and develope weapons of mass destruction. Money doesn't mean one damn thing until someone who wants to serve something takes it to work towards a goal.

The only way to decentralize the system is for armed robbery to become mega popular.

Wed, 10/12/2011 - 18:43 | 1767599 DosZap
DosZap's picture

Hephasteus ,

And right you are.

Two scenarios, commit questionable manslaughter/murder.

Get manslaughter uno,maybe 7yrs, w/good behaviour.

Steal $10,000.00 from ANY FDIC Treserve,and you will get 20yrs......................no parole,no good time off.

Shows exactly where our gubs priorities lie.

Thu, 10/13/2011 - 00:11 | 1768402 knukles
knukles's picture

While Fed agencies investigate celebrity hacking.....

Wed, 10/12/2011 - 17:16 | 1767209 Long-John-Silver
Long-John-Silver's picture

lets give old Uncle Warren what he wants. Pass a one time tax on Warren Buffett of 99% of everything he owns. He would still be a millionaire after that tax. That should make him feel much better.

Wed, 10/12/2011 - 17:16 | 1767211 swissaustrian
swissaustrian's picture

Bad tax attorneys... 11% is way too high

Wed, 10/12/2011 - 22:29 | 1768168 LetThemEatRand
LetThemEatRand's picture

My guess is that the tax attorneys are fucking brilliant for figuring out a way to make it appear that he pays 11%, and not 3 or 4%.

Wed, 10/12/2011 - 23:28 | 1768309 DOT
DOT's picture

You have solved it!

Warren sez, No tax returns for you!

Wed, 10/12/2011 - 17:17 | 1767213 faustian bargain
faustian bargain's picture

Buffett's a buffoon.

Wed, 10/12/2011 - 17:28 | 1767214 Syd
Syd's picture

The taxes papa Buffett pays within Berkshire Hathaway for his portion of dividend income taken from the company needs to be disclosed as well to get his real tax rate. I doubt his real tax rate is that low. If he proved all of that income was wages, not dividends I would believe him. He just fails to discuss how much dividend tax Berkshire pays on his behalf.

Edit: I see that Berkshire doesn't pay a dividend. However, I would assume Buffett has more that just his investment in BH personally. He can distort the tax he pays on his 1040 easily by having ownership in other companies.

Thu, 10/13/2011 - 08:31 | 1768912 mr_sandman
mr_sandman's picture

It wouldn't matter, because qualified dividends are taxed at 15% max rate since 2003.

Wed, 10/12/2011 - 17:20 | 1767229 blunderdog
blunderdog's picture

Yeah, but seriously--it's not like you can increase the amount Buffett pays, anyway.  That'd be class warfare.  He has to pay at a lower rate because the rich folks already pay the majority of the income taxes.  It wouldn't be fair to expect a similar effective rate. 

Probably I'd maybe say we shouldn't even require the rich to file, because it takes away from the time they'd normally be creating jobs.  Even just drafting up that letter he sent to that Senate guy probably prevented some jobs from being created.

Wed, 10/12/2011 - 17:20 | 1767232 end da fed
end da fed's picture

Now if Congressman Huelskamp could only coax Buffett's secratary to disclose hers...

Wed, 10/12/2011 - 21:40 | 1768075 brew
brew's picture

hers what?

Wed, 10/12/2011 - 17:33 | 1767263 ALPO
ALPO's picture

I think it is immoral for the government (Federal, State, and Local combined) to take more than 10% of anyone's income.  Warren paid 11% - more than his fair share.

The issue isn't that "the rich" should be paying a greater percent, the issue is that many of the rest of us should be paying less.

Nothing here that a 10% Federal flat tax (with 100% deduction for State and Local taxes paid) wouldn't solve.

 

Wed, 10/12/2011 - 17:35 | 1767307 Beam Me Up Scotty
Beam Me Up Scotty's picture

"the issue is that many of the rest of us should be paying less."......

You mean like the bottom 50% who pay NO federal income tax right now?  Or how about those that not only dont pay any federal income tax, but get an earned income credit--they pay NEGATIVE tax?!?

Wed, 10/12/2011 - 18:24 | 1767514 bogey4
bogey4's picture

"... but get an earned income credit..."

THANK YOU Ronald Reagan!

 

Thu, 10/13/2011 - 01:54 | 1768576 IrritableBowels
IrritableBowels's picture

Hard to pay taxes with no income...

