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Uncle Warren Unhappy With WSJ Claims He Pays Only 10.5% Tax On BofA Dividend; He Really Is Paying A Whopping 14.175%
Kindly-looking, ukulele strumming, no tax paying, birthday celebrating, grandfather figure Warrenn Buffett is angry...
Omaha, NE (NYSE: BRK.A; BRK.B)—An editorial in today’s Wall Street Journal says that “Berkshire Hathaway will enjoy an effective tax rate of 10.5% on the $300 million in dividends it will receive each year from Bank of America.” That statement is incorrect.
Virtually all of the stocks that Berkshire owns are held in its property-casualty subsidiaries, and that will be the case with the Bank of America preferred.
The tax treatment for dividends paid by U.S. corporations to property-casualty insurance companies was materially changed by a law passed in 1986. The changes were described in detail in the chairman’s letter included in Berkshire’s 1986 annual report.
A minor change in rate was made in 1993. Since that time dividends that insurers receive from U.S. companies incur an effective tax rate of 14.175%. For Berkshire, that rate will apply to dividends it receives from Bank of America.
Well... glad we cleared that up.
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Warren Buffett is a sickening hipocrite and I really don't like to hate on people.
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A Perfect Mirror Of American UpperClass Unbounded Greed ...
Blood sucking Warren Buffet expecting a profit from banker bailouts. He pays alot less than that, he is GETTING taxpayer money. I hope they fukc him over. BAC will bring all these bastards down with it, once they realize there aint enough taxpayer revenue to bail out BAC, let alone anyone else...
Wow, wouldnt that be a bitch if everyone took out huge loans, bought physical gold, defaulted those loans, shorted banks, hoarded guns and ammo, and stopped paying taxes?
Do your part to save america.
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Drive GOLD to $35,000 and bring Bluffet Et AL Keynesian Elitists All down ...
Well if we only raised taxes on the rich then this wouldn't be a problem. Oh wait... Warren Buffet thinks they already pay enough taxes as it is?
I am very happy to see Warren Buffett being dragged into the mud. He's about to lose 5 billion because he wanted Becky Quick's ass. I mean I want Becky Quick's ass, but I'm not going to pay $5 billion for it.
http://azizonomics.com/2011/08/26/warren-buffett-credit-anstalt/
When Warrens back-taxes issue surfaced yesterday story went on to state that his Geico Insurance Co. iis in fact an acronym for Government. Employee. Insurance. Company.
The "Oracle" is in fact nothing more than a evil stooge for government to transfer citizens wealth back to them.
To me, the true measure of a man is decided by the direct correlation of the amount of people who want to piss on his grave at his death.
Yep. Bloodsuckers. A low tax rate for the super-rich, and a high tax rate for the working serfs.
And Warren gets a phone call with the President first, just to make sure his investment is protected by taxpayers. It's easy to make money like that.
And Warren thinks serfs are silly for owning gold & silver. Not everyone can buy companies, or invest on preferred terms with banks for low taxes and a guarantee from the President. - Go ahead and own common stock in BoA, Warren. I double dog dare you.
This last decade the silver WEB sold outperformed BRK/A 17x, and the AAPL WEB did not buy outperformed BRK/A 79x
http://stockcharts.com/freecharts/perf.html?BRK/A,$SPX,$Silver,AAPL
Doing all that except the loan/default.
Just another crony capitalist, though he didn't used to be.
that is also true.
Power corrupts. Absolute power corrupts absolutely. This is why we must have limited government and enforce individual liberty over central planning.
can we say "fuck warren" here?
just curious.
Yeah, we could, but the beginners need to learn why. It's for their benefit.
Bullshit EscapeKey.
It's only coming out now Warrens true colors.
He's always been a piece of shit.
You were bamboozled by, once again, MSM
He was always portrayed as a latter day "Midas"
And we foolishly believed that.
I miss the good old days when foreign investors could personally meet Warren'n'Charlie at a special session of the Annual Shareholder Conference for Berkshire Hathaway, before heading off to Piccolo Pete's to discuss foreign investment opportunities with good 'ol' Warren over shakes and burgers. Those were fine occasions. Now Warren has to sink his money into Bank of America for a lousy $300,000,000 dividend--it is a sign of the times that Warren is either a.) out of ideas or b.) the global economy has no better opportunities for him to make money. When are Geithner/Bernanke/Obama going to put the ship back on course for Warren 'n' Charlie? Or will they just have to "suck it up" until they retire and go to the old folks home?
It IS on course for Warren and Charlie. They get to front run major deals/bailouts, and the risk is handed to the taxpayer/thrifty middle class saver.
