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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 clownboy View Post
    Thanks, that was funny as hell. In a weird twist, at one time we sent the IRS into Mexico to teach them how to setup a proper tax system.
    That's even funnier!!! Probably an even trade though. They share the powder and we share the blanket.
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    Re: Buffett Gives Kids Foundations $3 billion

    Quote Originally Posted by clownboy View Post
    Er hm, aren't YOU one of the ones ready to excoriate Romney for the way he pays taxes? But Buffett, whose pledge is meaningless and mostly a tax dodge as evidenced here, he's a fine fellow, right?

    Pot, kettle, black.
    You attack Buffet upon the grounds he evades taxes, yet Romney-the man vying for POTUS can shelter his money anywhere and "rig" his IRA and do many other tax dodges is defended
    Before you attack look at your own position..look at your own hypocrisy-Lamid same applies to you

    What does it mean that Buffets pledge is meaningless..is it blasphemous to donate billions of dollars?
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    Re: Buffett Gives Kids Foundations $3 billion

    Quote Originally Posted by specklebang View Post
    If more of these billionaires were this generous, we wouldn't need so much taxation.

    Deducting charitable contributions is the kindest way to avoid taxes. It's true that some foundations pay their directors handsomely but unless you know that is the case here, what he has done is marvelous.
    That. Right there. There is no evidence of foul play here. Only that Buffet donated to charities run by people that he knows and trusts. Because some people don't like Buffet and what he advocates, they are assuming that there is something duplicitous here. They're quick to point out that the head of a charity can be paid a salary from that charity as an employee. And they assume that the majority of these donations will be spent that way. But there's no evidence of that. If that happens, we'll all be rightfully pissed off. But to condemn this move before any such thing happens is stupid. It's just partisan hackery because he's an example of what the rich in this country ought to be doing, instead of wallowing in their money like Scrooge McDuck.

    Quote Originally Posted by Harry Guerrilla View Post
    I'll withhold my judgement until I know just how much these charities spend.
    The thing about charities most people don't realize, is that there is no legal obligation to spend X% of money on their causes.

    They can literally spend no money on the causes they advocate for.
    And a lot of them don't, which is why relying on private charity over a legally enforced and overseen government program is foolhardy. One is accountable to the people through law, and the other is accountable to no one.
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    Re: Buffett Gives Kids Foundations $3 billion

    As usual, we must disagree

    Private foundation are of less tax benefit than donations. They are also under a highly restrictive set of laws that guide any reimbursement to c0oonnected foundation management. Maybe Buffet could pay his kids $100K a year but he can't pay them $1M a year. Foundation file returns, just as we all do.

    Now, smaller "non-profits" tend to push the envelope. The "owners" pay themselves a salary. They sometimes rent stuff from themselves or buddies. In short, there are dishonest ones who break tax (and ethical) laws. The worst offenders are Churches and the IRS is very suspicious of applications from Churches.

    The odds that Buffet, Gates, Soros et al are setting up crooked foundations is highly unlikely. I'll venture to say that most large foundations are intended to do exactly what they say. They only have to use 5% of their money each year but why would they do that.

    The reward in Foundations is the recognition. You get to go to parties at the "right" peoples homes etc.

    Private Foundation are much more likely to be well run than the government. The government will spend half the mopney or bureacracy and is much more likely to be accessed for corruption by contractors they might use.

    I realize you think the government should be all things to all people but that just isn't the case.


    Quote Originally Posted by Paschendale View Post
    That. Right there. There is no evidence of foul play here. Only that Buffet donated to charities run by people that he knows and trusts. Because some people don't like Buffet and what he advocates, they are assuming that there is something duplicitous here. They're quick to point out that the head of a charity can be paid a salary from that charity as an employee. And they assume that the majority of these donations will be spent that way. But there's no evidence of that. If that happens, we'll all be rightfully pissed off. But to condemn this move before any such thing happens is stupid. It's just partisan hackery because he's an example of what the rich in this country ought to be doing, instead of wallowing in their money like Scrooge McDuck.