Wed, 10/12/2011 - 17:27 | 1767270 faustian bargain
faustian bargain's picture

It would be kindof interesting to see how he avoids paying the standard tax rate. Where is it exactly that the government is incentivizing him to spend money, in order to lower his tax bill?

Maybe he's donating a bunch of clothes to Goodwill.

Wed, 10/12/2011 - 18:03 | 1767421 jcaz
jcaz's picture

Pretty simple, actually-  he cashes in capital gains,  doesn't really make an INCOME. 

Amazing how few people understand this-  maybe everyone uses H&R Block.....

Wed, 10/12/2011 - 18:03 | 1767422 jcaz
jcaz's picture

Pretty simple, actually-  he cashes in capital gains,  doesn't really make an INCOME. 

Amazing how few people understand this-  maybe everyone uses H&R Block.....

Wed, 10/12/2011 - 18:37 | 1767580 Hephasteus
Hephasteus's picture

You guys still don't freaking get it. He doesn't EARN an income. He has the fed HFT stocks for him who then put it on the federal debt balance sheet.

Wed, 10/12/2011 - 17:31 | 1767284 Catullus
Catullus's picture

AND even if you raise his INCOME TAXES to 90%, he still has $40billion in wealth.  Income taxes tax production, not wealth already accumulated.  Taxing income just prevents productive people from becoming rich.

Wed, 10/12/2011 - 17:31 | 1767285 Beam Me Up Scotty
Beam Me Up Scotty's picture

Since when do married couples making $250,000/year = millionaires and billionaires?  How come every time raising taxes on millionaires comes up, it includes people only making $250k?? 

Also, a big fuck you to you Warren.  If you think you are undertaxed, write out a check to the US Treasury.  You don't need to wait for a law to be passed.

Wed, 10/12/2011 - 17:32 | 1767289 gwar5
gwar5's picture

Now if Buffett will just kindly pay the $1 Billion his company owes the IRS we can move on to Oprah who makes $400 million/ year since she does not sit on huge unrealized capital gains.

And, while we're inspecting anal orifices, what does George Soros make?  And why do these people have foundations to avoid giving all their money to their beloved government after they die and become worm food? Isn't that just an admission that they really don't trust government either and that it's a stupid misallocation to give money to the beast with two hands in your pockets already?

 

 

Wed, 10/12/2011 - 17:38 | 1767323 Deadpool
Deadpool's picture

what would Jesus make?

Wed, 10/12/2011 - 17:52 | 1767374 Gene Parmesan
Gene Parmesan's picture

Counting the endorsement deals?

Wed, 10/12/2011 - 21:17 | 1768031 prains
prains's picture

what would Jesus make?

 

bread and wine

Wed, 10/12/2011 - 23:31 | 1768317 DOT
DOT's picture

Nothing. As a carpenter,in this economy, he would be unemployed.

Thu, 10/13/2011 - 00:07 | 1768396 Willzyx
Willzyx's picture

Unless he was an illegal immigrant

Fri, 10/14/2011 - 02:57 | 1772610 LudwigVon
LudwigVon's picture

Next? LFTR's

Wed, 10/12/2011 - 18:25 | 1767520 NotApplicable
NotApplicable's picture

Trust government? Why of course, they do. They own it!

What they don't want to do is to fund it. That is for the little people.

Their foundations work to ensure their ownership, tax-free. Look into their history and you'll see they came into vogue right at the same time as the income tax.

Wed, 10/12/2011 - 17:32 | 1767292 medicalstudent
medicalstudent's picture

what is the factual diffrence between income and taxable income?

Wed, 10/12/2011 - 17:37 | 1767316 Deadpool
Deadpool's picture

not all income is taxable. interest earned on municipal bonds, for example, is federal tax free to the earner. Income earned from a job is taxable after the first $15,000 at a progressive rate plus social security and medicare deductions.

Wed, 10/12/2011 - 21:14 | 1768022 UP Forester
UP Forester's picture

The bigger question is what is income and what are wages?

As I see it, income is earned proceeds off of interest of deposits, capital gains off of investments like stocks and most bonds and housing and such.

Wages are what you earn in trade for your time, based on skill and experience.

 

So, basically, the income tax has been corrupted into an income and wage tax, and .gov is taxing our lives.  In other words, legitimizing slavery/feudalism.

Wed, 10/12/2011 - 17:34 | 1767306 jballz
jballz's picture

I wrote several letters to Berkshire requesting that Mr. Buffett's secretary do the honorable thing and show us her tits. So far this has not occurred.

Proof positive this is all myth: There are no girls in the tax reform debate.

