Author Topic: Warren Buffett's NetJets Sued for $366 million for....
Lyken-P 
Posts: 8,313
Registered: Jan 14, '06
Extended Info (if available)
Real Post Cnt: 8,289
User ID: 1,108,553
Subject: Warren Buffett's NetJets Sued for $366 million for....
UNPAID TAXES
http://articles.businessinsider.com/2012-03-10/wall_street/31142467_1_ticket-tax-unpaid-taxes-penalties

NetJets Inc, a private jet-sharing company owned by Warren Buffett's Berkshire Hathaway was sued for $366.3 million by the government to recover unpaid taxes, four months after NetJets sued the government for nearly twice as much.

Four NetJets units have "failed, neglected or refused" to pay excise taxes and related penalties between 2003 and 2009, according to the countersuit filed Thursday with the U.S. District Court in Columbus, Ohio, where NetJets is based.

NetJets Aviation Inc owes $302.1 million, NetJets International Inc owes $53 million, Executive Jet management Inc owes $10 million and NetJets Large Aircraft Inc owes $1.19 million, according to the countersuit.

Colleen Nissl, NetJets' general counsel, said the company does not comment on pending litigation.

On November 14, NetJets had sued to recoup $642.7 million in taxes and penalties, accusing the Internal Revenue Service of having mistakenly imposed a "ticket tax" meant to apply only to passengers who buy seats on commercial or charter aircrafts.

NetJets said that as a manager of private aircraft, it was not required to pay the tax because its services were not "taxable transportation." It also said the IRS put it at a disadvantage to rivals that did not have to pay the tax.

Last year, NetJets posted a $227 million pretax profit, continuing a turnaround after prior management had racked up $1.9 billion of debt and regularly posted quarterly losses.

"A few years ago NetJets was my number one worry: Its costs were far out of line with revenues, and cash was hemorrhaging," Buffett, the world's third-richest person according to Forbes magazine, wrote last month in his annual letter to Berkshire shareholders. "These problems are behind us."

Berkshire is based in Omaha, Nebraska.

The case is NetJets Large Aircraft Inc. v. U.S., U.S. District Court, Southern District of Ohio, No. 11-01023.

 

-----signature-----
(none)
Link to this post
Mastara 
Posts: 8,982
Registered: Dec 29, '04
Extended Info (if available)
Real Post Cnt: 8,312
User ID: 1,011,569
Subject: Warren Buffett's NetJets Sued for $366 million for....
just give me 1% of that. I could live for a long long time happy

 

-----signature-----
Boooooommmm Heeeaaaddddshhhhooooottttt!
http://www.carellaross.com/img/truth_its_the_new_hate_speech.jpg
Mastatheimposta - 10L2 SB Merlin
Link to this post
Moe_Nox 
Title: In Moe We Trust
Posts: 22,319
Registered: Feb 4, '07
Extended Info (if available)
Real Post Cnt: 19,181
User ID: 1,203,840
Subject: Warren Buffett's NetJets Sued for $366 million for....
laugh

 

-----signature-----
The Nanny State cometh
Currency should be bacon cheeseburgers and blow jobs... - Reese
Life at the Outpost: http://www.collegehumor.com/video:1771556
Link to this post
Grymlo 
Posts: 11,677
Registered: Apr 30, '02
Extended Info (if available)
Real Post Cnt: 9,281
User ID: 674,080
Subject: Warren Buffett's NetJets Sued for $366 million for....
Should we be shocked?

 

-----signature-----
A Nation of Sheep Breeds a Government of Wolves!
Link to this post
reesescups 
Title: //Captain America
Posts: 47,567
Registered: May 26, '03
Extended Info (if available)
Real Post Cnt: 40,845
User ID: 805,977
Subject: Warren Buffett's NetJets Sued for $366 million for....
Grymlo posted:
Should we be shocked?
Yeah - what are we supposed to do with this?

Is this a dig on Buffet because he thinks the 1%'ers should pay more in taxes?
Is this a dig on Buffet because he runs a successful business?
Is this highlighting the 'unfair' and 'un-equatable' way in which tax laws are enforced?
Is this a dig on the IRS for picking on businesses that are run by people who voice their opinion about the tax codes?


What is this?



So he runs a successful business, paid the taxes he was required to pay - there was a dispute about some forms of taxation - that possibly seems to have been settled, but his competitors don't have to pay the same tax...

Working as intended and highlights the need to simplify the tax codes...

 

-----signature-----
"man up, you wimp." - Groucho48
"I'm not racist at all." - dae_trist
Link to this post
stevenmeadowsin 
Posts: 5,377
Registered: Dec 13, '05
Extended Info (if available)
Real Post Cnt: 3,796
User ID: 1,100,236
Subject: Warren Buffett's NetJets Sued for $366 million for....
If he thinks the rich should pay more taxes why doesn't he at least pay what he owes?

