Buffett said he did not think the expiring tax cuts would end up being extended for no one, i.e. he expected some to be extended.
Resolved true The record shows it happened or was so.
Prediction: Statements about events outside the person's control, checked once they fell due: did they come true?
What would count as true or false
The claim concerns the Bush-era income tax cuts that were due to expire at the end of 2010. TRUE: legislation enacted on or before 31 December 2010 extended at least some of these expiring cuts for at least some taxpayers, so they did not lapse for everyone. Extending all of them still makes the claim true. MOSTLY TRUE: the extension was enacted, but only just after the deadline and applied retroactively, so the cuts did not in practice lapse for 2011 withholding or tax liability. FALSE: no extension of any of the cuts was enacted, and they expired for all taxpayers. Show this with records of the cuts' expiry and of 2011 tax rates reverting to pre-2001 levels.
Set before the research began.
Evidence (3)
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E1 Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 U.S. Government Publishing Office (Public Law 111-312, 111th Congress) · 1 January 2011
“is amended by striking ``December 31, 2010'' and inserting ``December 31, 2012''.”
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E2 Tax-cut deal signed into law Philadelphia Inquirer (Associated Press report) · 18 December 2010
“The president's signature on the bill means the George W. Bush tax cuts will continue for two years, rather than expiring at midnight on New Year's Eve under the old law.”
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E3 Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 Wikipedia · 17 December 2010
“Income taxes would have returned to Clinton administration-era rates in 2011 had Congress not passed this law.”
Reasoning
An AP report dated 2010-12-18 (E2) says the President signed the tax-cut bill into law, so the Bush tax cuts would continue for two years instead of expiring at midnight on New Year's Eve. The text of Public Law 111-312 (E1) shows the expiry date being changed from December 31, 2010 to December 31, 2012. E3 confirms that without the law, income tax rates would have gone back to Clinton-era levels in 2011. An extension was enacted before the end of 2010, so the cuts did not lapse for everyone.
Cite this claim
Warren Buffett, “Buffett said he did not think the expiring tax cuts would end up being extended for no one, i.e. he expected some to be extended.” (said 23 September 2010). Verdict: resolved true. Reliability API, claim c_dfa364c16a44, method 0.1.0+28da144b, dataset release v1.1.2. https://epistacklabs.com/claims/c_dfa364c16a44
This claim is in dataset release v1.1.2, with the same verdict.
Reply to this claim
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Verdicts are made automatically; how verdicts are made.