"Ms." secretary, gtfo!

Wed, 10/12/2011 - 17:37 | 1767313 Seasmoke
Seasmoke's picture

now i understand why his secretary pays a higher tax rate than he does.......someone get Becky Quick

Wed, 10/12/2011 - 17:37 | 1767315 tinfoilhat
tinfoilhat's picture

Nice $23M deduction right off the top for a guy who complains about not paying enough taxes.

With all the shit he's been stirring, I'm a little surprised nobody in Congress has proposed a Buffett tax... i.e. one that only applies to guys from Omaha named Buffett. I think 95% of all income and 50% of all net worth per year should do the trick. Not only that, they should make the law retroactive (hey Clinton did it first!) for all his income over the last 30 years.

What would his net worth be now if over the last 30 years he had paid the taxes for which he's now clamoring? That fucker knows the effect of compounding. Assbag hypocrite.

Wed, 10/12/2011 - 17:38 | 1767319 SkySavage
SkySavage's picture

If Buffett paid around $6.9 million in taxes, running the calculations backwards gives a line 55 value of around $19.9 million (filing jointly), which means that somehow he manages to find almost $20 million in credits.

Foreign tax credits perhaps?  Not much else that could account for such a large decrease in taxable income. 

Wed, 10/12/2011 - 18:09 | 1767442 Montgomery Burns
Montgomery Burns's picture

No shit. I need a new accountant.

Wed, 10/12/2011 - 17:58 | 1767372 NuYawkFrankie
NuYawkFrankie's picture

 

 

A phoney ol' phart called Buffet

Said there was no money - So cut-it!

But when tax time came round

He could never be found

But took-off with the loot and said Fukket!

Wed, 10/12/2011 - 17:57 | 1767392 rufusleaking
rufusleaking's picture

I think we should ask Mr. Buffet what he thinks about a reto-active tax.  Now that would be fair.  Kind of what they did with the LLC's years ago.  

Wed, 10/12/2011 - 18:01 | 1767397 Dark Space
Dark Space's picture

I just got my 2010 taxes completed and I'm in the $60k-$1mm range he mentions (much closer to $60k, but low six figures). Results:

  1. Federal+payroll+State tax  divided by total income (before deductions, slightly ) = 11%, 13% after deductions - so eat it!
  2. If you add in all the other non-income (i.e. sales, property, licenses, etc.) taxes it's another 10-20% of my income went to some taxing authority in 2010
  3. Number of pages in return = 135 total pages - this is ridculous
  4. Number of hours I spent on return = >16 (Even at my meager income, my 16 hours could have been used more efficiently producing value)
  5. Number of hours my assistant spent helping me organize stuff because I'm both unorganized and busy = >20
  6. Dollars spent on tax preparation for just me = $1,400 
  7. Total dollars spent on tax preparation including on LLCs, etc. = $10,000

I'd rather just pay a flat tax and get my time and money back I paid to the data-entry specialist CPA. The flat tax would have the added benefit of allowing me to make charitable donations and by appliances and windows without wondering what the tax credit will be, and if its better or worse to defer the decision to a later year when the tax benefit is better. Instead of investing in a natural gas well this year (2011, not 2010 - but I'm hoping to work that 13% down lower) to take advantage of the resulting tax break before it gets thrown out, I could invest more money in my business and hire two more employees. I don't mind paying taxes - I don't like how much of my time (which I consider precious, although you may not have the same appreciation for my time) money (to pay CPAs) and effort goes into feeding a system that produces nothing of value. And he needs to stop saying that he pays less taxes than his secretary implying his tax rate is too low - he obviously pays millions more in taxes than her, her tax rate is probably too low, and the tax code is likely too confusing for her to comprehend (because its too complicated for my CPA to comprehend) the loopholes and deductions that she could be taking to lower her rate even further. I'm going to burn Snowball before this is over - I've lost all respect for Warren.

 

Wed, 10/12/2011 - 18:04 | 1767425 rawsienna
rawsienna's picture

Lost respect for the guy when he defended his number 2 guy after he clearly traded on INSIDE information.  Anyone else would be in jail. As far as his taxes are concerned, if he wants to raise capital gains tax for the wealthy just say so.  Don't mislead the nation into thinking that anyone who earns 250k or greater pays just 17% in federal taxes.  Here In NYC, we pay close to 50% on income when all is said and done. So stop the bullshit Mr Buffet.

