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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.

Paschendale said:
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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LaMidRighter said:
If you want to discuss the thread fine, if you want to play politics it's goodbye.
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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
 
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.
 
Paschendale said:
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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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.
 
Harry Guerrilla said:
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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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.
 
LaMidRighter said:
I have a problem with the double standard, Buffett is one of the most unethical money men in our time, right up there with George Soros. There are laws passed that created monopolies for Buffett's Berkshire Hathaway corp., market manipulation, and outright tax dodging but he gets a pass because he tows the extreme left positions and talking points. If a Republican/conservative/libertarian did the same thing people would be calling for a firing squad, and frankly I would be saying the same thing. I love when people can make millions and billions ethically, Buffett isn't that, as well he could have given that money to any charity, kind of funny it went to those run by his kids.
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There's also the double standard where anyone who brings up taxing the rich, Mitt Romney, or any financial questions about wealthy people in general, they are labeled by conservatives as "demonizing success", etc etc. But, when Warren Buffet is brought up, the same sort of people who yell that liberals "demonize success" are doing exactly that with Warren Buffet.
 
zstep18 said:
There's also the double standard where anyone who brings up taxing the rich, Mitt Romney, or any financial questions about wealthy people in general, they are labeled by conservatives as "demonizing success", etc etc. But, when Warren Buffet is brought up, the same sort of people who yell that liberals "demonize success" are doing exactly that with Warren Buffet.
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Many are fine with Buffett's success. It is interesting though that the champion of Obama's increase taxes on others policy does everything he can to avoid paying any taxes himself. He understands that the money spent is better off in private organizations like the Buffett foundation than sending it off to Washington.

Why you have so much trouble understanding this may be the topic of another thread.
 
washunut said:
Many are fine with Buffett's success. It is interesting though that the champion of Obama's increase taxes on others policy does everything he can to avoid paying any taxes himself. He understands that the money spent is better off in private organizations like the Buffett foundation than sending it off to Washington.

Why you have so much trouble understanding this may be the topic of another thread.
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That's my whole point. I'm actually holding Buffett to ethical standards and his own words and being very consistent. I don't care if Buffett ethically makes as much as possible, in fact I encourage it. But when someone starts using money to exlude the competition of manipulate the market they have violated ethical standards, even when done so legally.

I likewise don't care if Buffett thinks the wealthy need to pay more taxes, as long as he leads by example. The Buffett lie "my secretary pays more taxes than me, that's not fair" when the truth is his secretary makes +200K a year, has two houses, etc. while Mr. Buffett pays himself a smaller base salary and takes the rest of his income at lower taxed capital gains, even then he pays a larger bill than his secretary but a smaller percentage.
 
iguanaman said:
LOL Only if you disagree with his politics though. Romney taking amnesty for his illegal Swiss account is just fine with you. The Koch Bros, funding pseudo science "studies" disproving global warming is OK with you too. You just hate when rich people act out of patriotism and generosity because it make the greedy SOB's on your side look bad.
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When did Romneys Swiss account become illegal?
 
washunut said:
Many are fine with Buffett's success. It is interesting though that the champion of Obama's increase taxes on others policy does everything he can to avoid paying any taxes himself.
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LaMidRighter said:
I likewise don't care if Buffett thinks the wealthy need to pay more taxes, as long as he leads by example.
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You'll both be heartened to know that Buffet has voluntarily written checks to the treasury in addition to his normal tax burden.
 
Hare said:
You'll both be heartened to know that Buffet has voluntarily written checks to the treasury in addition to his normal tax burden.
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After he got called on the tax dodges. Sorry, not sufficient.
 
Hare said:
You'll both be heartened to know that Buffet has voluntarily written checks to the treasury in addition to his normal tax burden.
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he paid taxes on money he gave away last week? How much, I doubt this is true.
 
washunut said:
he paid taxes on money he gave away last week? How much, I doubt this is true.
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The guy is sort of right, Buffett did volunteer additional revenues to the IRS, but it was in response to his tax shelters being exposed after his whole "My secretary pays more..............." bull**** he spewed prior.
 
LaMidRighter said:
After he got called on the tax dodges. Sorry, not sufficient.
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Few important distinctions to make, Berkshire Hathaway's financial practices are overseen by a board of directors, consisting of a handful of members not named Warren Buffet, meaning Buffet is not exactly in the position to act outside of the general will and consensus of the remaining members, and the taxes in question are of the corporate sort, which renders your accusations of tax dodging on Buffet's behalf absolutely bunk.
 
LaMidRighter said:
The guy is sort of right, Buffett did volunteer additional revenues to the IRS, but it was in response to his tax shelters being exposed after his whole "My secretary pays more..............." bull**** he spewed prior.
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Do you know when that was and the amount. Did he pay the inheritance taxes that would be owed under Obama's proposals.
 
washunut said:
Do you know when that was and the amount. Did he pay the inheritance taxes that would be owed under Obama's proposals.
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Nope, don't know those details. I remember hearing it during a newsbreak or something but didn't pay attention to any of the numbers. I just know it was a week or two after he got called out for his hypocracy.
 
