Republicans demand Buffett’s tax returns

[kpete]

Source: The Hill

Republicans demand Buffett’s tax returns
By Alicia M. Cohn - 09/22/11 12:00 PM ET
The GOP is making a concerted effort to pressure billionaire investment guru Warren Buffett to release his tax returns to the public.

Republicans say Buffett — the public face of Obama’s proposed “Buffett rule” to increase taxes on the wealthy — needs to reveal his finances if his views on tax rates are going to serve as the basis for Obama administration policy.


“Will Warren Buffett release his tax returns so we can see why he should be the standard for tax policy?” Sen. John Cornyn (R-Texas) questioned in a tweet Thursday.
“If he’s going to be the gold standard, so to speak, in terms of what our tax policy should be, yeah, let’s look at it ,” Cornyn told ABC News.

Read more: http://thehill.com/blogs/blog-briefing-room/news/183253-republicans-demand-buffetts-tax-returns

[sakabatou]

1. What petty assholes.

[Guy Whitey Corngood]

2. I remember they also wanted to see Clinton's dick. nt

[Justitia]

45. FTW!

Fuck them & the horse they rode in on.

[Guy Whitey Corngood]

62. Seriously, WTF is wrong with these assholes? As a group I'm sure they would

baffle the most skilled psychiatrist.

[hobbit709]

3. Cornhole should tell us who owns him in fee simple.

[denem]

4. And Long Form Birth Certificate

:evilgrin:

[sinkingfeeling]

5. What don't they understand about capital gains taxed at 15%?

[SteveM]

36. Esp. since the GOPers want to repeal it. nt

[HereSince1628]

6. Somehow, I wouldn't be surprised if Buffet did that.

But, then there would probably be charges that these tax returns were written in Kenya, or that the long form was a photo-shopped fabrication...

[no_hypocrisy]

7. Two words: Piss Off!

[leftyohiolib]

14. i had two words for them also. off was one piss wasnt the other but

im sure you know what that word is

[TwilightGardener]

8. Buffet's in the private sector, not an elected official. Good luck with that.

[DissedByBush]

41. I can still see this one

Buffet put the subject of his personal tax returns into the political arena, he should back up his statements.

And won't it make the Repubs look stupid.

[valerief]

9. If we see Buffet's tax return, show us Premier's voting software code. And all the other

election fraud, republican-owned, proprietary voting software code!

[gateley]

17. God, wouldn't it be great if he made that proviso? nt

[valerief]

30. Yep, we're show you ours if you show us yours. nt

[FailureToCommunicate]

21. Excellent idea!

[Horse with no Name]

10. Really? Can we see Koch's tax returns too?

I mean, they certainly influence purchase more policy than Buffett does...

[A Physicist]

11. Bingo

[blm]

12. Release the Koch Bros. tax returns since THEY direct GOP policy. And Bob Perry, and the Waltons, and

and, and.....

[montanacowboy]

13. Since the Repukian tax policy is determined by GROVER

BATHTUB NORQUIST -CAN WE ALL SEE HIS TAX RETURN ALSO?

[Plucketeer]

15. In THAT case

Let's see the books of the asshole who cried about only having $400K left to feed his kids with!

[JaneQPublic]

16. Yet McCain wouldn't even say how many houses he owned

When asked, he just said something like, "I'll have my staff get back to you."

If they're going to make demands like that, then Mitzy should be prepared to show his tax returns, if he going to insist he's "middle class, too."

Such hypocrisy!

[MADem]

18. The replies to this post are all first rate!!! Great retorts! NT

[Lost-in-FL]

19. How about showing the tax returns once Trump show his. nt

[DJ13]

20. Only if both of the Koch brothers release theirs

[bongbong]

22. Perfect quid pro quo

Buffett should give up his tax records in exchange for the phone records and bribe records of lobbyists to repigs.

[jwirr]

23. That isn't going to get them anywhere - he said he does not pay

enough taxes.

[onethatcares]

38. cereally, what are they gonna do?

point at the bottom line and say, "HE PAYS TOO MUCH" or "Geez, that's not a lot for a bazillionaire".

These assclowns never fail to make me laugh.

[stockholmer]

24. this whole ploy is a classic psy-op, designed to get one side to glom onto a corporatist scum like

Buffett, due to his being attacked by that group's (ie the 'left') so-called arch enemies (ie the 'right'). At the end of the day, both parties' elected leaders head to the pub together to have a drink on the bloated pig plutocrat's tab. In return, the plutocrat keeps control over both groups, and thus the continuity of agenda rolls on.

