I can't resist sharing with you the article I saw in Newsmax last night. To read the full story, click on the above link entitled, "Report: Buffett's Berkshire Owes $1 Billion in Back Taxes." I can get very humored easily sometimes over the hypocrisy of these Obama minions. Warren Buffett is one of them. According to a Reuters article from August 25, 2011, Buffett is hosting campaign election fundraisers for President Obama. How can that be? President Obama is a socialist and believes in the redistribution of wealth. I'll answer that question a little later. On August 16, 2011 I wrote a post over the comments that Buffett made in a New York Times op-ed where he said the government should stop coddling the rich. He said the super rich should be paying a higher portion of their taxes. To him it was stupid giving the super rich these mega tax breaks considering the rich are doing well. According to the commentary I read about the article Buffett wrote, it had more to do with fairness in the tax code than it being a cure to the nation's debt. I made a statement that if Buffett truly believes that the super rich aren't paying their fair share of taxes, then Buffett needs to lead the way. He needs to pay 50% over and above what he already pays in taxes. He needs to write out a large check to help whittle down the national debt. He shouldn't ask the rich to do something he himself wouldn't do.
According to yesterday's article on Newsmax, it says that Buffett's own company, Berkshire Hathaway, had every opportunity within the last decade to pay more in taxes. Instead Berkshire is in a protracted battle with the IRS which says that Berkshire owes $1 billion in back taxes. You've guessed it: $1 billion in back taxes. Isn't that surprising? That's sheer hypocrisy. Buffett on the one hand is saying the rich should be paying a higher percentage of their income taxes to the federal government while Buffett's company is trying to avoid paying more in taxes. What a surprise! This week a group called Americans for Limited Government (ALG) reported that, according to Bershire Hathaway's own annual report, the company is embroiled on a standoff on it's past tax bills. The question asked was if Buffett believes his mega-rich friends should pay more in taxes, then why doesn't his firm fork over what it already owes under current tax rates. The possible answer is that Buffett is shilling for President Obama. Buffett desires for millionaire and billionaires to pay a higher rate in taxes but Buffett is avoiding doing so.
How could billionaire investor Warren Buffett be a supporter of President Obama's 2012 re-election campaign and how could Buffett support the mega-rich paying higher taxes when Buffett himself is a "capitalist"? How could Buffett support socialism? That's one of the ironies about the super rich. There are billionaires such as David Rockefeller and George Soros who have feathered their nest extravagantly but support socialism. Here's the truth of the matter: Buffett isn't a supporter of socialism for himself. He supports socialism for others. There's no way Buffett would support socialism for himself. He knows what socialism will do. He knows no socialist country has ever been prosperous. Socialism will also eventually lead to fascism where only a group of elites or an oligarchy control and manipulate the poor masses. He knows it's through capitalism that a businessman makes his riches. Why then would he support socialism? I believe the reason behind his support for socialism is to protect his monopoly on wealth and influence. There are some super wealthy who have immense wealth and power and they don't desire for anybody to equal them. Therefore, they'll manipulate our politicians to promote policies which makes it difficult for the average American to prosper financially. It's all about protecting their power and their wealth.
Take a look at the Affordable Health Care Act (Obamacare) that was passed in 2010. Once that law takes full effect around 2014, it will strap businesses financially. However, there are many firms that have received waivers that will exempt them from having to pay into Obamacare. The businesses that will most likely be affected by Obamacare will be those small and medium-sized businesses. Some of the major corporations had enough money and influence to buy off the Obama administration so therefore they aren't obligated to pitch in for Obamacare. I'll give you an example concerning corporate taxation. Jeffrey Immelt, who's the CEO of General Electric, paid 0% in corporate taxes in 2010. Why? Because he has influence in the Obama administration. Therefore these millionaire and billionaires can weasel their way out in paying more in taxes. The Obama administration will force the average American to pay their fair share in taxes, but the super wealthy will be exempted from it.
I for one don't believe in our progressive tax rate nor do I believe the tax rates should be raised on the rich. I'm tired of President Obama's minions such as Buffett who will speak out of both sides of their mouth. He will say the super rich should pay a higher rate of taxes while he on the other hand looks for ways to avoid paying taxes. Place your money where your mouth is Mr. Buffett. People like you believe you have a right to your own wealth, but you don't believe everyone else is entitled to accumulate their own wealth. I believe you have this mentality that you are a member of the ruling elite and the American people below you all are peasants. That's the way Congress and the Obama administration treat the American people. You are a supporter of the Obama regime. You, Mr. Buffett, don't want your monopoly of wealth threatened so you will try to push the Obama administration to raise taxes on wealthy while you, Mr. Buffett will be able to opt out of paying more taxes. How hypocritical!
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