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Thread: Buffett Gives Kids Foundations $3 billion

  1. #31
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    Re: Buffett Gives Kids Foundations $3 billion

    Quote Originally Posted by Hare View Post
    Many in the field of investment and finance in general would strongly disagree.
    I worked in financials as an insurance professional, and was studying for advanced licenses, most of my colleagues agreed with me. Buffett doesn't actually do anything more correctly than anyone else, he throws tons of money at manipulating markets, dodges taxes using very expensive accountants that the rest of us didn't have. And is an outright cheat, of course he wants more taxes, because his competition can't afford to dodge them. Buffett is a lying POS.

    In addition to these recent pledges, he also committed to donating a rather sizable chunk of his net wealth to the Gates Foundation and various other charities. 85% percent in fact, hardly an empty gesture by any measure.
    Rich guy donating to a trust run by another rich guy. I'm sure there are more deserving people who could use that money if the wallet is getting pried open.

    Nailed for what?
    For starters, that sizeable BH bill from the IRS that the firm is trying to dodge. Secondly, if he tried a dodge and didn't cross a t correctly I hope they give him every second behind bars.
    Neither side in an argument can find the truth when both make an absolute claim on it.

    LMR

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    Re: Buffett Gives Kids Foundations $3 billion

    Quote Originally Posted by LaMidRighter View Post
    Uh, no. Buffett is the very definition of a cheater, and he's no "guru".
    I know you ignored me, but i must ask again..
    do you hold the same opinion of Romney then?
    Men do what they have to when they want to, Great men do what they have to, even when they don't want to.

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    Re: Buffett Gives Kids Foundations $3 billion

    Quote Originally Posted by LaMidRighter View Post
    I worked in financials as an insurance professional, and was studying for advanced licenses, most of my colleagues agreed with me. Buffett doesn't actually do anything more correctly than anyone else, he throws tons of money at manipulating markets, dodges taxes using very expensive accountants that the rest of us didn't have.

    And is an outright cheat, of course he wants more taxes, because his competition can't afford to dodge them. Buffett is a lying POS.

    Rich guy donating to a trust run by another rich guy. I'm sure there are more deserving people who could use that money if the wallet is getting pried open.

    For starters, that sizeable BH bill from the IRS that the firm is trying to dodge. Secondly, if he tried a dodge and didn't cross a t correctly I hope they give him every second behind bars.
    Berkshire stock happened to have around a 75 percent return rate for the previous decade, indicating that Buffet may know a tad bit more than the market at large.

    This "trust fund" you speak of just so happens to allocate billions of dollars to further agricultural development in starving parts of the world, subsequently saving or improving the livelihoods of millions and millions of individuals. Can't think of a more noble cause off the top of my head.

    I know little of the details surrounding the case, so I'm not keen on making knee jerk, half cocked judgements about the man's character based on hearsay and accusations, unlike some residents of the peanut gallery.

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    Re: Buffett Gives Kids Foundations $3 billion

    Quote Originally Posted by washunut View Post
    Buffett gives $3 billion to his kids' foundations - Aug. 30, 2012

    Found this interesting. Warren Buffett of the Buffett rule just passed along $3 billion to his kids through trusts he set up. Now this person who wants folks like himself to pay at least 30% of their income in taxes never paid a penny of taxes on this money. Now that the money is in trust, his kids will be able to live off the money while running their charities and avoided the inheritance tax.

    I find it interesting that someone who have gotten filthy rich by avoiding taxes for decades, both personally and at his company wants others to pay more.

    Just seems like another amoral person eager to spend other people's money.
    I might fault him for trying to play "do as I say not as I do" but I am not going to fault him for giving money to his kids charities.
    "A nation can survive its fools, and even the ambitious. But it cannot survive treason from within. An enemy at the gates is less formidable, for he is known and carries his banner openly. But the traitor moves amongst those within the gate freely, his sly whispers rustling through all the alleys, heard in the very halls of government itself. For the traitor appears not a traitor; he speaks in accents familiar to his victims, and he wears their face and their arguments, he appeals to the baseness that lies deep in the hearts of all men. He rots the soul of a nation, he works secretly and unknown in the night to undermine the pillars of the city, he infects the body politic so that it can no longer resist. A murder is less to fear"

    Cicero Marcus Tullius

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    Re: Buffett Gives Kids Foundations $3 billion

    Quote Originally Posted by AdamT View Post
    Why do conservatives always demonize success?
    class envy

    where's turtledude when i need him?
    we are negotiating about dividing a pizza and in the meantime israel is eating it
    once you're over the hill you begin to pick up speed

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    Re: Buffett Gives Kids Foundations $3 billion

    Quote Originally Posted by Hare View Post
    Berkshire stock happened to have around a 75 percent return rate for the previous decade, indicating that Buffet may know a tad bit more than the market at large.
    This is LMR's idea of debate: "I'm an expert and all the experts I talk to say...."

    Of course the truth is that Buffett is the Babe Ruth of investors. He has put up astonishing returns over a period spanning more than 60 years -- long before he had the cash to move markets.
    "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."

    -- Adam Smith

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    Re: Buffett Gives Kids Foundations $3 billion

    Quote Originally Posted by LaMidRighter View Post
    I worked in financials as an insurance professional, and was studying for advanced licenses, most of my colleagues agreed with me. Buffett doesn't actually do anything more correctly than anyone else, he throws tons of money at manipulating markets, dodges taxes using very expensive accountants that the rest of us didn't have. And is an outright cheat, of course he wants more taxes, because his competition can't afford to dodge them. Buffett is a lying POS.
    LOL. Well he must be doing something differently than you...
    "I mean, everybody should have access to medical care. And, you know, it shouldn't be such a big deal."
    -Dr. Paul Farmer

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    Re: Buffett Gives Kids Foundations $3 billion

    Quote Originally Posted by Zariak View Post
    LOL. Well he must be doing something differently than you...
    Yeah, I was honest.
    Neither side in an argument can find the truth when both make an absolute claim on it.

    LMR

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    Re: Buffett Gives Kids Foundations $3 billion

    Quote Originally Posted by AdamT View Post
    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.
    You really are not to speed on this so let me help. Buffett benefits by the following:

    - Current year charitable tax deduction at his marginal rate that is worth $1 billion
    - Gives the stock away so he pays no capital gains tax, benefit $400 million
    - Avoids the inheritance tax which is slated to be 55% over 5 million $1.6 billion
    - Kids and grandkids get to put their snout in the trust in perpetuity ????
    - Buffett gets another gold star as the saint of industry Priceless

    So he gets back at least the entire $3 billion and looks like the nicest guy on the planet.

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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...
    The money is for the charities they run. But go ahead..... go back to your demonizing the rich. It's far better than worshipping them

    Buffett's son Peter, along with his wife, Jennifer, runs the NoVo Foundation, which is dedicated to fighting inequality and gender inequities. Another son, Howard, runs the Howard G. Buffett Foundation, which works in the developing world to improve agriculture and clean water delivery. Buffett's daughter, Susan, runs the Sherwood Foundation, which supports non-profits in his hometown of Omaha and funds early childhood education initiatives nationally.

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