Disgusting.:puke:

[AnOhioan]

58. +1

[The Second Stone]

25. So now releasing private tax returns is a condition to

advocate a policy? How ugly and partisan.

[Angry Dragon]

26. The republicans state over and over again that their policy

is that the job creators need tax breaks
so lets see ALL the tax returns from these so called 'job creators'
that would only be fair
and all members of congress

[Firebrand Gary]

27. Uhhh, dude is not in elected Government.

[onehandle]

28. So if a person gets all political, they have to reveal all. But a Super PAC gets to hide its people.

IOKIYAR.

[Abq_Sarah]

29. If Buffett, as CEO of Berkshire Hathaway

Would just order his company to pay the 8 years back taxes they owe and if he voluntarily wrote a check to the US treasury since he doesn't feel he pays enough in taxes, I might be inclined to defend him.

As it stands now? Not a chance.

[hugo_from_TN]

31. +1

[onethatcares]

39. does he "owe" or is he just using the tax code to his advantage.

I realize this behavior pisses people off, but if I made that kind of money or my company made that kind of money, I'd be contesting points of tax law just because I could do it.

It's like going to court and proving you're innocent. It's not supposed to be that way.

[roseBudd]

44. Buffett did not ask for his tax rate to be slashed in 2003 by Republicans

[roseBudd]

43. Buffett does not owe, Bush cut his rate from 20% to 15% in 2003

The dividends rate was slashed from the individual rate to 15%, also in 2003

[uncle ray]

48. would you care to hold yourself to a similar impossible standard?

let's say, not comment on the finances of billionaires until you are, in fact, a billionaire?

[Abq_Sarah]

50. Why should I?

Buffett preened and postured and declared he was paying a lower rate than his secretary because he knows most people don't understand the difference between a tax on income and a tax on investments. He claims he's not paying enough yet the son of a bitch won't open his checkbook and write a check payable to the US Treasury unless he's forced to do it. Screw him.

[No Elephants]

55. Why is it an impossible standard?

Here is a very, very wealthy man, saying very publicly year after year, the government should tax me more.

If he really felt that he owed, at least morally, his government more than he was obligated to pay, he could easily have made a donation to the Treasury and never even noticed it. Not as though it would have disabled him from paying his real estate taxes or his grocery bill.

Alternatively, stop talking about how he REALLY should be paying the U.S. government more. IOW, as the age old concept goes, "Put up or shut up."

Why is that an impossible standard?



Speaking of old sayings, the French have one that translates to, "You can't have the flag and the money."

The flag in that saying represents the glory, as when you do something for your country or your neighbor or a charity out of pure patriotism or love, or some other wholly unselfish motive.

And the money represents the less noble motive, such as, well, money.

For just example, you don't get the "glory" of unselfishly volunteering with cancer patients if you get a paycheck--or great publicity--or something else that i8s of a more selfish-type value to you. Doesn't have to be literally money, especially if more money is the last thing you need. Could be something else.


http://www1.pictures.zimbio.com/gi/Warren+Buffett+President+Obama+Honors+Medal+W1FvSjW2JN3l.jpg


So far, Buffet's had the flag and the money because no one's been pointing out that absolutely nothing, including his own financial situation, has ever prevented him from donating to the U.S., if he really felt that he should be paying his government more.

[Dokkie]

59. add to that

he gave away most of his fortune to non taxable entities (charities) so when he atleast dies, the US govt would get almost nothing via estate tax. Thanks again Warren.

I dont see how so many people are falling for his games.

[Hosnon]

63. The "write a check to the US Treasury" line is - and always will be - ridiculous.

The underlying benefit of ideas such as Buffett's is a (relatively small) individual sacrifice that adds up to a (relatively large) national gain.

But that relatively small individual sacrifice is more than enough to tip the scale against writing a check if you are the only one doing it: all pain, no gain.

[SoapBox]

32. Hey, GOPBaggers...here's a return for you!

...with two hands...

*FINGER*

[radhika]

33. Per TPM: Buffett already did this, on TV

Here is a link to the story. Happened on the Charlie Rose Show about a month ago.

http://tpmdc.talkingpointsmemo.com/2011/09/warren-buffett-gave-his-tax-return-to-charlie-rose-last-month.php?ref=fpa

[rasputin1952]

34. Let's see the Koch brothers tax records, and everyone in Congress...

I'd like to know how much some of these individuals saved through loopholes and policy designed specifically to protect them. How much did Cornyn pay in taxes?

How about Dick Cheney, a major stockholder in several entities that draw in huge amounts of federal funds?

