Deferred and back taxes are not the same. Deferred taxes are
These are the types of news that really does a disservice to the common people. All companies have something called deferred taxes based on IRS tax code for certain assets. The tax on the financial statement is different from the actual tax the company pays (legally) because of certain IRS rules. This deferred tax is liability which is losely termed as back taxes. This doesn't mean Buffet's company didn't pay taxes. I have explained one such deduction to my response on CEO salary.
Although, I so understand how such news can sound so convincing to people who has
"...the existence of a tax liability does not mean it is accurate."
Not good enough...the existence of a tax liability does not mean it is accurate. You on the right who decry government and taxes and so on suddenly claiming the government is always right??? The bill will be paid, once an agreement is reached.
On another note... if you all call Buffett a hypocrite, you have a reasonable argument... but when you add in the word 'socialist' your argument heads south in one heck of a hurry. Stick to solid ground. I'd not defend the guy to the end, and I'd only defend him to the extent that a) his argument that the wealthy should pay more taxes is an accurate assessment, and b) there is zero evidence one of the most famous *capitalists* in this world is a socialist. You have a better chance of convincing me GWB was a socialist.
"Um, a case would not be 'disputed' or be in litigation if they admitted they owe the money. "
Buffet admits they owe the money.
Because there is a buyers side as well. There is more than one way to make a profit...if costs are higher, you charge more, and that falls on the rest of us, but I'd rather pay more than see our jobs disappear, and whether left or right, believe we can agree on that point. if we can't, then the right had better stop trying to call the left unpatriotic, because... they've got it backwards.
Any evidence they aren't following the laws? There is a difference of opinion about the law, and that happens all the time... is what courts and attorneys are for.
Um, a case would not be 'disputed' or be in litigation if they admitted they owe the money. Buffett just put 5 bx into BoA. The money is there. This isn't a case of negligence, improper management, or anything of the sort. Nice try by the right though. Oh, what a hornet's nest Buffett stirred up 'its our money, and how dare you talk about taxing our money! Take it from the poor, the mooches!'