You Make $1 Billion. You Flee to Florida. Then the Tax Man Knocks.

[ironchef]

I am cynical alright as far as these blowhards go, because a lot of it is put out by the biased liberal media. What you are saying about that $72 billion to charity is just a pledge. A pledge is just a promise! It has not really been given away. So, he controls his monies, probably, gets a tax benefit out of it without actually, not having given out anything! The difference with liberals is they have all these good plans to benefit mankind and are fine with it as long as someone else pays for it! From the blowhard Buffett, if he really wanted to pay more taxes, why not just cut a check to the Bureau of the Treasury? He was assessed by the IRS $100 million which they say he owes and he is still fighting it? Average joes if they were in Warren Buffett's shoes would already have liens on their properties and the IRS would have already garnish your wages! Of course, being politically connected and being filthy rich, he gets preferential treatment!

This from USA Today:

The billionaire investor just donated another 18.6 million Class B shares of Berkshire Hathaway worth$3.17 billion to five different foundations. That puts his total charitable contribution to the organizations at$27.54 billion in just over ten years.Jul 11, 2017
Warren Buffett gave away this much of his wealth in the ... - USA Today
https://www.usatoday.com/story/money/2017/07/...buffett-charitable.../468837001/

Not exactly just a pledge, that is ~ 38% of what he still has.

Anyway, peace. Rather than politics, I like to learn trading instead, in a trading forum.

 

[smallfil]

You mean the loophole of not selling his stock holdings?

If you think that is the loophole, you are not very smart! One of them is the Gartt Trusts. The way it works is these billionaires run their monies thru various trusts, like a shell game. Say, they establish 5 trusts, let us call it A, B, C, D, E. So, Mr. billionaire runs his monies thru, moving it to A, then, B, all the way to E. When he gets to E, he pays zero estate taxes. While, millionaires pay the estate tax, Mr. billionaire did not pay any estate taxes. That is just one of it that got accidentally, revealed! Politicians claim that was not their intent! Ha ha ha ha! Now, it is all legal but, how many tax loopholes do you think they have? In the debates between Donald Trump vs Hillary Clinton then, when she was daring him to reveal his income taxes. Donald Trump himself said on national TV that her billionaires buddies were using lots of tax loopholes to put light on the fact that billionaires richers than him, were using multiple tax loopholes. Now, why would Donald Trump reveal that fact if it wasn't true? He should know because he is a billionaire himself and he admitted using tax loopholes himself. Okay, it is all legal. Only problem I have is the sheer and utter hypocrisy of the extreme liberals acting like angels? Sorry, I do not have any respect for any of those guys!

 

[smallfil]

This from USA Today:

The billionaire investor just donated another 18.6 million Class B shares of Berkshire Hathaway worth$3.17 billion to five different foundations. That puts his total charitable contribution to the organizations at$27.54 billion in just over ten years.Jul 11, 2017
Warren Buffett gave away this much of his wealth in the ... - USA Today
https://www.usatoday.com/story/money/2017/07/...buffett-charitable.../468837001/

Not exactly just a pledge, that is ~ 38% of what he still has.

Anyway, peace. Rather than politics, I like to learn trading instead, in a trading forum.

The five foundations receiving this donation include the Bill & Melinda Gates Foundation, Susan Thompson Buffett Foundation, Sherwood Foundation, Howard G. Buffett Foundation and NoVo Foundation.

Don't you find it odd that two of the foundations are owned by his relatives and one by Bill & Melinda Gates Foundation who is his close friend? I do not know about the Sherwood Foundation and Novo Foundation. Still, it is right before your eyes! It is quite possible, that it is a sham transfer of shares to reduce his taxes? I am skeptical for good reason. This is the same Warren Buffett who paid $1 million in taxes on supposed income of only $11 million? The same time he bashes Donald Trump who paid $28 million in the tax return leaked by liberal Rachel Maddow on cable TV? Donald Trump is worth $10 billion, paid $28 million in taxes vs Warren Buffett is worth $72 billion and paid $1 million in taxes and he says he wants to pay more taxes? Trump paid 28 times more taxes than blowhard Buffett!

 

[newwurldmn]

If you think that is the loophole, you are not very smart! One of them is the Gartt Trusts. The way it works is these billionaires run their monies thru various trusts, like a shell game. Say, they establish 5 trusts, let us call it A, B, C, D, E. So, Mr. billionaire runs his monies thru, moving it to A, then, B, all the way to E. When he gets to E, he pays zero estate taxes. While, millionaires pay the estate tax, Mr. billionaire did not pay any estate taxes. That is just one of it that got accidentally, revealed! Politicians claim that was not their intent! Ha ha ha ha! Now, it is all legal but, how many tax loopholes do you think they have? In the debates between Donald Trump vs Hillary Clinton then, when she was daring him to reveal his income taxes. Donald Trump himself said on national TV that her billionaires buddies were using lots of tax loopholes to put light on the fact that billionaires richers than him, were using multiple tax loopholes. Now, why would Donald Trump reveal that fact if it wasn't true? He should know because he is a billionaire himself and he admitted using tax loopholes himself. Okay, it is all legal. Only problem I have is the sheer and utter hypocrisy of the extreme liberals acting like angels? Sorry, I do not have any respect for any of those guys!

Better to be thought a fool than to speak and remove all doubt.