Cantor, Boehner, McConnell, and a host of others should show the public precisely what they earned and the taxes they paid, or didn't pay.

[Iliyah]

40. Also from the Koch brothers

all the paid travels, dinner, lunch, parties, et al., that they have given to the congresscritters and governors and others. I want to see all of it and explain them too.

Also while we are at it, I want everyone, especially the gopers aka tea brats tested for drugs at their expense.

[Lasher]

35. What, they don't want to see his birth certificate?

Fuck Corny.

[benld74]

37. Buffet ALREADY showed Charlie Rose!!!!!!!

[kiranon]

42. Would violate his 1st Amendment rights to free speech.

[NOMOREDRUGWAR]

46. Donald Trump promised to release his once Obama released his LFBC

Let's see Trump's returns.

[vminfla]

47. Warren Buffett is the Republican Party's workst nightmare

A billionaire with a conscience.

[stockholmer]

65. U really need to do some looking into Buffett, he's NOT a 'billionaire with a conscience', he's your

(and 99.999% of humanity's) ENEMY, and is certainly NOT a 'nightmare' for either the Republican or the Democratic parties' banking/oligarchic overlords.

He is NOT a hero for anyone, except his fellow billionaires (and perhaps multi-millionaires worth over 100 or 200 million).

Do 'hero's' do things like this?


Buffett – trading on inside information – steals $3.7 billion from the American taxpayer.

http://www.bloomberg.com/news/2011-03-18/buffett-generates-3-7-billion-from-goldman-investment-made-during-crisis.html

"Warren Buffett’s Berkshire Hathaway Inc. (BRK/A) has made about $3.7 billion, including paper profits, from its $5 billion investment in Goldman Sachs Group Inc. (GS) at the depths of the financial crisis in 2008.

Goldman Sachs today said it will pay $5.65 billion to redeem preferred stock it sold to Berkshire. The price includes the original investment, plus a 10 percent premium and first- quarter dividend. Berkshire still holds warrants to buy $5 billion of the New York-based bank’s common stock with a strike price of $115 per share, which have generated a paper profit of more than $1.9 billion, data compiled by Bloomberg show.

Buffett invested in Goldman Sachs following the collapse of rival securities firm Lehman Brothers Holdings Inc. Under terms of the deal, Omaha, Nebraska-based Berkshire collected a $500 million annual dividend on the preferred stake. Goldman Sachs closed at $159.96 today on the New York Stock Exchange, compared with $84.39 at the end of 2008..................................."


-------------------------------------------------------------------------------------------------------------------

key quote "Goldman Sachs’s redemptions are “unwelcome,” Buffett said Feb. 26 in his annual letter to shareholders. “After they occur, our earning power will be significantly reduced"

In other words, Buffett wants to keep his hand further in the Goldman Sachs till, as they continue to financially rape and pillage.

flashback video

Charlie Munger (Buffett's long time Berkshire partner), tells the US people that "Thank God that bank bailouts came before handouts" to them and that the Americans need to just "Suck it up and cope"

http://www.youtube.com/watch?v=TYHQLNb3zGA

---------------------------------------------------------------------------------------------------------------------------

What bailouts you might ask? The $700 billion in Tarp? No no no, how does over $23.7 TRILLION (much to foreign banks) sound?

U.S. Rescue May Reach $23.7 Trillion, Barofsky Says (article from 2009)

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aY0tX8UysIaM

------------------------------------------------------------------------------------------------------
Now, many said that this figure would NEVER come into play, that at most the totals would be another 700 billion (similar to TARP).

well.......................................... HELLO:

http://sanders.senate.gov/newsroom/news/?id=9e2a4ea8-6e73-4be2-a753-62060dcbb3c3

Senator Bernie Sanders: The FedRes Audit – “U.S. Provided a Whopping $16 Trillion in Secret Loans To Bail Out US And Foreign Banks”

http://sanders.senate.gov/imo/media/doc/GAO%20Fed%20Investigation.pdf (go to page 144, 3 of Buffett-related banks,Wachovia, Goldman Sachs and Wells Fargo, got over $1.1 TRILLION in guarantees and zero or near zero interest loans)

and this

(another disclosure, different from Bernie Sanders' audit)

http://www.theatlantic.com/business/archive/2011/08/the-feds-secret-12-trillion-bailout-of-wall-street/243938

http://www.bloomberg.com/news/2011-08-21/wall-street-aristocracy-got-1-2-trillion-in-fed-s-secret-loans.html

Wall Street Aristocracy Got $1.2 Trillion in Fed’s Secret Loans

http://www.bloomberg.com/data-visualization/federal-reserve-emergency-lending

Goldman Sach's (whilst Buffett was a significant share holder (see above), got around $70 Billion in bailouts and loans, Wells Fargo, another $45 Billion, and Wachovia got $50 Billion. That is another 165 billion to Buffett-related banks.


