One of Warren Buffett’s Berkshire Hathaway holdings, NetJets (a private aircraft company), is being countersued by the U.S. government for at least $302 million in taxes and penalties, Bloomberg reports.
This story is bound to attract some attention, since Warren Buffett has been so outspoken about every American paying their fair share of taxes. And it’s a really hot headline to be sure — but there’s a little more to the story.
Notice, the U.S. government is counter suing.
Back in November, Bloomberg also reported that NetJets was suing the U.S. government for excise taxes and penalties levied against the company to the tune of $642.7 million. They said that the IRS had incorrectly assessed the “ticket tax”, which is an excise tax on payments made in exchange for air transportation.
“The ticket tax was not intended to apply to private aircraft owners and the fees they pay to maintain and operate their aircraft,” NetJets said in the complaint.
Obviously the U.S. government does not agree. Let the games begin.
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