Posted on 06/26/2006 3:53:23 PM PDT by george76
Mr.Buffett. As an avowed supporter of the estate tax, Mr. Buffett could have let the government take its share of his estate after he dies.
But just as Mr. Buffett has accumulated his vast wealth without paying much personal income tax, he has found a way to avoid the tax man in this maneuver as well, even writing in his letter to Bill and Melinda Gates that a condition of the gift is that the foundation “must continue to satisfy legal requirements qualifying my gifts as charitable and not subject to gift or other taxes.”
On the estate tax, watch what Mr. Buffett does, not what he says.
(Excerpt) Read more at daily.nysun.com ...
The Swimmer like most liberals say one thing and do the opposite.
Those rules were just for the little people ( us ) .
First, Buffet is not giving his money to MSoft.
Second, Buffet is saying that us little people should pay high rates of income, estate...taxes.
But Buffet is against paying these same tax rates himself.
No, the author's just showing his ass.
The liberals always want a double standard.
One tough one for us little people...
and a pass for themselves.
Another example : The swimmer and Kerry are for renewable, wind energy as long as it is not near them.
Not really, calling Buffett a hypocrite misses the point of the estate tax. It isn't a revenue generator for the government so much as it is a punative action against those who are considered to have "too much" money- a scheme to force redistribution of wealth. Buffett wants the rich to be forced to give half of their fortune to charity or else have it be taken by the government.
Buffet says that he is in favor of the death tax.
If a family ranchers dies, the family ranch is broken up to pay the federal and state death taxes.
and the family is kicked off the farm or ranch.
I have seen it happen.
Then some clever lawyers representing Ted Turner and friends grabs the working ranch for sanctury for the Hollywood liberals.
Yes, it could have been avoided if the old working rancher had hired some clever ( expensive ) lawyers and/or bought some expensive death tax insurance.
But the old boy knew cows and not the IRS tax code. The federal government should not be tricking the working people. It might be legal, but it is not nice.
Around 1917 or so.
FAMILY PLAN. Buffett has said that it is his wish that 99% of the money he has made eventually go to the Buffett Foundation, to be distributed to worthy causes under the direction of Allen Greenberg, 42, the ex-husband of his daughter Susan A. Buffett. Greenberg works out of a one-person office in the same building that houses Berkshire. The foundation was set up in the mid-1960s but operates with a scanty endowment. Currently, it disburses $11 million to $12 million a year, with the bulk of the funds going to groups that provide family-planning services, including abortions.
Family-planning services = abortions and/or RU 486.
Same for Planned Parenthood.
Liberals are trying to be clever.
The liberals like to play God.
"Their burden to take care of us !"
They think that we can not care for ourselves and that the liberal government bureaucrats would make better decisions for us ...on us.
The worst part of these billionaire's money is that a bulk of it is going to Planned Parenthood to abort million more babies. They call this "charity?" No love is wasted on the unborn child.
This article is bogus. The transfer is subject to either the gift tax or the estate tax.
I posted too quick:
Forgot to add, that the transfer is subject to the tax but the contribution to charity is an allowed deduction and is just another work around of the estate tax.
This is a time honored method of avoiding estate taxes that goes back to the original wealthy families when the income tax was added.
The charitable trusts essentially become employers and supporters of the children and the stock they hold controls the companies they have an interest in and those companies also provide support via jobs etc for the family.
It keeps the assets in the family even thought the control is indirect.
HYPOCRITE!! Anti-Christian, pro-abortion, zero population HYPOCRITE!!
Wouldn't you prefer he give it to Charity instead of letting it go to the gov't as a conservative?
His money that is left over is subject to estate taxes.
So what's your problem?
He gave the bulk to charity and gov't will still get more than enough.
Isn't that a win win?
Buffet is an avowed supporter of the estate tax... for us little people.
But Buffet is not an avowed supporter of the estate tax... for himself .
Needs repeating.
It is a waste of one dollar to give to a charitable organization that "fights poverty".
If you have billions to give, open businesses in poverty stricken areas, and give people gainful employment.
hat tip to jeremiah
Bump.
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