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Taxes Quotes

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Taxes Quotes

“If we give all of the people who filed incorrect tax returns the benefit of the doubt and assume that every single one of them simply made an honest mistake, then doesn't common sense tell us that maybe the tax code is just a little too complex?”

“There are no checks and balances if the gov is wrong. If a private entrepreneur makes a mistake, he goes bankrupt, the losses are cut; if he bets wrong, he loses; if the gov bets wrong, they just get bigger, they just appropriate more money. It's a bottomless pit, because they either get it from the tax payers or run it off a printing press.”

“When preparing your return, you should be sure to avoid common mistakes. The two most common taxpayer mistakes, states the IRS booklet, are (1) "failure to include a current address," and (2) "failure to be a large industry that gives humongous contributions to key tax-law-writing congresspersons."”

“A federal bailout would spare California from having to make spending cuts needed to bring its budget into balance. The matter has become urgent since California voters rejected several tax-hiking ballot initiatives. Rather than taking the vote as a signal to dramatically curtail spending, the state turned to the feds. If they get a free pass, the politicians can avoid fixing any of their past mistakes or preparing California for the future.”

“...in terms of business mistakes that I've seen over a long lifetime, I would say that trying to minimize taxes too much is one of the great standard causes of really dumb mistakes. I see terrible mistakes from people being overly motivated by tax considerations. Warren and I personally don't drill oil wells. We pay our taxes. And we've done pretty well, so far. Anytime somebody offers you a tax shelter from here on in life, my advice would be don't buy it.”

“If we can’t puncture some of the mythology around austerity, politics or tax cuts or the mythology that’s been built up around the Reagan revolution, where somehow people genuinely think that he slashed government and slashed the deficit and that the recovery was because of all these massive tax cuts, as opposed to a shift in interest-rate policy - if we can’t describe that effectively, then we’re doomed to keep on making more and more mistakes.”

“The Clinton Foundation has had to refile their taxes. And I remember when the first report came, the reaction everybody had. "Well, how come they get to do it again instead of being penalized for it? You file wrong, and you make a mistake, and they're gonna come at you and demand penalties and what. The Clintons made a mistake three times and they're allowed to refile?" And then we realize what the IRS did to Tea Party fundraising groups, denying them status.”

“Most of what we know we don't really know first hand. I've never seen a cancer cell. But I trust this community of experts who have, so I believe that cancer exists. But we trust these experts, and we trust that the experts have a system of checks and balances and self-correction. And we have to insist that experts have certain certifications. They're not perfect. Every once in awhile there's an engine falls off the wing of a plane, or a tax audit happens and you find out your expert made a mistake. But it's a pretty good system. It's the best system we've got.”