Message to Donald Trump from Warren Buffett

[BillB]

Did you guys see this? I lol'd. This is what you call an epic bitchslapping.



Some Tax Facts for Donald Trump

October 10, 2016 12:00 PM Eastern Daylight Time

OMAHA, Neb.--(BUSINESS WIRE)--Answering a question last night about his
$916 million income tax loss carryforward in 1995, Donald Trump stated
that “Warren Buffett took a massive deduction.” Mr. Trump says he knows
more about taxes than any other human. He has not seen my income tax
returns. But I am happy to give him the facts.

My 2015 return shows adjusted gross income of $11,563,931. My deductions
totaled $5,477,694, of which allowable charitable contributions were
$3,469,179. All but $36,037 of the remainder was for state income taxes.

The total charitable contributions I made during the year were
$2,858,057,970, of which more than $2.85 billion were not taken as
deductions and never will be. Tax law properly limits charitable deductions.

My federal income tax for the year was $1,845,557. Returns for previous
years are of a similar nature in respect to contributions, deductions
and tax rates.

I have paid federal income tax every year since 1944, when I was 13.
(Though, being a slow starter, I owed only $7 in tax that year.) I have
copies of all 72 of my returns and none uses a carryforward.

Finally, I have been audited by the IRS multiple times and am currently
being audited. I have no problem in releasing my tax information while
under audit. Neither would Mr. Trump – at least he would have no legal
problem.

Contacts
Warren E. Buffett, 402-346-1400
Omaha, Nebraska

[dsm]

http://www.cnbc.com/2016/10/11/trump-doesnt-have-to-release-his-taxes-and-warren-buffett-should-zip-it-commentary.html

"Donald Trump absolutely, positively should not bow to pressure from billionaire Warren Buffett to release his taxes.

Trump has been under fire since it was revealed that he used a nearly $1 billion loss to his advantage to avoid paying federal income taxes. He called out Buffett during the second presidential debate on Sunday night as one of Hillary Clinton's supporters who has also used tax loopholes to pay less in taxes. Buffett fired back, saying he has paid federal income tax every year since 1944, when he was 13 and released detailed information about his taxes.

This is a familiar pattern by Buffett: portraying himself as paragon of self-sacrifice and a strong proponent of a fairer tax code. He famously wrote an op-ed in the New York Times pointing out that he pays a lower federal tax rate than any of the other 20 people in his office (including his secretary), leading President Obama to suggest the "Buffett Rule," which would have applied a minimum tax rate of 30 percent to people making over $1 million per year. (That rule that was never passed into law, by the way.)

I'm calling BS on Buffett as a tax martyr. Anyone who thinks Buffett's faux tax virtue is a reason why Trump should finally release his tax returns is wrong. Because, compared to Buffett, Trump is a rank amateur when it comes to avoiding taxes.


Buffett continues to employ an array of accounting and other tricks to drastically reduce his tax liabilities. Just to name a few: Buffett has been known to buy companies and cancels their dividends to shield most of his net worth from taxable income. He has also used stock splits to buy companies to help avoid paying taxes on those buys. And, through what is called "deferred liabilities," Berkshire can get out of paying tens of billions of dollars in taxes right now. This is something Buffett himself has referred to as "an interest-free loan from the U.S. Treasury."

None of this has stopped him from calling for higher taxes on other rich people. And, it makes sense: Higher taxes on the rich, especially estate taxes, would be a major boon to Buffett's insurance and annuity businesses that help rich Americans avoid those kinds of higher taxes."

[BillB]

I could rip that moronic and totally ignorant commentary to shreds, and
I might later, but much better to let Novak's (formerly of Fox News
fame) own idiotic words do the talking for me:

"Sure, the polls may fluctuate again and the polling experts like Nate
Silver and Larry Sabato are not yet convinced of a Trump victory [ed.
note - "not yet convinced" LOL!]. But that seems likely to change soon.
With every story about Trump's poll strength that comes out, more
on-the-fence supporters are likely to come out to support him."

That was less than a month ago! Novak is a clueless wonder. How does
someone that fucking clueless get ANY job, let alone one as a
columnist?? I could MAYBE see him running a hotdog cart. Is he a plant
to make Trump supporters look even dumber than they are?

And cancelling dividends and instead leaving capital invested in a
company you own is now an "accounting trick"? LOL!! Jesus
Christ...what a fucking idiot.