Between just these 2 Federal Reserve disclosures, 3 of the Buffet-related, partially or majority Buffett-directed received almost $1.3 TRILLION in secret bailouts, guarantees, and zero or near zero loans (which they turned around and leveraged out for billions in skimmed profits.)
-------------------------------------------------------------------------------------------------------------------

Buffet and Drug Laundering Money:


Wachovia (now Wells Fargo under Warren Buffett) laundered $378.4 BILLION in drug cartel money, yet paid a fine of only $160 million.

That is equal to laundering a million, and paying a 423 dollar fine. A speeding ticket is more than that in certain cities. Buffett was completely involved in the negotiations to lower the fines.

http://www.nakedcapitalism.com/2011/04/wachovia-paid-trivial-fine-for-nearly-400-billion-of-drug-related-money-laundering.html


-----------------------------------------------------------------------------------------------------------------

Buffett and the Mortgage Fraud Class Action Lawsuit (Buffett now has massive shares in 2 Huge Banks, Wells Fargo and Bank of America that are squarely in Schneiderman's Target Zone):

Buffett Is Betting Against Eric Schneiderman

http://www.thestreet.com/story/11231295/1/buffett-is-betting-against-eric-schneiderman.html


Perhaps. But, if so, the next time banks get government help won't go down like it did last time.

Warren Buffett announced Thursday he will take a stake in Bank of America, paying $5 billion for 50,000 cumulative preferred shares, each with a liquidation value of $100,000.

This investment has already raised red flags in the investment community, with the announcement coming days after Bank of America CEO Brian Moynihan vehemently denying that the bank needed capital. Also, the terms of the deal -- specifically the outsized dividend -- have led at least one prominent analyst to declare: "There's no way the bank can make money." http://www.thestreet.com/story/11230870/1/buffett-to-invest-5-billion-in-bank-of-america.html

So what exactly are Bank of America(BAC_) and Warren Buffett up to?

They're betting against New York Attorney General Eric Schneiderman.

Schneiderman is investigating the foreclosure practices of major banks; http://www.legalnewsline.com/news/233633-schneiderman-removed-from-mortgage-deal-committee opposing any mortgage/foreclosure settlement that gives banks a release from criminal investigations in exchange for civil fines.

In this sense, he's a lone wolf, getting booted from multi-state mortgage-settlement talks http://www.thestreet.com/story/11229482/1/new-york-ag-booted-from-mortgage-talks.html while facing pressure from the Obama administration to accept "blood money" in exchange for banker immunity. http://www.thestreet.com/story/11226640/1/obama-wants-schneiderman-to-back-off-banks-report.html

The proposed settlement of $20 billion would protect mortgage servicers such Bank of America, Wells Fargo(WFC_), JPMorgan Chase(JPM_), Citigroup(C_) and Ally Financial from further mortgage investigations. For perspective, the laughably small settlement is less than a single year's Wall Street bonus pool.

clip
-----------------------------------------------

my thoughts

The $20 billion settlement is is actually 7 and a half times less than Wall street paid itself in bonuses for just 2010.($150 billion)

http://moneywatch.bnet.com/economic-news/video/wall-street-bonuses-150-billion/383180

Buffett despises a true investigators like Schneiderman, and actively worked, along with the other bankster oligarchs behind the scenes to pressure his removal.

Furthermore, Buffett, per the terms of his $5 billion investment in Bank of America, gets paid back before ANYONE else, even the US government, in the event of BOA's demise.

------------------------------------------------------------------------------------------------------

Buffett also played his typical disinfo campaign in regards to the rating agencies (talking trash about them, but reaping huge profits through his large holdings in Moody's, as they blatantly mis-rated mortgages in the sub-prime debacle)

http://www.ourfuture.org/blog-entry/2010062202/warren-buffett-rating-agencies-and-corruption

-------------------------------------------------------------------------------------------

Buffett and derivatives:

Let’s Hold Benedict Arnold Billionaire Warren Buffett Accountable

http://www.alternet.org/story/146795/let%C3%A2%E2%82%AC%E2%84%A2s_hold_benedict_arnold_billionaire_warren_buffett_accountable


----------------------------------------------------------------------------------------------------


Lastly, let me turn to Buffett and his widely played remarks calling for higher taxes on the rich for capital gains and dividends.

