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Thread: Buffett Gives Kids Foundations $3 billion

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    Re: Buffett Gives Kids Foundations $3 billion

    Quote Originally Posted by MaggieD View Post
    Yeah, I missed that. So you think he hasn't used our perfectly legal tax code to shift money then? I think you would be wrong. Blame Congress. Do not blame the people who take advantage of the ridiculousness that is our current tax code.

    And here are the enormous benefits of charitable foundations:
    Again, he did not pass this to charities, but to trusts run by his kids who use the trusts to do things. The kids can pay themselves millions out of that trust legally.

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    Re: Buffett Gives Kids Foundations $3 billion

    Quote Originally Posted by AdamT View Post
    I'm not pretending to know about Buffett's finances; I believe you have that all sewn up: "So you think he hasn't used our perfectly legal tax code to shift money then? I think you would be wrong."
    If you do not know about the finances of Buffett then you seem to self acknowledge that you can only act as a partisan on this issue without understanding the underlying facts.

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    Re: Buffett Gives Kids Foundations $3 billion

    Quote Originally Posted by washunut View Post
    Again, he did not pass this to charities, but to trusts run by his kids who use the trusts to do things. The kids can pay themselves millions out of that trust legally.
    Glad you get it. Most people don't.
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    Re: Buffett Gives Kids Foundations $3 billion

    Quote Originally Posted by washunut View Post
    Please learn to read a little more thoroughly. I said that he gave the money to the trusts run by his children. They are allowed to get paid by the trusts. A simple way to avoid the inheritance tax rules.

    I think you know this, and is a little slimy to try and parse what he did. Look, nothing illegal. Generation skipping is a topic for lawyers and accountants who have a tax practice.

    It just seems ironic that someone who says the rich need to pay their "fair share" does everything he can to avoid paying any taxes. Let's remember that he has paid no income tax on the rise of value of the shares he is passing to the trust. Now, no one ever will.
    Why he pay income tax on capitol gains? The money was made on assets that appeciated in value. Is he avoiding the capitol gains tax somehow?
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    Re: Buffett Gives Kids Foundations $3 billion

    Quote Originally Posted by PirateMk1 View Post
    Why he pay income tax on capitol gains? The money was made on assets that appeciated in value. Is he avoiding the capitol gains tax somehow?
    The money he made was on Berkshire stock. He never sold the stock, thus did not trigger the capital gains tax. Plus he gets to deduct the full $3 billion as a charitiable contribution even though he never recognized that $3 billion as income.

    Clever tax trick of the rich. Again nothing illegal, but if a rich Republican did it partisans like Adam would be howling.

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    Re: Buffett Gives Kids Foundations $3 billion

    Quote Originally Posted by washunut View Post
    The money he made was on Berkshire stock. He never sold the stock, thus did not trigger the capital gains tax. Plus he gets to deduct the full $3 billion as a charitiable contribution even though he never recognized that $3 billion as income.

    Clever tax trick of the rich. Again nothing illegal, but if a rich Republican did it partisans like Adam would be howling.
    I like the fact he screwed over the IRS. I dont like the fact he wants ME to pay more. Two faced weasel he is.
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    Re: Buffett Gives Kids Foundations $3 billion

    Quote Originally Posted by PirateMk1 View Post
    I like the fact he screwed over the IRS. I dont like the fact he wants ME to pay more. Two faced weasel he is.
    You must be describing Romney?
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    Re: Buffett Gives Kids Foundations $3 billion

    Quote Originally Posted by washunut View Post
    Again, he did not pass this to charities, but to trusts run by his kids who use the trusts to do things. The kids can pay themselves millions out of that trust legally.
    So your theory is that Buffett gave $3 BILLION to these charitable trusts in order to avoid tax on several MILLION dollar "gifts" to his children? How ****ing stupid do you think Warren Buffett is? Hint: not that stupid.
    "The necessaries of life occasion the great expense of the poor. They find it difficult to get food, and the greater part of their little revenue is spent in getting it. The luxuries and vanities of life occasion the principal expense of the rich, and a magnificent house embellishes and sets off to the best advantage all the other luxuries and vanities which they possess. ... It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion."

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    Re: Buffett Gives Kids Foundations $3 billion

    Quote Originally Posted by MaggieD View Post
    I find that interesting because I heard him interviewed several years ago, and he indicated his children would not be receiving any more of his wealth. Flip. Flop.

    Perhaps he's doing that in anticipation of the inheritance tax being re-instated for, at least, people in his stratosphere.

    Everybody lies...
    It's not a true flip-flop because once he gave the money to the "charitable trust" it was "no longer his" and the poor children just happen to be his rich children but it's okay because charity starts at home and everyone knows that like Mother Theresa said, give till it hurts and since those "children" will have long, productive lives they need every penny they can get.

    Okay I was being facitious there obviously but that defense was labor intensive. It must suck having to support a lying, hypocritical, economic cheater like that old fart.
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    Re: Buffett Gives Kids Foundations $3 billion

    Quote Originally Posted by PirateMk1 View Post
    I like the fact he screwed over the IRS. I dont like the fact he wants ME to pay more. Two faced weasel he is.
    Buffet isn't an economic genius, he's actually a cheat, nothing necessarily illegal but he does everything he can to impose more taxes on others while avoiding them himself. I hope he ****s up and gets nailed because frankly I hate the guy, and worse, I hate when he's held up as some kind of financial mind when he simply games the system.
    Neither side in an argument can find the truth when both make an absolute claim on it.

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