Thank God, Starving Hollywood Producers Keep Their Tax Breaks

Remember, B. Hussein Obama (Praise be his name), is all about “protecting the middle class.” From ABC News:

The “fiscal cliff” compromise has been heralded as a saving grace for middle class taxpayers, their families and the unemployed.

But buried in the fine print of the 150-page deal are also some lesser-known New Year’s gifts to some of Washington’s favorite industries. …

The mix of tax perks covering the next year, but with budget implications for the next two years includes everything from incentives for employers to hire veterans to incentives for employers to invest in mine safety. But it also includes these:

  • $430 million for Hollywood through “special expensing rules” to encourage TV and film production in the United States.  Producers can expense up to $15 million of costs for their projects.
  • $331 million for railroads by allowing short-line and regional operators to claim a tax credit up to 50 percent of the cost to maintain tracks that they own or lease.


Gee, doesn’t Warren Buffet own a railroad? Just a coincidence, I’m sure.

No Fool Like An Old Fool, Part 2; Buffett Uses Tax Dodge to Avoid Tax He Advocates Raising

As noted in this post, last month Warren Buffett made a horse’s hind end of himself on “The Today Show” by insulting those of us who aren’t infected with the class-envy disease that Barack Obama and his fellow community organizers have spent their lives spreading.

It’s not enough that he has become the poster clown for confiscating ing more of our hard-earned money so that it can be thrown down our Sham WOW (Walks on Water) chief executive’s social welfare rathole. Now, this fool is employing tax avoidance techniques to–wait for it–avoid taxes! From Economic Policy Journal:

This summer, Seeking Alpha explained the tax advantages of such programs and how the programs work:

With the Bush-era tax cuts possibly ending this year, now is the time to start preparing for an eventual rise in investment tax rates. Currently, the long-term capital gains and stock dividend tax rates are capped at 15%, but all investors — especially those in the upper income tax brackets — should prepare now for higher rates…

One way…to avoid taxes is to invest in companies that buy back stock instead of paying out huge dividends. Instead of paying taxes on those dividends every year, investors instead delay any tax payments until years down the road when or if they ever sell the stock. The investor can control when he or she pays the taxes.

Instead of getting that dividend payment, the investor obtains a larger share of the companies earnings with every net share bought by the company. These buybacks can add up over time to 10%, 20%, or even more gains in earnings per share — all without the investor having to pay any taxes in the process.

Got that? Find companies that are using their cash to buyback stock instead of paying dividends. It’s  a nice tax dodge against the increase in taxes that Warren Buffet has been advocating. So who is launching such programs? This announcement was just released this morning:

 Berkshire Hathaway has purchased 9,200 of its Class A shares at $131,000 per share from the estate of a long-time shareholder. The Board of Directors authorized this purchase coincident with raising the price limit for repurchases to 120% of book value. Berkshire may purchase additional shares in the market or through direct offerings at no more than 120% of book value.

Berkshire is Warren Buffett’s public investment vehicle and that buyback was for $1.2 billion.

No worries, though. I’m sure Mr. Buffett’s reign as a media darling will continue, as the Jurassic media conveniently avoids reporting this story, which would cause their low-information audiences to dive for their remote controls.

No Fool Like an Old Fool: Warren Buffett

Yesterday on the Today Show, Warren Buffett brilliantly explained why raising taxes of people with high incomes is such an awesome idea. Did he cite reducing the $16 trillion debt, which will be $20 trillion by the time B. Hussein Obama is through? Granted, that would be a stupid reason, since sending your money to Washington, D.C. in the hope of that the weasels there will use it to pay down debt is like giving a crack addict your credit card so he can pay his rent. At least, though, that would have been a defensible position, based in economics and finance, not the sort of moronic, emotionally driven crap I’d expect to see on “Katie.” He said

Raising taxes on the rich won’t dampen economic growth and would “raise the morale of the middle class,” billionaire investor Warren Buffett told the TODAY show Tuesday. Echoing a theme he has stressed often, Buffett downplayed the idea that higher taxes for the wealthy, as proposed by the Obama administration as part of a deal to resolve the “fiscal cliff,” would scare off critical investment for job creation. Republicans argue that raising taxes on people in higher tax brackets would choke off investment and slow the economy at a time when it can ill afford it. Buffett disagrees. “No, and I think it would have a great effect on the morale of the middle class,” said Buffett, in the first of two live interviews with TODAY’s Matt Lauer. “They’ve had to watch guys like me pay below the rate by that paid by the people in my office.”

