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 ...
Wealthy people often make large gifts when they reach their golden years as an estate tax avoidance measure.
They don't all have to be charitable gifts to be exempt from gift tax and to reduce the taxable estate.
You are missing the point. The author is pointing out he is a hypocrite because he is effectively reducing his taxable estate while making a very public stance FOR the estate tax.
Yes but all that will eventually fall under the corruption that plagues these countries, they will literally drain these companies for every penny. Who will protect them? Look at the US for example, you have Chinese street gangs in Chinatown that hit up Chinese busineses for cash every so often. They come from China or Korea and think they can get away with it, it happens all the time, and they are busted only when the owners agree to cooperate, and they usually do because our justice system rakes these gangs over the coals, they totally destroy them.
Over in these foreign countries though, they have no cops because the "cops" are usually part of these gangs. Corruption goes on in every country, but it is less here because corruption is attacked head on.
THe only solution is like I said; They need to build the foundation first, get the bull dog leaders in there who will absolutely show no mercy, stomp this stuff out, and if they do not, you support someone else until you get a Reagan or a Guliani, some leader who doesn`t take any bullcrap, someone who will destroy anyone who shows one scintilla of any inkling of corruption.
Poverty, AIDS, free trade is not what makes these countries hell, it is the corruption. Everyone is always demanding pay-offs, and the only thing Bono, Bill Gates, Brad Pitt and actress from nepotism Angelina Jolie are doing is making these gangs richer and more powerful. While they are staying in the best hotel in Nambia getting their arses kissed, the money they donated from pictures of their fetus is being used to buy power, not food nor AIDS drugs. It is like the Mafia times 1000 over there, they throw the US media a few pic of "cured" poverty victims or AIDS victims, then they go off and buy guns. Let`s see Bono for once follow step by step the money trail, let`s see Bono for once show everyone where each cent is going and then let him tell us again how great his "charity" is doing. You can`t even ask for the time over in these countries without having to pay someone off.
But the socialists want to take the $100 you made, then paid $35 of taxes, now to $65, and then take 55% of that so they can hire more socialists to run government programs that don't work.
Socialists as in democRATS are confisticators, and I hope that Bush and Frist prevail in making some form of a fair estate tax deal that passes.
When you own a business it's easier to shift the money to kids or grandkids. Install the kid as CEO of the company and pay a huge salary (or better yet, do a deal with a similarly wealthy friend where you "take care" of his kid in exchange for his taking care of yours). Have friends to real estate transactions that work to the kid's profit. Etc, etc
The guy who is REALLY avoiding the estate taxes is the senior Sinator from Taxachusetts. As a part of Joe Kennedy's reign as the chief bootlegger of Scotch into the U.S. during Prohibition, old Joe got a written deal with the main Scotch suppliers for a percentage "in perpetuity." The meaning of that phrase is huge. So long as there is a Kennedy heir, Chivas, et. al. will pay that family a royalty.
Now as to the senior Sinator from Taxachusetts. He votes on the death tax for you and me. He, however, has "spirited" all his money to the island nation of Fiji where U.S. Estate taxes do not apply. Last I heard, he has 650 Million dollars there.
If he's for it, he should have kept his wampum.
Typical lib, just filthy rich.
Why not donate the whole wad to the IRS...lol.
There's a worthy cause if I might say so! LOL
These rich schlub's are against the estate tax because they don't want to fund "Bush's illegal war".
Charlie Rose strikes me as a guy that sleeps in the clothes he wears on TV, because he looks like he just rolled out of bed. Hair all disheveled, suit and tie bought off the rack at Wrinkle City.
This one has ALWAYS been an odd ball.
His investment style made him one of the riches men in America....
But I think Charlie bought the jacket at Tweed Town and the shirt and tie from Wrinkle City Clothiers.
I don't watch his lame show. I know he's recently had heart surgery, but he's always looked disheveled like you said.
He is passing money on to a charity that does good for the public in their own way and the government declared them tax free.
He will still leave money for taxation in his estate.
He thinks what Gates has is good.
He could have started his own foundation to avoid taxes but anything that is a charity has to do good for others and disperse a certain amount of money a year out of the foundation or trust by law to remain a charity.
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