Saturday, December 22, 2012

Warren Buffett - Genius, Humanitarian, Hypocrite, Or All of the Above?

Mr. Buffett is always yapping about wanting to pay more in taxes. But that clearly hasn't stopped the dude form using one of the oilier (albeit legal) tax avoidance schemes. It seems that Mr. Buffett, instead of simply giving money to charities, has been giving away a lot of his appreciated stock shares. Yes, it's a very magnanimous gesture but it also represents a major-league loophole for Buffett. a) He doesn't have to pay the long-term capital gains tax and b) he nevertheless still gets to deduct the APPRECIATED AMOUNT of the donated stock shares on his tax form. Not an terrible gig if you can get it.

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