Seriously? Let me get this straight. An 82-year-old guy who has more money than God, and whose accumulated wealth will not be affected by his absurd tax proposals, wants to confiscate the earnings of other Americans and punish their success because it will make some other people feel good? And they will feel good because they are watching their fellow Americans be punished? I am personally insulted by the accusation that seeing the government steal from the productive would be a feel good moment for me. How about you? I don’t doubt that it would be one for Mr. Buffett, since like many of the very wealthy, he is apparently feeling oh so guilty about having a lot of money. So that he, many celebutards, and other people with more money than brains can absolve their guilt, we all should suffer under no-growth, high-tax policies.

By the way, Warren, how is it that you can be the “Oracle of Omaha” and not realize that if you want your secretary to pay taxes at the investment rate rather than the rate paid by wage earners, why don’t you just pay her in stock?

As my grandmother always said, there’s no fool like an old fool.

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Thanks to all of you who voted for the Teri O’Brien Show as Talk Show of the Year on Red State Talk Radio. We won! We really appreciate your encouragement and support! Politics, Pop Culture, the Hottest Issues of the Day, and Your calls. The Teri O’Brien Show, featuring America’s Original Conservative Warrior Princess, Live and in color, Sundays 4-6 pm Central time  at http://www.blogtalkradio.com/Teri-OBrien. Daring to Commit Common Sense, Fearlessly, and More Important, Cheerfully, in the Age of Obama. Make My Day: Text “FAN TOBCWP” to 32665 Can’t listen live? Download it from iTunes and listen on demand.  As one listener wrote “one of the most insightful and entertaining pundits in America. Also, her voice is magical.” Serious Ideas, Irresistible Entertainment. Warning: listeners may become hopelessly addicted.

Subsidizing the Hight Cost of College for the Children of Millionaires, the Obama Daughters

For the last several months, Barack Obama has been criss-crossing the country inveighing against the outrageous failure of the evil rich to pay their “fair share” of taxes, and promoting the “Buffett rule,” which in itself is silly and laughable, and is made even more so by the fact that Mr. Buffett’s company, Berkshire Hathaway, is admits to owing back taxes back to 2002.

With the release of the Obamas’ latest tax return, we learn that:

(1) He probably paid a lower tax rate than his secretary. I say “probably” because the most recent data is from a former secretary, Katie Johnson, who now attends Harvard Law School, and what we know about her seems to come from Wikipedia. Apparently, the most transparent White House in history hasn’t seen fit to tell us much about Obama’s Gal Friday. From White House Dossier:

Obama’s federal income tax rate was 20.5 percent. If you include the Medicare and Social Security taxes paid by Obama, his total federal tax liability is 21.8 percent, fully two percent less than that of his secretary even though his adjusted gross income was nearly nine times hers.

Uh-oh.

Since I recognize that the talking points about  ”the income inequality gap” and “fairness” for the crypto-commie crap it is, I’m not that concerned about that, but I do note the silence about it from our friends on the Left. But then, there’s this …

(2) What does frost my behind is realizing that we are not only subsidizing the luxurious vacations, celebrity-studded soirees, the full-time makeup artist and the personal trainer flown in from Chicago, and other essential for Her Excellency, we are also subsidizing the future college educations of the Obama daughters to the tune of $48,000, so far. From Free Beacon:

President Obama and his wife, Michele, gave a total of $48,000 in tax-free gifts to their daughters, according to tax records made public on Friday.

The president and his wife separately gave each daughter a $12,000 gift under a section of the federal tax code that exempts such donations from federal taxes.

There is nothing illegal about the president’s taking advantage of this tax shelter, but it does raise eyebrows given that he has lamented the myriad tax exemptions used by the wealthy—“millionaires and billionaires” like himself—to pay less in taxes. He has yet to propose a comprehensive plan to reform the byzantine tax code.

The Obama’s tax return indicates that the gifts, likely for their daughter’s college educations, began in 2007, when the maximum exemptible amount was $24,000 per couple. The maximum exemption has since increased to $26,000 per couple.

So we are “giving” Barack and Michelle $48,000 in the form of “tax cuts for rich.” What, say you, Obama apologist? It’s their money, and the deduction is perfectly legal? Precisely, which is why we need genuine tax reform to reward achievement and job growth, not foolishness like the “Buffett rule,” promoted by a couple of buffoonish hypocrites like B.Hussein Obama and Warren “Tax Me More Even Though I Don’t Even Pay What I Owe” Buffett.

What Romney Needs to Say About Romneycare-Show Notes: 2-26-12

You need this book!

Any truth to the rumor that if the Oscars go over 3 hours, Obama is going to show up and personally apologize?