Bravo
Because that is exactly what that bloated ugly scumbag did with BAC
Yes, I know that ;-)
Tyler -- heading addendum: "The $ 40,000-a-plate-Obama-fundraiser-just-before-the-Bank-of-America-'We do-not-need-to-raise-capital'-capital-injecting-rub-a-dub-dubbing-does-his-dealmaking-in the tub" Warren E. Buffett.
THis hippocrite oligarch motherfucker pays bribes to the government to explicitly excuse his company from taxes while using his media connections to lobby for higher taxes on "rich" families making 150k/year. 7th ring of hell reserved for scumbags like this.
He also knows better, his dad knew what the federal reserve and our monetary system were designed to do(rape the middle classes and the nouveu rich who hope to challenge the oligarchs one day).
THe education system was designed to dumb down the lower 90% so as they become programmed useful idiots who are dependent on the government and the oligarch. The combination of the oligarch and the dumbed down masses were hoped to "build a moat" around the oligarch. This is Warren Buffets plan when he looks at investments...can he get the government to build a moat for his busines to keep out competition.
Warren u are going down.
Where do I sign up to have 5bp deposited in my savings account? I mean, who would really miss it?
Too much hate around here people....but does he really pay taxes!!!???
There is no such thing where WB is concerned. The man is a master criminal, and has done his utmost to destroy the economy, freedom and social stability by aiding and abetting the racket run by the other criminals in DC.
I can only hope he lives long enough to have to face up to it publicly. Him and his ilk are the most anti-human force on the planet.
NAW, I'm cool with him just dropping dead and not taking it with him...
Except that 'it' will still oppress us via all of the various "philanthropies" he funds. Just like with Cecil Rhodes, death will not hinder his ability to destroy, but rather it will allow all of his energies to form a single point of focus.
Indeed, if you strike him down, he shall become more powerful than you could possibly imagine.
Does it really matter if he pays taxes? If he paid 50%, it wouldn't affect him. If we had to pay 50%, we would be starving. That's why he says taxes should be higher. Pure evil
Is Warren Buffet Kramer"s father?
They both lose money for their followers.
bubble bath tarrifs, bitchez!
nope he's luke skywalkers uncle
so rumors in the MSM are starting to spread that Obama may finally get around to doing something about all of those underwater mortgages and provide relief, by forcing bank to re-calculate the loans and write down some of them for losses. anyone else think this is a bunch of bologna? anyway, is this the fed's/treasury new version of stimulus? they've tried helping the banks in every which way conceivable all to no avail, so perhaps by helping some of main street, the economy might see a boost? i don't know that even this will work.
Its exactly what I would expect from a marxist hell bent on "social justice". I'm not sure how I see how this would help the banks though. It would be good for banks to get it off their books but who takes the loss? The taxpayer? banks would go bust if they had to take the loss themselves. Just look at BAC.
Yeah, sure, no doubt it will involve a 0.001% relief on mortgages, twice the maturity at slightly lower monthly rates, all backed "by the taxpayer" (and inflation theft), thereby allowing the banks to sell their phony mark-to-unicorn MBS'es to the... taxpayer - at full price.
Isn't it awesome how the class which will bear the brunt of the bailout, will also bear the future risk? By awesome, I meant for the kleptocratic elite.
And all of those refis will of couse clear up the clouded note, thus giving the banks the leverage they need to foreclose when the time comes.
So banks will pay a little, get 10-20 more years of interest, and have all those pesky impeded mortgages go away.
That is why WF wanted me to refi so damn much, as they know they severed the security interest in my house.
pods
I just can't wait until the government owns all the housing stock and rents it back to us at a fair price.
There is a school of thought that this in fact is already the case.
pods
Last I heard it was only 96%, so they've still got some work to do.
That's only if you think rising property taxes are "reasonable" in times when everyone else has to belt-tighten. Even those of us who aren't in that debt game and just own outright.
So, a bunch of people get po'd and go down to the county courthouse in my tiny county, to protest that though their valuations are all down, their taxes aren't, and demand a re assessment. County says fine -- reassess, now we just raise the rates, FU, citizens.
At what point do we realize we outnumber them. It's like the plane hijack situation. Yeah, the first guy in the rush to disarm the hijacker probably gets it, but if we all do the rush, we get the bad guy for certain. Ahh, the governments insure we don't and can't trust one another in the clutch, so we wisely (!) choose not to try and just take it. I get it.
I'm of that school pods.
I believe that the rumors are Barry will propose that all homeowners can re-finance at today's lower rates (particularly those who are underwater or would not otherwise qualify to re-fi). This is NOT for the benifit of the home owners, it's for the banksters! This will allow them to continue to carry those mortgages on their balance sheets as performing assets. For the homeowner, it's more like "hey, we'll give you more time to pay us back for the inflated mortgage that you have on the house that is losing xx% per year in equity"
you r correct. The banks lose when people squat for 8 months...sell the copper and appliances...stop maintenence and then leave the keys for the bankers....take all the savings and put it into gold and silver.