    And a lot of them don't, which is why relying on private charity over a legally enforced and overseen government program is foolhardy. One is accountable to the people through law, and the other is accountable to no one.

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    Re: Buffett Gives Kids Foundations $3 billion

    Quote Originally Posted by specklebang View Post
    I realize you think the government should be all things to all people but that just isn't the case.
    No one thinks that. No one thinks the overboard generalizations that get slung around all the time in political discussions, and it's just a chicken$#@! answer to pretend that someone else is saying something they aren't so you don't have to face up to the idea that someone else's opinion has just as much justification as yours.
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    Re: Buffett Gives Kids Foundations $3 billion

    Your own words Sir.

    And a lot of them don't, which is why relying on private charity over a legally enforced and overseen government program is foolhardy. One is accountable to the people through law, and the other is accountable to no one.

    Quote Originally Posted by Paschendale View Post
    No one thinks that. No one thinks the overboard generalizations that get slung around all the time in political discussions, and it's just a chicken$#@! answer to pretend that someone else is saying something they aren't so you don't have to face up to the idea that someone else's opinion has just as much justification as yours.

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    Re: Buffett Gives Kids Foundations $3 billion

    Quote Originally Posted by LaMidRighter View Post
    If you want to discuss the thread fine, if you want to play politics it's goodbye.
    Who's playing politics? Me alongside a handful of other posters have encouraged you to provide a lick of evidence for a single one of your claims which include levying accusations of tax fraud (case still up in the air, and in regards to the corporate taxes levied against Berkshire not Buffet's individual finances, which renders your hypocrisy charge absolutely bunk), Keystone, which as pointed out previously, was delayed, not struck down due to protest by a Republican governor in tandem with other issues revolving around imminent domain, and other environmental concerns, accusing him of nepotism while ignoring the fact he plans to give around ten times that amount to a handful of charities that have precisely no relation to his immediate family and a whole lotta nothing to support your charge of preferential legal treatment in order to create monopolies on Berkshire's behalf. It seems as if your one of the few individuals in this thread who has actively avoided dealing in facts and relevant historical accounts, and opted instead to ramble about and claim victory all the while

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    Re: Buffett Gives Kids Foundations $3 billion

    I honestly think that the tax loopholes are purposeful. They have been there for quite some time and everyone knows they exist (generally speaking). However, they continue to persist. We all know that if any one on DP was not paying their full taxes or that we were taking advantage of a tax loophole, the IRS would be on our ass in five seconds and the loophole closed even faster. However, when the insanely wealthy take advantage of these tax loopholes, it's totally OK.
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    Re: Buffett Gives Kids Foundations $3 billion

    Quote Originally Posted by Paschendale View Post
    And a lot of them don't, which is why relying on private charity over a legally enforced and overseen government program is foolhardy. One is accountable to the people through law, and the other is accountable to no one.
    Relying on either is dumb.
    I don't trust the government to deliver, anymore than I trust a private charity.

    The government isn't really accountable for anything, otherwise "the people" would have likely had most of them swinging from ropes.
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    Re: Buffett Gives Kids Foundations $3 billion

    Quote Originally Posted by Harry Guerrilla View Post
    Relying on either is dumb.
    I don't trust the government to deliver, anymore than I trust a private charity.

    The government isn't really accountable for anything, otherwise "the people" would have likely had most of them swinging from ropes.
    Smaller charities are great, they tend to keep to the mission statement and actually help people, the disadvantage is they don't have a broad presence in the community. Larger charities are rife with overpaid executives and often fraud, one of the worst examples that comes to mind is the international Red Cross scandal not too long ago. Charitible trusts are not always horrible, but if I don't trust the head of the organization I won't trust the organization either.
    Neither side in an argument can find the truth when both make an absolute claim on it.

    LMR

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