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November 19, 2011

Warren "Tax Me More" Buffett's Company Sues IRS Over "Illegal" Taxation

Oh my.

NetJets, a unit of Warren Buffett's Berkshire Hathaway Inc., this week sued the Internal Revenue Service over what it called an "illegal" $643 million tax assessment.

The IRS had determined that NetJets had failed to collect a "ticket tax" from its customers—the same tax that's paid by passengers every time they fly on a commercial flight.

...

"The IRS's assessments in this case improperly extend application of the ticket tax beyond commercial airline and charter passengers, to persons who own the aircraft on which they fly," the company said in the suit.

NetJets also claimed that the IRS hadn't attempted to assess such taxes on rival fractional-jet businesses, placing the company "at a significant disadvantage."

Now on the face of it it seems Buffett's company is right. Why should people who own the jets pay a "ticket tax"? You don't buy a ticket to ride on something that you own.

But "corporate jet owners"? Aren't they the lowest of the low or something? And Buffett is suing to keep their costs down and protect them for unfair taxation?

Oh and remember when Obama wanted to change how evilllll "corporate jet owners" were taxed? Yeah, Buffett opposed that too.

Buffett and his management team have a fiduciary obligation to fight this on behalf of their clients. But the idea that Buffett then will turn around and say other people (presumably including most of these same clients) should be taxed at higher levels to satisfy his moral vanity is an amazing twist of logic.

Hypocrisy thy name is Liberalism (and always has been).


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posted by DrewM. at 11:01 AM

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