The bankers will try to stop it with various schemes designed to look average joes.
They are trying to do something, but it's actually a cover to fix the MERS mess.
Bingo. This is the reason.
(sorry if I like jumped you above, escapekey's argument made me think of it)
pods
real men never apologize
Define real man.
Someone who never apologizes.
oops..., sorry. I was gonna post that, but you beat me to it.
No, he deferrs them to 10 years forward. After 10 years...
Stuffit Buffit.......
Fuck Unka Warren. Where's Kevorkian when ya need him?
Kevorkian is where I wish Warren was...
I really really really hope to still be alive and somewhat still "young" to either watch or even be part of what's going to shake this country off it's rotten foundations!!! I don't see any other way but the violent one! Anything else would be just plain pittyfull!
I thought uncle B wanted everyone over 1 million worth pay more taxes. How about he pays 1/2 of his worth first, then we start talking.
Lead by example??....I don't think so....He's all BS just like the monkeys he is backing.....
Private jets don't run on water!
Good old Hugh Hendry, once the rich get rich, they build a moral mote around their wealth. Yeah he gives in "intangible ways", just look at Bank of (we dont need capital but give us $5 bill and spin off that China play) America.
Do not rule out a special Obama tax exemption waiver for Warren. Similar shit has been known to happen.
Obamacare exemptions for unions and corporate cronies
EPA exemptions for GE
Bankruptcy law exemptions for GM
Create a thousand new laws and regulations to be selectively enforced against your enemies and the masses. All your friends and cronies will be exmpt from following the laws. Truly a banana republic
+100
hey, today is uncle warren's birthday, where is the love ????? Quit whinning Warren and write a check..........
BRK has gotten too big for their britchez bitchez.
So who would qualify for a mortgage rewrite? Anyone behind in payments? I can see it coming. Those like myself who continue to make payments dispite hardships will get crabs and ice water.
so what are you waiting for........no guts to take a stand or just like to complain ?
What's he supposed to do, start killing people?
The only hints I've heard have to do with adjusting the interest rate. It's not clear that principal adjustments would be part of the final program. (That would be effective, but very very expensive.)
The mechanics of how to actually do the rate adjustments / refis are tricky, though. Past efforts haven't really worked because the servicers and the noteholders (or securitization trustees) aren't willing to spend a lot to do the modifications, and the prior programs have been pretty complex in terms of who is eligible and how you go through the process. They also haven't worked in preventing delinquencies; there's no real evidence that modifying the loan makes delinquency less likely.
Although it might not make Dems happy, if you want the maximum economic impact I think you target the haves, not the have-nots. A refi at current mortgage rates for borrowers not more than 30 days delinquent would be a start. The issue with how you actually do the refi is harder; you can either twist servicers' arms, which has been tried and almost certainly won't work with current accounts, or Fannie / Freddie can buy the mortgages off bank balance sheets / out of SPV's, but to do so they'd probably have to pay well *above* face.
The banks cannot adjust the principal or the interest rate on a a home loan unless they buy back the specific note out of the MBS and put it back on the bank's books. This little rule has been the hold up.
More gas from the Omaha Orifice.
Hey Warren...you fucking toolbag...this is what we finance with the 30% money they extract from us. http://thecivillibertarian.blogspot.com/2011/08/view-and-drool.html
I used to like him but now I hate that bloated, ugly scumbag.
I hate him for different reasons than some of you populists. I hate him for advocating tax increases on people like me just because he is rich.
I ain't rich. I can't afford to be a socialist Obama supporter.
If taxes are such a good idea, why'd he bother to give the billions to the Gates Foundation? If he really meant it, he'd have just allowed the government to tax it from him.
True. A 250K salary in silicon valley and buying a decent house near work will cost more than a million dollar. Add the state/property tax, they do worse than a poor man in Alabama and will have no savings. I don't know where they got the 250K number, it is low.
"The problem with socialism is that it always runs out of other people's money"
- Margaret Thatcher
Yeah, just like Sweden and Norway and Germany....
The problem with Thatcherism is that you run out of loopholes that the bankers can exploit....
Not defending "Thatcherism", but those socialist 'success' stories are not all they're cracked up to be.
http://www.lewrockwell.com/dieteman/dieteman33.html
...and Germany is 'Socialist LiteTM'...a mixed economy just like the US. They just happen to have more successful policies vis-a-vis manufacturing and export.
