Thursday, March 01, 2012

Warren Buffet–“High Corporate Taxes Are An American Myth”

Corporations, like the rich, aren't paying their fair share in taxes, billionaire investor Warren Buffett told CNBC on Monday.

"It's a myth that American corporations are paying 35 percent or anything like it," Buffett said, referring to the top marginal corporate tax rate. "Corporate taxes are not strangling American competitiveness."

If high corporate taxes are a myth why is Berkshire Hathaway in litigation with the IRS?


"Berkshire Hathaway, the eighth-largest public company in the world according to Forbes, openly admits to still owing taxes for years 2002 through 2004 and 2005 through 2009, according to the New York Post. The company says it expects to "resolve all adjustments proposed by the US Internal Revenue Service" within the next year."


That's from the August 29, 2011 Huffington Post.

 
In today's Huffington Post, Thet goes on to say that Buffet expects all unresolved issues to be resolved and the taxes (up to $1,000,000,000) to be paid and that Berkshire Hathaway is actually paying more than it owes. The last I heard the taxes are still unpaid and I am not sure how the IRS can be seeking penalties if Berkshire Hathaway is paying more than it owes, but then I am a moron.

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