Wed, 10/12/2011 - 18:05 | 1767430 Absalon
Absalon's picture

Tim Huelskamp demonstrates that he is an idiot who really does not understand the tax code.

 

I'm with Buffett on this one.

Wed, 10/12/2011 - 18:06 | 1767437 Yen Cross
Yen Cross's picture

 Can we get a statement from the , " Hushed up Buffett" , family?

Wed, 10/12/2011 - 18:09 | 1767443 jcaz
jcaz's picture

Yep- even on this board, it's amazing how few understand the difference between INCOME and CAPITAL GAINS;

Probably because they have no clue as to what capital gains are, lol.

Wed, 10/12/2011 - 21:16 | 1768027 UP Forester
UP Forester's picture

Or between income and wages.  Asshat.

Wed, 10/12/2011 - 18:09 | 1767444 jcaz
jcaz's picture

Yep- even on this board, it's amazing how few understand the difference between INCOME and CAPITAL GAINS;

Probably because they have no clue as to what capital gains are, lol.

Wed, 10/12/2011 - 19:56 | 1767808 wisefool
wisefool's picture

We may not be as sophisticated as you want us to be. But the Distinction between Cap Gains and Income is lost uder the current system. We dont have sound money, so the brightline rule you are making is false. Case in point

Paul Krugman holds a nobel prize in econmics, and was a member of the Enron organization, looking back he said his role (wiki)

"had no function that I was aware of", and that he later interpreted his role as being "just another brick in the wall" Enron used to build an image

So what I ask of you jcaz, in the current tax code/fed paridigm, is ...

Are capitol gains because you know somebody -- equivilent to -- income because you produced something? I am all for dudes like Marc Faber, ZH darling to make money cause he is smart about how to allocate capitol, but when he spends his money on his "girlfreinds" he needs to be taxed on that consumption.

Wed, 10/12/2011 - 18:10 | 1767453 Hedge Fund of One
Hedge Fund of One's picture

The comments wondering/speculating on how Buffett might have gotten to tax rate of 11% of taxable income on his return are exactly why Buffett should release his tax return if he really wants to make his point. 

If he really wants to lead the other millionaires & billionaires in a movement, then why does he wait for them to join him before writing his check or releasing his tax return?

Wed, 10/12/2011 - 18:11 | 1767461 ThisIsBob
ThisIsBob's picture

You hens crack me up.  Liberty (remember that novel concept?) is designed to afford the opportunitry to do anything you want and can, long as you don't break laws.

Which is just what that randy old goat has done.

Loosers!

 

 

 

Wed, 10/12/2011 - 18:21 | 1767497 bxy
bxy's picture

It is not the taxes....it is the hypocricy, you jackass.

Wed, 10/12/2011 - 18:23 | 1767507 bxy
bxy's picture

Maybe a hypocritical old man could pay a billion in back corporate taxes before he spouts off to anyone.....He has become a phony establishment shill.....It is pathetic.

Wed, 10/12/2011 - 18:25 | 1767524 DosZap
DosZap's picture

Cool Beans, he paid  the same percentage in taxes as I did,after write off's(and I have precious few).

Tad over 10% of Gross.

Wed, 10/12/2011 - 18:30 | 1767543 snark
snark's picture

Not sure really...but doesn't the $62 million come from a gross of corporate profits of about $95 million (taxed at 35%) - meaning there was $33 Million more taxes paid? 

Or am I making this up?

Wed, 10/12/2011 - 18:32 | 1767560 Yen Cross
Yen Cross's picture

Those charitable trusts, seem to work well. " Snark".

Wed, 10/12/2011 - 18:36 | 1767570 wisefool
wisefool's picture

This is always the ruination of every civilization. It is just going to happen faster this time because we have both keynsianism with an absurd tax code. Anyone who saw the USA Rebublican debate last night should understand the mental condition of somebody who is proud to call themselves a tax attorney. I do not begrudge the typical IRS agent or your local H&R Block shop any more than I do a used car salesman or a protologist. You gotta earn a living somehow.

