WARREN BUFFETT SUED BY OBAMA’S IRS… EVEN HE ISN’T SAFE – WAIT UNTIL THEY COME AFTER YOU FOR OBAMA’S SECOND-TERM TAXES AND OBAMACARE

WARREN BUFFETT SUED BY OBAMA’S IRS

By AJ

Obama and his rich pals think you are just another useful idiot like the Occupy (OWS) crowd.

While Obama seeks to enact the “Buffett Rule” to place a higher tax burden on families/small businesses who make $250K per year or more, his Internal Revenue Service (IRS) is suing Warren Buffett.

Obama’s pal just doesn’t want to pay his taxes… but he has no problem stumping for Obama and calling for a higher tax burden on families and small businesses.

“Get this: Uncle Sam is suing Warren Buffett’s company over taxes. Yes, taxes. The US government, in a little-followed case in Ohio, filed a lawsuit this month against a unit of Buffett’s Berkshire Hathaway, seeking $366 million in taxes and penalties. The Berkshire division at the centre of the suit is NetJets, the private-aircraft company that caters to the nation’s wealthiest – the people Buffett says should pay more in taxes.

It is an odd twist that a company controlled by Buffett – perhaps the most outspoken businessman in the country in support of raising taxes on the ‘mega-rich’ – is now in a dispute with the government over his company’s paying too little in taxes.”

But it gets better… Buffett’s NetJets has now filed a lawsuit against the IRS.

“Now, NetJets and its sister division, which have filed their own suit against the IRS, say they “are stuck with a $642 million-plus bill for past taxes the IRS never indicated they were required to collect”.

Obama’s rich friends do not want to pay their taxes, but they want to instill envy in the hearts of the uneducated and sing their “tax the rich” song.

Obama’s pal and Jobs Adviser, Jeffrey Immelt, has benefited since Obama took office through the same tax loopholes that Obama criticizes on the campaign trail. General Electric paid no Taxes in 2009, General Electric Paid No Federal Taxes in 2010.

“…GE’s success at avoiding taxes is nothing short of extraordinary. The company, led by Immelt, earned $14.2 billion in profits in 2010, but it paid not a penny in taxes because the bulk of those profits, some $9 billion, were offshore. In fact, GE got a $3.2 billion tax benefit.”

Before blindly jumping on the “Tax the Rich” bandwagon, people should ask two simple questions:

  1. If Obama makes people pay even more in taxes, will I get some of that money? (Answer = No).
  2. Why are Obama’s millionaire and billionaire friends unwilling to pay more in taxes themselves?

Video:  Patriotic Millionaires Higher Taxes Treasury Department Donation The Daily Caller

Maybe it’s time to rethink the envy that Obama is selling, or at least see it for the BIG LIE that it is.

Video:  Milton Friedman: Why soaking the rich won’t work. Reference:

Private jets, Warren Buffett and tax lawsuit

http://articles.economictimes.indiatimes.com/2012-03-28/news/31249610_1_ticket-tax-tax-battle-first-tax

General Electric paid no Taxes in 2009

http://www.politisite.com/2010/04/12/general-electric-paid-no-taxes-in-2009/

General Electric Paid No Federal Taxes in 2010

http://abcnews.go.com/Politics/general-electric-paid-federal-taxes-2010/story?id=13224558

Obama’s Second-Term Taxes 

By DICK MORRIS  – Published on TheHill.com on April 10, 2012

If Obama is reelected, the tax increase he and a Democratic Congress would impose on middle- and upper-middle-income Americans would be disastrous. It’s easy to lose sight of his tax plans because he has hidden them in a variety of nooks and crannies, including the Simpson-Bowles Commission Report, the Pelosi budget of 2009 and the various tax proposals advanced by his party. But, should he win, they will all come out of hiding, and together, they will be the principal legislative thrust of his efforts in 2013.

For a couple making $250,000, these tax hikes would add another $3,000 to $4,000 a month in taxes (depending on whether they were self-employed).

For a couple making $150,000, they would add another $1,200 to $1,400 per month.
Let’s all realize that Obama let a massive deficit accumulate precisely because he realized that doing so gave him the leverage he would need to raise taxes and increase, permanently, the size of government in America. Reagan let the deficit pile up so liberals couldn’t spend more money. Obama did so in order to make conservatives vote for higher taxes.