Hare said:
Few important distinctions to make, Berkshire Hathaway's financial practices are overseen by a board of directors, consisting of a handful of members not named Warren Buffet, meaning Buffet is not exactly in the position to act outside of the general will and consensus of the remaining members, and the taxes in question are of the corporate sort, which renders your accusations of tax dodging on Buffet's behalf absolutely bunk.
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1) He is the head of BH, nothing goes through there without his input 2) His own personal finances were in question.
 
LaMidRighter said:
Nope, don't know those details. I remember hearing it during a newsbreak or something but didn't pay attention to any of the numbers. I just know it was a week or two after he got called out for his hypocracy.
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Why would we know details about apayment he made to the IRS?

Wouldn't that be private information between him and the IRS?
 
Mason66 said:
Why would we know details about apayment he made to the IRS?

Wouldn't that be private information between him and the IRS?
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Guess you missed the timeframe portion. He didn't do it out of any ethical compunction to do so, it was to save face.
 
LaMidRighter said:
Guess you missed the timeframe portion. He didn't do it out of any ethical compunction to do so, it was to save face.
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So he told everybody he did it?

I was just wondering how people know about it.

I didn't miss anything by the way.
 
Mason66 said:
So he told everybody he did it?

I was just wondering how people know about it.

I didn't miss anything by the way.
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Okay, so to put this in perspective. Buffett did not cut those additional revenue checks to the IRS prior to his statements about being undertaxed, and still hadn't cut an additional check until it was pointed out that he doesn't pay in taxes what he advocates, only after that factoid was exposed did the additional payment get sent to the IRS. Forgive me if I'm less than impressed.
 
washunut said:
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.
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Just gotta get this straight... when Romney donates to the Mormon church, he's to be revered for his charity but when Warren Buffett gives $3 billion to a kid's foundation he is to be scoffed at.

Man this political stuff is confusing.
 
poweRob said:
Just gotta get this straight... when Romney donates to the Mormon church, he's to be revered for his charity but when Warren Buffett gives $3 billion to a kid's foundation he is to be scoffed at.

Man this political stuff is confusing.
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Couple of things PR. 1) Buffett rails against exactly what he does, I don't believe Romney is a pro tax advocate 2) It's not just "a" kids charity but rather a charity run by his kid's, this comes after he stated he wouldn't give his children a large inheritance. The second part is a problem, his kid's will make probably 6 figures for the rest of their lives as heads of the charitable trusts and the money is tax free, thus it's been sheltered from the inheritance tax Buffett also has professed to like.

This is without even stating the other unethical practices Buffett is known for. He's slimy.
 
LaMidRighter said:
Couple of things PR. 1) Buffett rails against exactly what he does, I don't believe Romney is a pro tax advocate 2) It's not just "a" kids charity but rather a charity run by his kid's, this comes after he stated he wouldn't give his children a large inheritance. The second part is a problem, his kid's will make probably 6 figures for the rest of their lives as heads of the charitable trusts and the money is tax free, thus it's been sheltered from the inheritance tax Buffett also has professed to like.
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My bad. What I get out of his tax position is that he plays by the rules but he thinks the rules should be changed. I don't see anything wrong with that. It's like if I were to run for office railing against the citizens united ruling but still warmed to superpacs doing work on my behalf... It could be called hypocritical or it could be that I'm not so stupid that since the rules changed I'm not fool enough to bring a knife to a gunfight.



LaMidRighter said:
This is without even stating the other unethical practices Buffett is known for. He's slimy.
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I don't know about his slimyness. Probably need to read more on that.
 
poweRob said:
My bad. What I get out of his tax position is that he plays by the rules but he thinks the rules should be changed. I don't see anything wrong with that. It's like if I were to run for office railing against the citizens united ruling but still warmed to superpacs doing work on my behalf... It could be called hypocritical or it could be that I'm not so stupid that since the rules changed I'm not fool enough to bring a knife to a gunfight.
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I can see where people view things that way, but I have a major disagreement with it. To me you walk the same line you tow, for instance if someone claims they pay too much in taxes and does what it takes to lessen their burden the message and actions are consistent, I have no respect for someone who says they pay too little in taxes and milk every loophole they can afford. It's kind of like a gentleman's agreement before a boxing match and then the guy who asks for it headbutting and taking low blows when the ref's head is turned away.





I don't know about his slimyness. Probably need to read more on that.
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There's not much out there readily available but he is an economic shortcutter, BNSF was a huge beneficiary of the pipeline slowdown, Birkshire Hathaway purchased that rail company years ago. I would have to dig to find more but Buffett is no saint.
 
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