Quick points

  • Michelle Bachmann is the perfect example of a zealot who uses the tax code to control people, but it is obvious from her capmaign performance she has deep seeded mental issues and should not be writing or litigating tax law.
  • Same with Santorum, he says we need morality, not government, but wants to keep the 60,000 page tax code. and bomb the shit out of brown people. He'll change his tune on the tax code when gay peolple start filing jointly.
  • Warren Buffet and Bill Gates were born to very politically connected families and did the "smart" thing unlike bachman and got the tax code twisted to make enourmous secular wealth, instead of parochial control. Now that they have pulled it off, they are basically admitting that they the rode her (the USA) hard and put her away wet, but are now giving the next generation a heads up. We can now nursemaid the animal overnight and take it to the Vet in the morning, or the country is doomed. Thanks Uncle Warren and Bill!
  • Timmothy Giethner has worked on both sides of the system that Herman Cain correctly identified is a broken fulcrum. The man
    • printed money as FRB NY Govenor, 
    • used turbo tax instead of a $150 tax service, 
    • and is now incharge of the IRS.
    • I am not sure how the World Bank Fits into the story, but the intrepet folks on the interwebs can figure it out.
  • The King of America, Elvis Presly bragged about how much he paid in taxes, cause unlike everyone above, he was competent and able to earn the money nessecary to live the life he chose. I'll Bet Bachmann & Buffet would not say a bad thing about Elvis. They would bow their heads in shame.

Vote for Cain or Paul. Hold your nose if you have to. Anything else and we are fubar'ed. Keynes would not approve of the system we have now. Simple taxation or sound money. If you have one, the other usually follows.

Wed, 10/12/2011 - 18:51 | 1767623 DosZap
DosZap's picture

wisefool,

while there are things  I like about Cain,he's OUT as a choice for me.

Precisely because he is a part of the beast, he was in the bowels.Plus he knows nothing about taxes.......or what is ,or should be taxed.

That leaves Paul.....................................and Obama re-elected.

Wed, 10/12/2011 - 19:37 | 1767769 blunderdog
blunderdog's picture

Yeah, but the President can't rewrite the tax code. 

Wed, 10/12/2011 - 20:10 | 1767849 wisefool
wisefool's picture

Serious question, who can? Is it even possible?

Wed, 10/12/2011 - 23:39 | 1767590 Bob Sacamano
Bob Sacamano's picture

Assuming the $62.9 million of Buffet's income is primarily dividend income (and maybe capital gains to a lesser extent), then the corporation(s) that generated those profits likely already paid $41.9 million of taxes (35% federal plus say 5% state taxes) ---  meaning $104.8 mill of pre-tax corporate income is needed to generate $62.9 mill of after-tax income that could be distributed to shareholders. 

So the total federal income taxes paid by the company and by its shareholder is $6.9 million (Buffet's individual tax) plus $41.9 million (corporate taxes paid) = $48.8 million of total tax or 46.6% of it $104.8 mill of pre-tax income.  So the income is sufficiently taxed and far exceeds whatever the secretary's average effective federal income tax might be (which is certainly less than 20% and likely less than 15%).  MSM's biased simple analysis ignores the fact that capital pays federal income tax twice and wages only pays federal income tax once.

Regardless, Buffet is a fraud.  He goes to great lengths personally and corporately to avoid paying taxes and then whines about not paying enough (and explicitly agreeing to be BHO's poster boy).  He never feels strongly enough about paying more to the government to actually write an additional check to the US Treasury (it is tax deductible Warren!).  He is a massive hypocrite.  Pathetic "leader."

If they insist on having the "rich" pay more taxes, the simple solution is to raise tax rates on capital gains and dividends to say 35%.  It seems that is what the Occupy folks are really looking for -- punishing capital. 

So go ahead and double tax rates on dividends and capital gains.  It will accelerate the market crash so many here pine for and will guarantee BHO has more free time in 2013....

Thu, 10/13/2011 - 08:43 | 1768932 mr_sandman
mr_sandman's picture

The cap-gains rate was over 2.5 times what it is now during the 90s.  I think all taxes should be lower, but your argument for why the tax structure shouldn't be adjusted is pretty ridiculous.  It's the kind of financial terrorism we have learned to expect from Wall Street: "Don't you DARE try to fix this bubble or we'll bring the pain!!!"

 

"It seems that is what the Occupy folks are really looking for -- punishing capital."

So, what, everyone else is for -- punishing labor?  People who own things should just have to pay less effective tax than people who work for an income?

Your argument also ignores that the vast majority of the S&P 500 doesn't pay anywhere near the corporate tax rate (except for those evil, evil oil companies which pay an actual 42%....).  If a company is a financial holding company, they pay the bulk of that pre-tax on the income under carried interest.... which is 15%.

