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FBN's Adam Shapiro on Warren Buffett's NetJets suing the IRS for millions, and whether this is hypocritical from the investor calling for the rich to ...
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Billionaire investor Warren Buffett -- set the rich are not paying enough in taxes.
And now one of the subsidized subsidiaries is suing the IRS because it's paying too much in taxes.
Our -- -- apparel joins us with that story -- -- it's too good to make up.
Didn't have little hypocritical right and and -- you should know right now we called Warren Buffett's press officer left a message for them and move very blunt.
Is -- something hypocritical and calling for.
-- the wealthy to pay more in taxes at the same time one of the companies that -- Berkshire Hathaway owns net jets.
The subsidiaries are suing the federal government to get back 624.
Million dollars.
In taxes now they've paid roughly 220 million in IRS taxes on -- the ticket tax.
But there's a dispute over 400 plus million that they're being sued by they are us to get nasty new government not a lot I wanna pay these -- quantitative -- -- -- It's very warm but -- should pick up the bill of the refund and everybody will be finally here's the deal UN I if we go on a plane we pay a ticket tax because we don't own the airline.
But the IRS back 1958 according to lawsuit filed by net -- net it's net jets large aircraft net jets international.
Executive -- management.
They -- 58 the -- had a ruling which is if you -- the plane you don't pay to take attacks.
Well the way this business is conducted -- net jets you least the plane essentially you loan and therefore you should have pay the tax when the person paying you when you and I pay the tax is one thing but if we don't pay the tax then the carrier.
Pays the tax and that's what the ARRIS has been doing to -- -- and executive jets.
But I I just think I think that it's -- so so amazing.
That we've got the Buffett rule -- and a cornerstone of their Obama administration we gotta get those rescue -- -- -- -- -- -- and the end up only the red blue ride Greyhound those who flying up I think this is.
Outrageous.
I don't I don't get it tells you how Warren Buffett can be.
To be out there yet and -- looking -- -- yet.
-- any about -- they do -- we called and asked her response we also got let jets and we did get a response it was the response you expect that you would get from net jets which is we don't comment on pending litigation.
But -- they're not saying anything about.
The hypocrisy.
On one hand saying.
People should pay more in taxes on the other hand but not our company I can't wait to hear this -- We -- thanks a lot of.
