It’s Embarrassing When You Don’t Practice What You Preach

2010-07-21 G550 NetJets CS-DKE EDDF 02

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Yesterday posted a story about Warren Buffett. It seems that despite his recent statements to the contrary, he hates to pay taxes as much as the rest of us.

The article reports:

NetJets Inc., the private-plane company owned by Warren Buffett’s Berkshire Hathaway Inc. (BRK/A), was countersued by the U.S. over $366 million in taxes and penalties.

NetJets in November sued the U.S., saying the federal government had wrongly imposed taxes, interest and penalties totaling more than $642.7 million.

…NetJets Aviation Inc. owes more than $302.1 million, and another unit, NetJets International, is liable for $52.9 million, the U.S. said. Executive Jet Management Inc. owes $10 million while NetJets Large Aircraft owes $1.19 million, the U.S. claimed.

“NetJets doesn’t comment on pending litigation,” General Counsel Colleen Nissl said in a statement e-mailed to Bloomberg News.

I have no problem with a corporation legally cutting its tax bill, but I do find it ironic that the man who raised such a ruckus about the wealthy paying ‘their fair share’ of income taxes doesn’t necessarily think that statement applies to him.

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