Nancy Pelosi was right: we had to pass the bill, Obamacare, to find out what was in the bill. Now that we are, we are discovering an endless supply of nasty little surprises, which result in higher costs, rationing of care and many good doctors leaving the profession. Our special guest Grace-Marie Turner, president of the Galen Institute and author of the new book, Why Obamacare is Wrong for America, has been examining health care policy for over 15 years. She has some terrific advice for Mitt Romney. Let’s hope if he’s the nominee, he’ll take it. Listen to the interview to hear it. Ms. Turner’s appearance begins at ~40 minutes after the opening of the show. She makes clear that if we don’t treat Obamacare like one of those abortion survivors that B.Hussein was blithely willing to let die by defunding it and then repealing it, America as a free country is over. Note to John Boehner: remember what happened in 1996. Despite what we read in the revisionist history written by LSM, about Bill Clinton’s skillful defeat of Newt Gingrich, the real story is that Bob Dole did the El Foldo because he was afraid of what would happen when it was his turn to run for president. Moderates strike again! Don’t take my word for it. Liberal apparatchik Paul Begala agrees.

More from Grace-Marie Turner:

Grace-Marie Turner: Scoring Last Week’s RomneyCare Debate – WSJ.com

Grace-Marie Turner: Putting the Brakes on ObamaCare – WSJ.com

We Need a National Market for Health Insurance – WSJ.com

Galen Institute: Grace-Marie Turner on ObamaCare’s Restrictive Regulations – YouTube

Second Amendment Update: Another weapon from Fast and Furious involved in murder of a federal agent. The parents of ICE agent Jaime Zapata were shocked to learn that the weapon trafficker was sentenced to prison in January. No one bothered to contact them! They are looking for answers. There’s one question we’d all like answered: Why is Eric Holder still Attorney General?

More than 200 attend concealed carry event in Rockford – Rockford, IL – Rockford Register Star (read the hilarious advice given to gun grabbers to women who are attacked. I say don’t bring a rat-tailed comb–who the heck has had one of those in the last 30 years?–to an attempted rape.)

Producer Thomas suggests a method to get the state of Illinois to join the other 49 and allow some form of concealed carry to law-abiding citizens, one that would be very effective; give Illinois pol Mike Madigan a commission on every bullet sold.

British journo Katty Kay, appearing on the 2/26/12 edition of Chris Matthews’ syndicated show, is mystified about why “Americans” are obsessed with non-issue of contraception. Gee, could it be that the Lame Stream Media, led by former dem operative George Stephanapolous, took its marching orders from the Regime back in January? (We were the first to point that out on our January 8 show.)

Best Performance by an Insufferable Gasbag in a Non-Supporting (as in supporting America) Role-it’s Oscar Sunday, after all

Nominees:

  • Barack Hussein Obama, who actually deserves a Lifetime Achievement in this category, but was nominated for his statement a couple of weeks ago that it “turns out” that pesky Constitution is a MUCH bigger problem than could have realized before he got into office. Really, “Professor?”
  • Tim “Turbo Tax” Geithner, falling back on the dem meme that paying taxes is patriotic, and the price of being an American. Does this statement mean that he’s plagiarizing from Joe Biden?
  • Warren Buffet, whether out of guilt or for ego gratification, allowing his secretary to be used as a shill for a false narrative about the “unfairness” of our tax system. Nice little lame happy talk routine, Warren and Debbie. Too bad it’s not true.
  • Liberal brain rot victim/MS-NBC host Melissa Harris Perry explains the GOP’s “War on Women” to Al Sharpton. It’s a national eating disorder. Who knew? Has anyone told Moochelle? The brilliant professor also weighed in on the movie “The Help.” I know that you will enjoy this excellent analysis The PJ Tatler » Why MSNBC’s Melissa Harris-Perry Pretends to Hate The Help.

Obama discovers new form of alternative energy: pond scum. No doubt that will be the answer to $5/gallon gas. Which campaign contributor owns an algae factory?

Caller Marathonpundit answers our request for alternative Oscar hosts, and suggests an excellent choice. He also updates us on his great reporting on the Occupy movement. Is that still around? As long as there are people who refuse to take their psych meds, there will be filthy misfits obstructing commerce, roaming the streets, screeching obscenities.

Never doubt me file: I told you I thought Billy Crystal would be lame, based on this montage I watched before yesterday’s show. Never doubt me.

Best Performance by an Insufferable Gasbag in a Non-Supporting (as in America) Role, among other awards: Today on the Teri O’Brien Show

Do politicians, public officials and celebutards say stupid, and even insane, things on a stunningly regular basis? Of course they do! On this Oscar Sunday, we’ll revisit some of these unfortunate comments, which are unfortunate for them, but hilarious for us! What’s your favorite? Jeb Bush’s recent “I used to be a conservative?” The moronic “Warren Buffett and Debbie Show,” featuring a false narrative about the “unfairness” at play in our tax system? Anything that Sean Penn has said in the last five years? And, no, we aren’t going to leave out our Dear Reader. He may even earn his own category.

