A lot of things make us shake our heads, and it’s probably the same with you. This time it’s hypocrisy from none other than ultra-genius investor Warren Buffett. You may recall, Buffett, one of President Barack Obama’s “core economic advisors, ” jumped on the president’s tax-fairness bandwagon. In fact, in 2011, the White House, in its zeal to raise taxes, named a policy the “Buffett Rule.” It was written to prohibit the “wealthy” from claiming myriad (but still legal) tax breaks. Buffett went so far as to say he shouldn’t be paying a lower tax rate than his secretary is paying. Fast forward to today: Buffett and his company, Berkshire Hathaway, are helping to finance Burger King’s acquisition of Canada-based Tim Horton’s for a reported $12.5 billion. The deal will allow Burger King to reincorporate in Canada, and, theoretically, lower its tax bill. This move, more commonly referred to as tax inversion, has been heavily criticized by the White House in the past, calling it an “unpatriotic tax loophole.” Remember that? Buffett’s company says it will pay the U.S. corporate tax rate on any income it receives from this deal. However, if the corporation’s new tax rate is lower as a result of this deal, and all things being equal, Buffett will earn more than if this company was domiciled in the U.S. Even though he says he’ll pay the U.S. rate, it will be against a larger number as a result of the potential savings in taxes. Bottom line, he makes more money because of the new tax structure. As usual, the liberals just love rules that apply to others, but never to themselves.
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Actors Theatre of Indiana, which we proudly sponsor, has something for everyone in its 2014-15 season, including My Fair Lady, Chita – A Legendary Celebration, Pete ‘n’ Keely, A Year with the Frog and Toad, The 39 Steps and Xanadu. We urge you to take in a performance (or more) at The Studio Theatre on the campus of The Center for the Performing Arts. For ticket information, call 669-7983.