 

-----signature-----
The fact that the internet collective is so overwhelmingly supportive of Ron Paul is proof that he is the champion for idiots! .. Corky_Aloof
Link to this post
Yukishiro1 
Posts: 38,362
Registered: Sep 20, '02
Extended Info (if available)
Real Post Cnt: 31,453
User ID: 718,633
Subject: Warren Buffett's NetJets Sued for $366 million for....
It sounds like a dispute over taxes. They say they shouldn't have had to pay, and so they stopped paying at some point. The gubmint says they should pay and need to pay back taxes.

I dunno how you get much out of that either way.

 

-----signature-----
(none)
Link to this post
stevenmeadowsin 
Posts: 5,377
Registered: Dec 13, '05
Extended Info (if available)
Real Post Cnt: 3,796
User ID: 1,100,236
Subject: Warren Buffett's NetJets Sued for $366 million for....
But in the meantime he's screwing everyone else. He should pay the taxes the government says he owes and then appeal the decision. He personally has the money to spare. We could use the extra tax revenue and if he's right, he'll get the money back.

The taxes he's refusing to pay are going to Obama's reelection campaign...and liberals turn a blind eye.

Dems are for the common man!!

 

-----signature-----
The fact that the internet collective is so overwhelmingly supportive of Ron Paul is proof that he is the champion for idiots! .. Corky_Aloof
Link to this post
reesescups 
Title: //Captain America
Posts: 47,567
Registered: May 26, '03
Extended Info (if available)
Real Post Cnt: 40,845
User ID: 805,977
Subject: Warren Buffett's NetJets Sued for $366 million for....
stevenmeadowsin posted:
If he thinks the rich should pay more taxes why doesn't he at least pay what he owes?
Well there is Buffet as a person, and then there are businesses that he is involved in...

I know the lines is being blurred a lot these days, but you do know the difference between an individual and a business, right?

 

-----signature-----
"man up, you wimp." - Groucho48
"I'm not racist at all." - dae_trist
Link to this post
Tych2 
Title: Obama Appointed Outpost Czar
Posts: 40,411
Registered: Mar 1, '05
Extended Info (if available)
Real Post Cnt: 33,378
User ID: 1,032,223
Subject: Warren Buffett's NetJets Sued for $366 million for....
reesescups posted:
Grymlo posted:
Should we be shocked?
Yeah - what are we supposed to do with this?

Is this a dig on Buffet because he thinks the 1%'ers should pay more in taxes?
Is this a dig on Buffet because he runs a successful business?
Is this highlighting the 'unfair' and 'un-equatable' way in which tax laws are enforced?
Is this a dig on the IRS for picking on businesses that are run by people who voice their opinion about the tax codes?


What is this?



So he runs a successful business, paid the taxes he was required to pay - there was a dispute about some forms of taxation - that possibly seems to have been settled, but his competitors don't have to pay the same tax...

Working as intended and highlights the need to simplify the tax codes...
Don't you know you are supposed to be seething and want to string him up? He is rich.

 

-----signature-----
We have enough youth. What we need is a fountain of smart.
Drill Anwar!
Kapie
Drevid in Tanks
Link to this post
stevenmeadowsin 
Posts: 5,377
Registered: Dec 13, '05
Extended Info (if available)
Real Post Cnt: 3,796
User ID: 1,100,236
Subject: Warren Buffett's NetJets Sued for $366 million for....
reesescups posted:
stevenmeadowsin posted:
If he thinks the rich should pay more taxes why doesn't he at least pay what he owes?
Well there is Buffet as a person, and then there are businesses that he is involved in...

I know the lines is being blurred a lot these days, but you do know the difference between an individual and a business, right?


The taxes he owes are less than .5% of his net worth. Pay your effin' bills dude. It's pretty bad when dems back a tax dodger.

 

-----signature-----
The fact that the internet collective is so overwhelmingly supportive of Ron Paul is proof that he is the champion for idiots! .. Corky_Aloof
Link to this post
Ptilk 
Title: Creepy old pirate
Posts: 50,658
Registered: Feb 13, '02
Extended Info (if available)
Real Post Cnt: 48,530
User ID: 645,124
Subject: Warren Buffett's NetJets Sued for $366 million for....
They aren't his taxes.

They are taxes that MIGHT be owed by a wholly owned subsidiary of the holding company he manages. Buffet doesn't own Berkshire, it's a public company.

Buffet doesn't owe those taxes, Berkshire Hathaway doesn't owe those taxes, NetJets might owe those taxes....see how that works?

Nah, probably not. silly

 

-----signature-----
(none)
Link to this post
stevenmeadowsin 
Posts: 5,377
Registered: Dec 13, '05
Extended Info (if available)
Real Post Cnt: 3,796
User ID: 1,100,236
Subject: Warren Buffett's NetJets Sued for $366 million for....
Oh I'm sure you'd see it the same way if it were and oil company.

