Every so often Warren Buffett goes on TV and calls for higher taxes. This from the guy who’s paid, according to Forbes, perhaps less than $10 million in taxes, a tiny percentage of his $50 billion net worth. I say perhaps because, to the best of my knowledge, Buffett has never made his tax returns public.
Buffett is big-business, with his Berkshire Hathaway holding company stock selling (today) at $119,675.00 per share. Berkshire Hathaway has 1 million shares, which means that Buffett heads a company worth more that the gross national product of a few small Latin American countries.
How does Buffett manage to pay so little in taxes? For one, Buffett, who wants everybody to pay for big-spending big government, donates sizable amounts to tax-exempt philanthropies, such as the Gates Foundation. Forbes, again,
He donates appreciated Berkshire Hathaway stock — which costs him pennies on the dollar — to charity, and receives a fat, juicy tax deduction at the appreciated price without having to pay a capital gains tax on the appreciation. (And, note that the money actually sits in his own charitable organization.) He’s saving income taxes with the ordinary deduction so it’s essentially a tax shelter.He builds up his massive net worth and doesn’t have to sell stock while deferring capital gains. When he does take a capital gain, it’s at a 15% rate, and he lives in a low-tax state.
Buffett has been known to complain that he paid taxes on the lower-rated capital gains rate rather than the higher income-tax rate. Well, play me the world’s smallest violin, Warren.
Mind you, I’m all for capitalism. America is the greatest country in the world because historically it afforded its citizens the ability to legally prosper and live in abundance. What I object to is billionaires who got their own aiming to prevent anyone else from attaining the same, or more, as they.
This latest time around Buffett was on ABC’s This Week, and told Christiane Amanpour that “People at the high end, people like myself, should be paying more taxes”,
Olbermann Suspended Without Pay From MSNBC After Making Political Donations To Democrats
Today, Politico reported that MSNBC host Keith Olbermann made political contributions to three Democratic candidates — Kentucky senate candidate Jack Conway and Arizona House members Raul Grijalva and Gabrielle Giffords. Following the story, MSNBC President Phil Griffin released a statement this afternoon stating that Olbermann has been suspended without pay:
I became aware of Keith’s political contributions late last night. Mindful of NBC News policy and standards, I have suspended him indefinitely without pay.
MSNBC’s policies governing its employees states:
Anyone working for NBC News who takes part in civic or other outside activities may find that these activities jeopardize his or her standing as an impartial journalist because they may create the appearance of a conflict of interest. Such activities may include participation in or contributions to political campaigns or groups that espouse controversial positions. You should report any such potential conflicts in advance to, and obtain prior approval of, the President of NBC News or his designee.
It’s unclear what harm Griffin determined resulted from Olbermann’s contributions. Politico noted that Olbermann donated to Grijalva on the same day that Grijalva appeared as a guest on his show. In his defense Olbermann said, “I did not privately or publicly encourage anyone else to donate to these campaigns, nor to any others in this election or any previous ones, nor have I previously donated to any political campaign at any level.”
Atrios reports that Pat Buchanan, a very frequent guest on MSNBC and an official contributor, has also made a number of donations to Republican candidates.
Meanwhile, Steve Benen observes that, while Olbermann made his donations in a personal capacity, News Corp. — Fox News’ parent company — “made multiple undisclosed donations to the Republican Governors Association, totaling at least $1.25 million, in addition to a $1 million contribution to the U.S. Chamber of Commerce for its pro-Republican election-year activities. Fox News has helped GOP candidates raise money on the air; Fox News personalities are featured guests at Republican fundraisers; while other Fox News personalities continue to help generate financial support for Republican candidates now, even after the elections.”
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