Yep.... lots of skeletons
From http://culturekitchen.com/mole333/blog/forced_sterilization_in_america_it_inspired_the
There are plenty more links if you don't like this one....
http://en.wikipedia.org/wiki/Compulsory_sterilization
I came out of a devorce sterilized, back in 1988. Maybe I was the last, but I still see the same kind of laws being applied.
Warren Buffet, oh don't you cry for me
Your 14% don't make a dent on my rate of 33
Closet Madonna fan?
You mean Madonna covered "Oh, Susanna"?
I was humming Evita... but I can see your point...
As the smoke begins to clear and the mother of all depressions is well underway, Buffett will be tops on the list of thieves and charletons to be tried by peasants with pitchforks.
Booo fucking hoooooo.
Tax him 100%. Take all of his money. It still won't change the spending habits of Washington.
I have yet to see the rule that forbids Uncle Warren from donating any amount of FRNs to the IRS.
pods
pure and total moral hazard, now the mainstream meme mores - check
And people wonder why this country is so fucked up? What is combined FICA and Medicare for an average schlub?
It is much higher than that for a schlub that clips coupons.
Buffett & Gates make all their money here, pay almost no taxes, then give it all away to charity for Indians & Africans while the average American gets the Tax bill for their Stock Market bailouts for generations to come. Go figure. That Bumfart from Nebraska should know better. He's not as Patriotic nor as smart as most have him pegged for. Great Vulture though. Would'vew made a damn good Shark too....or maybe a Wolf ....in Sheeps clothing. Berkshire should just get rid of the old Coot now, lest I shan't have to listen to his sickening truisms from the Ivory Tower hence longer.
Old rough and ready Nader has been on the MSM lately explaining this. I think it was on MSNBC where they tried to corner him into a global progressive position. paraphrase:
talking head: "But dont you think american corporations, government and leaders have lifted many people around the world out of poverty by giving them our jobs"
Nader: "Sure, but there needs to be limits to american magnimasity. We have taken the wealth of the working people of this country and simply given it away, in a way that will unfairly burden americans for generations to come. It is essentially imposible to unravel NAFTA and the tax code now"
talking head: snark: ".... umm .... but we like to see tribal natives wearing Adidas shirts and Nike shoes when we go on assignment/vacation in exotic locations"
Nader: ... speachless ... "Thanks for letting me interview with you today."
Good. Now that we all agree we hate the scumbag of Omaha what do we do now?
Ok after due consideration, I now agree with Warren Buffett and find myself willing to follow his lead on tax rates.
If he thinks he's not paying enough taxes, then maybe he won't mind paying mine.
Anyone confused about the tax code? It is full of these little "special favors" that no one else gets.
This is how Plutocrats are taking secured creditor PRIVATE ownership positions in PUBLIC entities for a DISCOUNT!
Open your Insured Bankster Savings Account today and eat your cake too:
http://contramanfund.wordpress.com/2011/08/24/the-insured-bankster-savin...
Becky better hop on a plane and plead to Oracle of Omaha Steaks to keep their 'access'.
Oh and Buffett and Gates are not 'saving' the third world. They are trying to destroy it. Anyone that wants to google around a bit can find out what Gates has said about his vaccination program. He's a population reduction eugenics freak. Sterilization anyone?
He's giving that money to save the world based on dogma. The human species doesn't really benefit from it, Instead it gets destroyed...and everyone hails how good the people are that destroy the world.
The world would have been much better off without Bill Gates. It sure would be better off without his foundation. The little bit of good it does, is far overshadowed by what is desired to be done. The delivery mechanism for genocide is in place.
Fuck Bill Gates and Warren Buffett
Remember though, none of this happened until after the DOJ went after him for monopolizing umm... something or other. Which of course, is hilarious on its face, as only government can create monopoly.
Then BillG traveled to DC and decided to "play ball," in order to get the hounds off of his back. I can still remember the trip. Congress (being eternally strapped for funds) treated him like royalty.
Uncle Warren, please post your address so that I may send you my tax bill. If you feel you do not pay enough, then just write a check on my behalf and anyone else willing to send their tax bill to you.
At one time I thought he was one of the honest business men of America. I'm so disappointed in his hypocrisy and his fascist support for Obummer. I have lost ALL respect for him.
Would love to see that drooling wrinkled old flaccid cocksucker get gang raped by bubba in an orange jumpsuit wearing a Becky Squicky mask
The lead in line on this one was hilarious! The comment yesterday about readers having difficulty with extended bullet points had me laughing out loud! Isn't this all supposed to be really serious stuff? It is...I know but some of these lines :) sometimes I guess it is great to be a nobody worth commenting on.
Which illustrates why Uncle Warren is full of shit when he claims that his tax rate is less than his maid's. The dividends are taxed twice before Buffet can pocket any of the gains personally.
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