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Buffett’s NetJets Countersued by U.S. for Unpaid Taxes
NetJets Inc., the private-plane company owned by Warren Buffett’s Berkshire Hathaway Inc. (BRK/A), was countersued by the U.S. over $366 million in taxes and penalties. Claiming the federal Internal Revenue Service wrongfully assessed a so-called ticket tax -- an excise tax on payments made in exchange for air transportation -- to private aircraft owners maintaining their own planes, the Columbus, Ohio-based company demanded refunds and abatements. (www.businessweek.com) Mehr...Sort type: [Top] [Newest]
How did this possibly happen? Buffett is constantly saying he doesn't pay enough taxes, and his friend Obama should raise the rates.I guess actions speak louder than words. Kinda makes you wonder how Buffett and obama are such good buddies ,as Obama constantly trashes the "fat cats and their corporate jets" as he travels the world in a private jet at taxpayer expense.
Unless the IRS can levy that excise tax every time somoene flies a non-fractionally owned jet, they can't tax someone for flying in their fractionally owned jet. Government overreach...
I think the point of the story is pointing out the hypocracy of Warren Buffett. He's the guy who thinks he should be paying more taxes yet dodges them at every turn.
Then the article is uninformed. There is very little oversight from Buffett with Berkshire companies.
James is exactly right. The only gray area here could be with Marquis flights.
James is exactly right. The only gray area here could be with Marquis flights.
Obama will make an executive decision and take care of his friend and supporter Warren Buffett. I bet the liberal mainstream press doesn't report this.
You are probably right there. I still wouldn't be surprised if the tax gets dumped in the aircraft owners hands. I don't have a clue what all is in the fractional ownership contract, but I bet their is a catch all line about taxes and that the owners are responsible.