The Blatant Hypocricy of the Buffet Rule

Warren Buffet is often touted by the left, and his most recent statement that the super rich have been coddled" and should be taxed at a higher rate. Buffet, who is one of Barrak Obama's staunchest supporters, has also said that he pays less fereral income tax than his secretary. Based on some information that has recently come to light, both of those statements are true, at least in this case...

A Warren Buffett company, Berkshire Hathaway, is currently fighting the IRS over back taxes to the tune of $1 billion. These are back taxes dating to 2002, according to the company's 2010 annual report. They've been engaged in the struggle with the IRS for nearly 10 years. Maybe they need a little more coddling?

From page 56 of the company report, "At December 31, 2010… net unrecognized tax benefits were $1,005 million”, or about $1 billion. McCarty explained, “Unrecognized tax benefits represent the company’s potential future obligation to the IRS and other taxing authorities. They have to be recorded in the company’s financial statements.”

What this notation means, is that Berkshire Hathaway's own auditors have basically verified that the $1 billion is very likely a valid chage, and should be paid to the government. I'm sure Warren will cheerfully oblige, considering his recent statements. What I don't understand is why he's been fighting it for almost a decade... it's only a silly little $billion.

This begs the question (it in fact screams the question), "Should Warren Buffet put up or shut up?" ...please, expiring Progressive minds want to know...