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Warren Buffet's company may owe $1 Billion in back taxes.


The media has been trumpeting Warren Buffet’s call to “tax the rich.”

However, Warren Buffet’s own company auditors estimate that $1 Billion in back taxes are owed.

From Human Events…

How much of the State’s rightful money has this hypocrite been clutching in a white-knuckled death grip?  Oh, only about a billion dollars or so.  Bill Wilson of Americans for Limited Government tallies up the bill:

Using only publicly-available documents, a certified public accountant (CPA) detailed Berkshire Hathaway’s tax problems to ALG researcher Richard McCarty.  Now, the American people have a better idea of how much in back taxes the company could owe Uncle Sam.

According to page 56 of the company report, “At December 31, 2010… net unrecognized tax benefits were $1,005 million”, or about $1 billion. McCarty explained, “Unrecognized tax benefits represent the company’s potential future obligation to the IRS and other taxing authorities.  They have to be recorded in the company’s financial statements.”

He added, “The notation means that Berkshire Hathaway’s own auditors have probably said that $1 billion is more likely than not owed to the government.”

On top of this tax bill, figure the value of the time IRS agents have invested trying to collect it – they don’t work cheap, and we pay their salaries – and the resources Buffett’s people have invested fighting back.  All of which would have been saved if Buffett simply practiced what he preached, and willingly handed over his fortune to the brilliant and compassionate “leaders” he commands the rest of us to support without resistance.

Warren Buffet is no different from the other liars and frauds orbiting Barack Obama.  His hypocrisy just runs billions of dollars deeper.  When it comes to “shared sacrifice,” you do the sacrificing, and they do the sharing.