Buffet Owes $1B Yet Wants Others To Pay More

In Classic Liberal style--Buffet calls for others to pay more while his company owes significant Dollars!  If this is not HYPOCRISY, nothing is!

It is Pretty Sad that the Oricle of Omaha, owes money and is fighting the IRS while he insists that others are not doing their fair share.  Time for him and Obama to retire.

Conservative Tom

HOW MUCH IS BUFFETT’S BERKSHIRE HATHAWAY BACK-TAX BILL EXACTLY? ABOUT $1 BILLION

• Posted on August 30, 2011 at 5:57pm by  Tiffany Gabbay
• Print »
• Email »

On Monday, The Blaze reported that Warren Buffett’s company, Berkshire Hathaway, owes back taxes dating to 2002. The news is significant because in a recent op-ed column for the New York Times, Buffett, one of President Obama’s staunchest supporters, stated that, to now, the “super wealthy” have been coddled and deserve to be taxed at an even higher rate than they currently are.

When Buffett made his revelation earlier in the month, most assumed his company was up-t0-date on its taxes. That assumption has turned out to be incorrect, however — and to a substantial degree perhaps.

According to Berkshire’s 2010 annual report, the company has been in a near decade-long struggle with the IRS over its own taxes. Using public documents, a certified public accountant detailed Berkshire’s tax problems to Americans for Limited Government researcher Richard McCarty, revealing the damage could be close to $1 billion. Netright Daily adds:

According to page 56 of the company report, “At December 31, 2010… net unrecognized tax benefits were $1,005 million”, or about $1 billion. McCarty explained, “Unrecognized tax benefits represent the company’s potential future obligation to the IRS and other taxing authorities.  They have to be recorded in the company’s financial statements.”

He added, “The notation means that Berkshire Hathaway’s own auditors have probably said that $1 billion is more likely than not owed to the government.”

$1 billion is not an insignificant chunk of change, even for Buffett, representing about 0.2 percent of the company’s $372 billion in total assets.