How will he tax us? Let us count the ways:

• Most basic, of course, will be an increase in tax rates. Those paying 33 percent will now pay 36 percent. People paying 35 percent will now pay 40 percent. Most people accept and expect that Obama will raise these brackets if he is reelected. But they don’t realize what else he will do.

• As he advocated in the 2008 campaign, he will eliminate the ceiling on wages that must be taxed for Social Security. Currently, wages are taxed at 6.2 percent (now, temporarily, at 4.2 percent) up to a ceiling about $100,000 per year in income. The ceiling rises with the cost of living. But Obama will eliminate the ceiling and subject all wages to FICA taxation. (In his campaign, he spoke of a “carve-out” for those making between $100,000 and $200,000, where income would be exempt from FICA, but don’t count on it.) For those who are employed, the increase in FICA taxes will mean an effective increase in their tax bracket of 6.2 percentage points. For the self-employed, it will mean a whopping 12.4 percentage point increase, bringing their effective tax rate, if they are in the top bracket, over 52 percent. Obama has refrained from addressing Social Security’s financial problems and will do so until after the election. But his solution will be higher taxes, not curtailed benefits.

• All deductions for mortgage interest, charitable giving and state and local tax payments would likely end for those making more than $250,000.

• Even for those making less than $250,000, the Bowles-Simpson recommendations call for replacing the current tax deduction for mortgage interest, charitable giving and state and local taxes with a tax credit. Usually 8 percent is mentioned as the tax credit level.

So add it up:

Case A
Married couple
Income: $250,000
Home: $300,000 (mortgage interest: $20,000)
Property taxes: $15,000
Self-employed
Basic tax rate: +5% +$12,500
FICA on full income: +$18,600 ($9,300 if employed)
No deduction
Mortgage interest +$ 6,500
Prop Taxes +$5,000
State income tax (9%) +$7,500
Total additional tax: +$50,100 ($40,800 if employed)

Case B
Married couple
Income: $150,000
Home: $200,000 (mortgage interest: $10,000)
Property taxes: $10,000
Self-employed
Basic tax rate: +3% +$ 4,500
FICA on full income +$6,200 ($3,100 if employed)
8% credit, no deduction
Mortgage interest +$ 2,500
Property taxes +$ 2,500
State income tax (6%) +$ 1,500
(calculation replaces deduction at 33% bracket with an 8% credit)
Total additional tax: +$17,200 ($14,100 if employed)

Can we afford Barack Obama for four more years? No way! And don’t say you weren’t warned!

Related:

A Wicked Financial Storm Descends on America

Nothing to Do With Health Care!  It’s All About New Taxes and Tax Collection

About Ask Marion

I am a babyboomer and empty nester who savors every moment of my past and believes that it is the responsibility of each of us in my generation and Americans in general to make sure that America is as good or even a better place for future generations as it was for us. So far... we haven't done very well!! Favorite Quotes: "The first 50 years are to build and acquire; the second 50 are to leave your legacy"; "Do something that scares you every day!"; "The journey in between what you once were and who you are becoming is where the dance of life really takes place". At age 62 I find myself fighting inoperable uterine Cancer and thanks to the man upstairs and the prayers from so many people including many of my readers from AskMarion and JustOneMorePet... I'm beating it. After losing our business because of the economy and factors related to the re-election of President Obama in 2012 followed by 16-mos of job hunting, my architect-trained husband is working as a trucker and has only been home approximately 5-days a month since I was diagnosed, which has made everything more difficult and often lonely... plus funds are tight. Our family medical deductible is 12K per year for two of us; thank you ObamaCare. But thanks to donations from so many of you, we are making ends meet as I go through treatment while taking care of my father-in-law who is suffering from late stage Alzheimer's and my mother-in-law who suffers from RA and onset dementia as well as hearing loss, for which there are no caretaker funds, as I continue the fight here online to inform and help restore our amazing country. And finally I need to thank a core group of family, friends, and readers... all at a distance, who check in with me regularly. Plus, I must thank my furkids who have not left my side through this fight. You can see them at JustOneMorePet.
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