There may be a debate on raising taxes on rich people but I thought dems at least agreed to pay what you CURRENTLY owed.

 

-----signature-----
The fact that the internet collective is so overwhelmingly supportive of Ron Paul is proof that he is the champion for idiots! .. Corky_Aloof
Link to this post
Ptilk 
Title: Creepy old pirate
Posts: 50,658
Registered: Feb 13, '02
Extended Info (if available)
Real Post Cnt: 48,530
User ID: 645,124
Subject: Warren Buffett's NetJets Sued for $366 million for....
No, I wouldn't see it differently. Liberals don't have to make up shit to get pissed about. wink

If KBR owed back taxes from 1998, I wouldn't be screaming for Dick Cheney to pay them even though KBR is a subsidiary of Halliburton and Cheney was Halliburton CEO in 1998. That would be stupid. It would have nothing to do with him. I have plenty of actual reasons to hate Cheney, I don't need to create imaginary ones.

Just like people screaming for Buffet to pay taxes for NetJet is now. Stupid, and based on imaginary reasons...or maybe just ignorant ones. Whatever.

 

-----signature-----
(none)
Link to this post
stevenmeadowsin 
Posts: 5,377
Registered: Dec 13, '05
Extended Info (if available)
Real Post Cnt: 3,796
User ID: 1,100,236
Subject: Warren Buffett's NetJets Sued for $366 million for....
The buck stops with the guy in charge and Buffet is pocketing the difference by not pay his fair share in taxes. You'd be an idiot not to see it. The worst part is you'll march in lock step with OWS but when it's your boy you turn a blind eye.

Let's start with this: everyone pay the taxes you currently owe, mmkay?

 

-----signature-----
The fact that the internet collective is so overwhelmingly supportive of Ron Paul is proof that he is the champion for idiots! .. Corky_Aloof
Link to this post
Lyken-P 
Posts: 8,313
Registered: Jan 14, '06
Extended Info (if available)
Real Post Cnt: 8,289
User ID: 1,108,553
Subject: Warren Buffett's NetJets Sued for $366 million for....
Ptilk posted:
No, I wouldn't see it differently. Liberals don't have to make up shit to get pissed about. wink
laugh laugh laugh

 

-----signature-----
(none)
Link to this post
Special-Fred 
Title: Sultan of Spank
Posts: 37,178
Registered: Jul 30, '03
Extended Info (if available)
Real Post Cnt: 27,213
User ID: 826,819
Subject: Warren Buffett's NetJets Sued for $366 million for....
It's hilarious to see the people who blame bush and Cheny for Haliburton apologizing for Buffet

 

-----signature-----
Link to this post
reesescups 
Title: //Captain America
Posts: 47,567
Registered: May 26, '03
Extended Info (if available)
Real Post Cnt: 40,845
User ID: 805,977
Subject: Warren Buffett's NetJets Sued for $366 million for....
Special-Fred posted:
It's hilarious to see the people who blame bush and Cheny for Haliburton apologizing for Buffet
I have never heard of Bush having any involvement in Haliburton....


But when Buffet is running the country from the number 1 or 2 spot. Then argues to bomb and invade a country because of weapons and weapon technology that he sold to said country against domestic and international sanctions - we can talk....

 

-----signature-----
"man up, you wimp." - Groucho48
"I'm not racist at all." - dae_trist
Link to this post
Ashmaele 
Title: Pastor of Muppets
Posts: 19,662
Registered: Jan 15, '02
Extended Info (if available)
Real Post Cnt: 15,903
User ID: 612,352
Subject: Warren Buffett's NetJets Sued for $366 million for....
stevenmeadowsin posted:
The buck stops with the guy in charge and Buffet is pocketing the difference by not pay his fair share in taxes.


citationneeded.jpg

 

-----signature-----
I had a dream. It was an incredible dream. When I awoke, I had a huge mess to clean up.
hugs
Link to this post
imaloon1 
Posts: 25,153
Registered: Sep 15, '03
Extended Info (if available)
Real Post Cnt: 19,758
User ID: 838,293
Subject: Warren Buffett's NetJets Sued for $366 million for....
Actually if we're talking about who has to pay their fair share I think NetJets was being unduly punished by whatever tax the IRA erm S was imposing upon only them and not every single airline operating.

 

-----signature-----
The time draws nearer to your fate
Link to this post
Lyken-P 
Posts: 8,313
Registered: Jan 14, '06
Extended Info (if available)
Real Post Cnt: 8,289
User ID: 1,108,553
Subject: Warren Buffett's NetJets Sued for $366 million for....
imaloon1 posted:
Actually if we're talking about who has to pay their fair share I think NetJets was being unduly punished by whatever tax the IRA erm S was imposing upon only them and not every single airline operating.
Wait, you mean the government taxes are unfair, but people still have to pay them. shock

 

-----signature-----
(none)
Link to this post

Valid XHTML 1.0 Transitional Powered by PHP