Stop coddling the super-rich, Warren Buffett says

[I AM NOT THAT GUY 5,715]

And Warren Buffet supports exactly that.

Take away Berkshire-Hathaway, and Warren would just be Jimmy's loony cousin.

[Zero Sum 305]

Oh yes, that's the topic isn't it

Or insane people, which seems to permeate throughout this part of the website for some odd reason.

[I AM NOT THAT GUY 5,715]

Mr. Buffett, The IRS Needs Your Charity, Too

Warren Buffett is preaching higher taxes again. Yet he keeps abusing plenty of tax loopholes himself, and doesn’t that make him a hypocrite on taxes?

Other writers pointed out this week that Buffett avoids taxes by holding on to his Berkshire Hathaway stock. Lower long-term capital gains taxes (currently up to 15 percent) aren’t due until he sells his shares.

But, other writers missed exposing one of Buffett’s favorite tax loopholes. In my Nov. 24, 2010 blog “Dear Mr. Buffett: Put Up Or Shut Up On Taxes”, I pointed out how Mr. Buffett abuses another popular tax loophole of the super-rich, charitable contributions of appreciated stock.

Buffett, and his billionaire crew, avoid capital gains taxes on donating their own company stock to their own charitable foundations. Many will wonder – how can charity be a tax loophole or scheme.

I presume Buffett double-dips on tax breaks by taking very large tax deductions for charitable contributions of his shares at the appreciated value. Yet, his cost is a small fraction of the value and he doesn’t have to pay those long-term capital gains taxes on the shares he transfers to charity. In many cases, Buffett just transfers those shares from his taxable pocket to his own – or friend Bill Gates – charitable-foundation pocket.

Here’s a suggestion for the president and Congress on pending tax reform. Don’t allow charitable-contribution tax deductions for the super-rich, especially on their own shares of appreciated stock.

Various “flat tax” proposals seek to rein in charitable deductions, although charitable organizations are expected to protest vigorously. Like the mortgage deduction and overall itemized deductions which are limited for the upper-income, disallow or significantly restrict charitable contribution deductions for the super-rich.

Here’s a primer on this scheme. Per tax publisher RIA: “This tax planning tool is derived from the general rule that the deduction for a donation of property to charity is equal to the fair market value of the donated property. Where the donated property is ‘gain’ property, the donor does not have to recognize the gain on the donated property. These rules allow for the ‘doubling up,’ so to speak, of tax benefits: a charitable deduction, plus avoiding tax on the appreciation in value of the donated property.”

http://www.forbes.com/sites/greatspeculations/2011/08/16/mr-buffett-the-irs-needs-your-charity-too/

[Zero Sum 305]

Yes, lots of loopholes are being focused on as part of tax reform.

[I AM NOT THAT GUY 5,715]

Yes, lots of loopholes are being focused on as part of tax reform.

Really? Can you cite chapter and verse? All I heard about was corporate jets and oil subsidies and the mortgage deduction.

[Zero Sum 305]

Really? Can you cite chapter and verse? All I heard about was corporate jets and oil subsidies and the mortgage deduction.

You heard that, and them perhaps other stuff about closing loopholes, which is what I said. I didn't say "they" have specified an entire targeting scheme now did I?

[I AM NOT THAT GUY 5,715]

You heard that, and them perhaps other stuff about closing loopholes, which is what I said. I didn't say "they" have specified an entire targeting scheme now did I?

So, nothing serious yet, just speeches and posturing, and more borrowing.

[Zero Sum 305]

So, nothing serious yet, just speeches and posturing, and more borrowing.

Seems to be what DC has usually been about since for ever. Its just now that lots more people have had it with the status quo.

Of course, any mention of change and you get commie labels left and right.

[Bad_Daddy 2,209]

Seems to be what DC has usually been about since for ever. Its just now that lots more people have had it with the status quo.

Of course, any mention of change and you get commie labels left and right.

And what change would that be and how would it save the US money? Let's hear it.

As far as people being tired of the status quo...I do believe the are called the Tea Party.

[I AM NOT THAT GUY 5,715]

And what change would that be and how would it save the US money? Let's hear it.

As far as people being tired of the status quo...I do believe the are called the Tea Party.

I posted some pictures on your website. How about changing the name to, "The Tiki Room".

[Mr. Big Dog 10,747]

And what change would that be and how would it save the US money? Let's hear it.

As far as people being tired of the status quo...I do believe the are called the Tea Party.

Really?

Tea Party voters, by almost 2-1, oppose Social Security cuts

Poll: 70 Percent of "Tea Party Supporters" Oppose Medicare Cuts

CNN Poll: Tea Party Bearish on Defense Cuts

Spend, spend, spend. That's the Tea Party for you. How is that being tired of the status quo?

[Bad_Daddy 2,209]

I posted some pictures on your website. How about changing the name to, "The Tiki Room".

I'l have a banner made up now. Also you probably might want to add/change the name...delete forums...something like that. I'l see if I can get something like a palm tree with a margarita or something on the banner. Palm tree w/beach...something to that affect.

Those two gals that registered on there back in '06...one lives in Bali on Kuta Beach and her friend lives...somewhere in Asia. Those broads love to talk nasty and post naked pics...I have them on my facebook, and I'l tell them your opening that board. Those gals are a blast on the net.

[Zero Sum 305]

Really?

Tea Party voters, by almost 2-1, oppose Social Security cuts

Poll: 70 Percent of "Tea Party Supporters" Oppose Medicare Cuts

CNN Poll: Tea Party Bearish on Defense Cuts

Spend, spend, spend. That's the Tea Party for you. How is that being tired of the status quo?

Facts. Not welcomed here.

[Mr. Big Dog 10,747]

Facts. Not welcomed here.

[Ban Hammer 13,498]

well clean it up then!