Of course, disaster movies are a classic Hollywood genre, and thanks to the Obama economy, many Americans are starring in their own personal versions of “Titanic.” In 2009, the democrats gave us the mother of all public policy disasters for this country, the Orwellian-named “Affordable Care Act.” Today’s guest, Grace Marie Turner President of the Galen Institute and co-author of Why Obamacare Is Wrong for America, knows Obamacare inside and out, and we’ll ask her whether there is any way to get our country on a lifeboat.

One year after his death, the family of murdered ICE agent Jaime Zapata is still waiting for answers, even though on January 30 a man was sentenced  to 100 months for trafficking in a weapon involved in the crime. Speaking of waiting, we’re eagerly anticipating Eric Holder’s explanation, even though the weapon was part of Operation Fast and Furious.

Join us Sunday for the rest of the story.

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Thanks to all of you who voted for the Teri O’Brien Show as Talk Show of the Year on Red State Talk Radio. We won! We really appreciate your encouragement and support!

Politics, Pop Culture, the Hottest Issues of the Day, and Your calls. The Teri O’Brien Show, featuring America’s Original Conservative Warrior Princess, Live and in color, Sundays 4-6 pm Central time  at http://www.blogtalkradio.com/Teri-OBrien. Daring to Commit Common Sense, Fearlessly, and More Important, Cheerfully, in the Age of Obama.

Make My Day: Text “FAN TOBCWP” to 32665

Can’t listen live? Download it from iTunes and listen on demand. 

As one listener wrote “one of the most insightful and entertaining pundits in America. Also, her voice is magical.”

Serious Ideas, Irresistible Entertainment. Warning: listeners may become hopelessly addicted.

Here We Go Again: Another Liberal Sob Story Turns Out to Be Baloney

As you probably know, the new poster girl for the unfair tax policy in this evil country, Warren Buffett’s secretary Debbie Bosanek, was prominently featured during a recent Barack Obama lie fest, aka what we can only hope will be his last State of the Union speech. And no wonder? As we have all heard over and over again from an endless supply administration mouthpieces, “billionaire Warren Buffett pays less in taxes than his secretary!” And apparently, it’s working. Obama says “it’s not class warfare. It’s math,” which in itself is a bit ironic because the actual math shows that, according to Buffett himself,  Warren Buffett paid $7 million in taxes in 2010. Surely, Ms. Bosanek paid less than that, especially since Buffett has said he pays her $60,000 a year. But is that really true? From Investors’ Business Daily, writing about Ms. Bosanek:

 An ABC News report, for example, says she “pays a tax rate of 35.8%,” in contrast to Buffett’s 17.4%.

But wait a second. The very top federal income tax bracket is 35%, not 35.8%, and that doesn’t kick in until a taxpayer has adjusted gross income above $379,150.

Does that mean Bosanek is among the 0.4% of taxpayers whose income hits the top federal bracket? You know, the “1%” Obama and his pals always rail about?

Buffett has claimed he pays his secretary just $60,000. So maybe she’s adding in every other tax she pays besides her income tax, including her employer’s share of Social Security and Medicare taxes.

But even that won’t get you up to 35.8%.

MMM…I wonder where they got the 38.%? Pulled it out of Axelrod’s ass, maybe?

Then there’s that 2nd home with a swimming pool and PGA caliber putting green that she and her husband Gerald purchased. From The Smoking Gun:

Despite a heavy tax burden, Warren Buffett’s secretary last year was able to purchase a second home in Arizona, a residence complete with a swimming pool and a “professional PGA putting green,” according to real estate records.

Debra Bosanek, 55, and her husband Gerald bought the 2100-square-foot home in Surprise, a city outside Phoenix. The Bosaneks paid $144,000 for the four-bedroom, two-and-a-half bath property (the purchase was financed, in part, by a $115,200 mortgage).

The principal Bosanek residence is in Bellevue, Nebraska, several miles from Buffett’s corporate headquarters in Omaha. The couple’s 2568-square-foot home, built in 2000, also has four bedrooms and two-and-a-half baths. But the modest property, which Sarpy County assessors last year valued at $217,716, offers no outdoor amenities for swimmers or golfers.

Debbie Bosanek, just another hard-working average American, managing to eek out a living, despite unrelenting efforts by the Man to keep her down with his plutocratic tax code.