Thu, 10/13/2011 - 10:45 | 1769449 Bob Sacamano
Bob Sacamano's picture

I didn't say the tax structure should not be adjusted nor am I in favor of punishing labor.  Increasing capital gains and divdend tax rates to say 35% is the clearest solution to the rants against "fat cat millionaires and billionaires" not paying enough and would get Buffet to pay the level of taxes he desires (still not sure why he just does not send in the amount he wants to pay -- it's absurd).  Just seems one might want to think about the consequences of doing such (and how to prosper from such). 

Not sure if you want to equalize the punishment of capital and labor by doubling the capital gains and dividend income rates OR by lowering "all taxes" by cutting federal income tax rates across the board (on earned income).  You seem to be in favor of both, but I will support either.  Which one would you like?  Then we can all position our bets in the market accordingly. 

Wed, 10/12/2011 - 18:44 | 1767604 tmftdoyle
tmftdoyle's picture

in the word's of barack obummer, "now look"; why is the economic thug from omaha all lathered up about raising taxes on those fortunate enough to work hard and get paid well for their labor? thee answer is easy: the man is the poster child for being long the status quo and the only way to preserve said status quo is to fck those in the early stages of working their way to the life that said skumbag enjoys currently. basically, his position is "i got here before you, therefore i can fck you". was there were ever a man more deserving of tar and feathers!

Wed, 10/12/2011 - 18:47 | 1767616 azzhatter
azzhatter's picture

Can Uncle Warren claim Squicky's baby as a dependent for 2011?

Wed, 10/12/2011 - 19:17 | 1767704 wisefool
wisefool's picture

Snarc: Ah yes, the old govenator trick.

"SHES NOT THE MOTHER OF MY CHILD, THAT IS AWSO NOT MY WIFE. SHE IS A HOUSHOULD REMPROREE"

Arnold Swartzenegger, LLM Tax, govenor of Cal-e-forn-e-a

Wed, 10/12/2011 - 19:11 | 1767678 JLee2027
JLee2027's picture

Too funny. All of bathtub Warren's chickens are coming home to roost.

Wed, 10/12/2011 - 19:11 | 1767679 DosZap
DosZap's picture

Oh,darn.....................................

Buffet Buddy.....................still in arrears.

http://www.humanevents.com/article.php?id=45889

Wed, 10/12/2011 - 19:18 | 1767709 Lord Welligton
Lord Welligton's picture

Kansas Congressman Tim Huelskamp

Did anyone tell Tim we're not in Kansas anymore?

Wed, 10/12/2011 - 20:11 | 1767850 Justaman
Justaman's picture

Why do we pump up these men as demigods?  Never understood the fascination with WB.  Sure, he could pick stocks in the day when stockpicking was a true profession where fundamentals mattered.  But now he has to buy back stock because he doesn't have any ideas on how to invest his billions?  What a management troll.  Real American ingenuity there. 

Wed, 10/12/2011 - 20:23 | 1767883 wisefool
wisefool's picture

You mean the ingenuity like Solyndra? It really is about the tax code, and I do think TPTB are going to let Herman Cain have a run at it for that reason. He could beat Obama. Romney will get taken to Poli-Sci school in a general election vs. Obama. Even the most sadistic partisans (Democrats and republicans, liberal v. conservative)  dont want to kill the host they suck from.

Wed, 10/12/2011 - 20:39 | 1767922 afdestruction
afdestruction's picture

For every one of you whining about how little he paid in taxes, I have to ask: How much do you spend yearly on tax education, consultants, top-rate CPA's etc? Do you not realize that the majority of the tax code provides a built in stimulus to get people to invest in things like business, oil, and housing?

Why don't you spend some time on your education before bitching about somebody else not paying as much as you because they found the way not to....

Wed, 10/12/2011 - 21:41 | 1768077 wisefool
wisefool's picture

BULLSHIT.

Timmothy Geithner told bloomberg in the preamble coverage that he "did not have time to watch the republican debate last night because he was going to be too busy governing."

You are the uneducated one. Timmy went to dartmouth the site of the debate. what backwater school did you go to?

Thu, 10/13/2011 - 05:16 | 1768718 UP Forester
UP Forester's picture

I don't know about him, but I went to Michigan Tech, and a 2010 on the GRE led me to realize that college is a joke.

And I only got a 530 on the English part, cuz I speek Yooper, Eh?

Wed, 10/12/2011 - 21:27 | 1768046 HedgeFun
HedgeFun's picture

Identical to my income minus three 0's

Wed, 10/12/2011 - 22:01 | 1768109 Tsunami Wave
Tsunami Wave's picture

I can't tell who's worse anymore.. him or Jimmy Buffet

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