Buffett owns HUGE shares in companies, he cannot easily pull out of a stock without destroying its market value. He also is known for long term holding, and reaping huge profits, and if his companies get in trouble, he goes running to the government to bail him out.

So, what better to ensure a stock's price than raising the penalty on ALL OTHERS for pulling out by taxing that capital gain at a much higher rate. He is actually calling for the government to force people to stay in stocks much longer than they would have, due to tax penalties. Meanwhile, he completely benefits, as this captive group of investors now is much less likely to abandon the firms that he holds huge shares in. Meanwhile Buffett and his fellow ilk will use ultra-complicated (and previously illegal) accounting methods to offset the increase in taxes he would have paid via losses that he will say he incurred.


I completely agree the truly rich should pay more, as the US tax system is designed to smash small and medium sized firms, whilst the big multinationals, who basically wrote the tax code through lobbyist pressure, pay next to nothing. But Warren Buffett's plans are a sham, a scheme, and also will hurt, once again the small investor and small businesses, who employ 70% of all Americans.


--------------------------------------------

If Warren Buffett, (a billionaire who has consistently used his privileged position to suckle off a bastardized version of crony capitalism which has morphed into corporate fascism through its confluences with the deepest cores of state power) is a 'hero', then........... HOW LOW the thresholds for the heroes of our age have fallen..........

[City Lights]

49. Dear GOP: FUCK OFF!

:nuke:

[FreeBillClinton]

51. Good idea! pass a law about it! All billionaire tax returns can be public.

[marasinghe]

52. so this is the smartest response these fucking repuke morons can come up with, for the 'Buffet rule'

and, around half the voting public of this benighted country - support these antediluvian, right-wing carrion-eaters.
:puke:

[newspeak]

53. are they just fekkin stupid or playing to their base?

Buffett already showed his tax return, I believe on PBS. These arseholes are either playing to their base (which they must think are stupid) or are really totally clueless.

[truthisfreedom]

54. Shrill-voiced ninnies. Snooping around where they don't belong. Get your gubbmint off our backs!

If any Democrats asked to see a rethug's tax returns they'd be drummed out of town.

[goforit]

56. Bully Bully bully........... bring it on assholes.

[struggle4progress]

57. Say the rich should pay their fair share, and Republican congressmen willdemand your private records

[Omaha Steve]

60. Buffett urged: Release tax returns (he paid $6.9 million in taxes, a rate of 17.3 percent)

Source: Omaha World Herald

By Joseph Morton

snip: But Republican lawmakers are taking issue with Buffett's claims that he pays a lower tax rate than his secretary and say they want to see what the Oracle of Omaha is turning in to the IRS.

Rep. Tim Huelskamp, R-Kan., sent an open letter to Buffett on Thursday, calling for him to release his returns, given that Buffett's anecdote is being used to shape national tax policy.

“The simplest way to substantiate your claim is to publicly disclose your tax returns as soon as possible so that policymakers, and the American people who elect them, can properly determine their veracity,” he wrote. “If you were to come before any congressional committee and testify, any member of Congress would ask for the evidence to back up your claim — under oath.”

Buffett showed his tax return to TV interviewer Charlie Rose last month.
He told Rose he had $62 million in adjusted gross income and $39.8 million in taxable income after deductions. Buffett said he paid $6.9 million in taxes, a rate of 17.3 percent.

Read more: http://www.omaha.com/article/20110923/NEWS01/110929871/0#buffett-urged-release-tax-returns

[No Elephants]

61. Already a thread on this

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=5002962&mesg_id=5002962

[LiberalFighter]

64. Why should it be difficult for them to believe?

1) They want everyone to believe their taxes are actually higher than what it is?
2) They don't want anyone that isn't rich knowing the truth about how much the rich pay in taxes and income they don't pay taxes on?


My effective tax for 2010 was 10.27%
I had $9,350 of my income exempt from taxes (Single person and standard)

My effective tax for 2009 was 10.09%
I had $9,850 of my income exempt from taxes (Single person and itemized)

My effective tax for 2008 was 10.57%
I had $8,950 of my income exempt from taxes (Single person and itemized)
I had

My effective tax for 2007 was 10.09%
I had $8,750 of my income exempt from taxes (Single person and itemized)

My effective tax for 2006 was 8.95%
I had $8,990 of my income exempt from taxes (Single person and itemized)

My maximum tax bracket in each case was 15%. About 20-25% of my income was exempt from taxes.

I bet a lot of them have more than 30% if not not more than 50% of their income exempt from taxes.