Posted on 06/26/2006 7:11:10 PM PDT by AmericanMade1776
NEW YORK (Reuters) - Billionaire Warren Buffett on Monday called for U.S. lawmakers to retain the estate tax, after announcing plans to leave more than $37 billion of his own fortune to charity, not his children.
Buffett spoke after agreeing to sign over roughly $30.7 billion of his $44 billion fortune to the Bill & Melinda Gates Foundation, run by the Microsoft Corp. chairman and his wife, and another $6.4 billion to foundations on behalf of his late wife Susan and his children.
"I would hate to see the estate tax gutted," Buffett said at a Manhattan news conference with the Gateses about his donation.
(Excerpt) Read more at news.yahoo.com ...
The socioeconomic class envy I'm seeing on the Buffett threads is amazing.
Let me try to explain it more simply, since, as you say, you seem to be stuck on stupid: I don't see a contradiction bewteen supporting an estate tax and giving money away to charity. Some here (perhaps including you) seem to be suggesting that if one supports an estate tax, then they must therefore be in favor of giving ALL their money to the gubmint, which is of course nonsense.
The right womb? Warren Buffett is not from inherited wealth. Here's a bio of his father, which looks pretty normal to me. (Your own comparison may vary).
http://en.wikipedia.org/wiki/Howard_Buffett
I am self-employed. I pay taxes. Hell, like anyone else, I've been paying taxes all my life. As I say, the gubmint's gonna get theirs one way or the other. When I evaluate a tax change or tax policy, my first rule of thumb is to not be a sucker. I support tax cuts for me over tax cuts for someone else. Call me crazy. I don't see one cut as any more right than the other.
He is a disgrace to this country.
So the basic premise that wealth belongs to the government is ok as long as it's tweaked properly to exclude some folks while still retaining the ability to "screw the rich".
Aren't you dramatic? You've heard the old expression about death and taxes, haven't you? Well it's true. They both appear to be unavoidable. And in case you haven't noticed, the gubmint's run up quite a tab which, unfortunately for taxpayers, has to be paid for. So, someone's gonna get taxed. You with me so far? I'm not talking metaphysics here. Just plain facts.
Now then, Huck is Huck's own best friend, so I must advocate for myself. Just as those with large estates are lobbying for their taxes to be reduced, I'll lobby for mine. I do think it's possible that I could end up with over a million bucks, which is why I advocate raising the exemption, and I think there's an outside chance I could end up with $10 mil, which is why I also say lower the %. But I also know that until and unless the gubmint stops spending so much money, it will continue to require revenues, and as long as that's the case, my priorities are very simple: 1. Me 2. Everybody else.
Oh I see, you think the answer to government problems is "I got mine, screw you!"
You with me so far?
You bet I am. "Theft is inevitable so I'll do my part politically to see to it that your money gets stolen, not mine".
A liberals dream right here on ole FR.
Now, as far as "I got mine, screw you", I take it as a basic assumption that rational people protect their own interests. I thought that in a way, capitalism was supposed to use that basic instinct to society's advantage. I, being wise and industrious, do what I can to advance my own interests. Society benefits from my industry, and I benefit from keeping as much of the fruits of my effort as possible. Again, very basic stuff.
Now, were this a sinking ship with a short supply of lifeboats, I like to think I'd save the women and children first. But this isn't a sinking ship. Just a bloated gubmint. So what to do? I think it prudent and wise to look out for my own interests, for the simple reason that I don't expect anyone else to. If that's a foreign concept to you, best of luck to you!
I supported the across the board rate reductions. I thought that was a very good tax cut. It was good for me. Estate tax? Not a priority for me. Personally, I think anyone who's working overtime to get someone ELSE'S taxes cut needs their head examined. No offense to anyone else looking for a tax cut, but someone must have a lot of spare time on their hands to freely advocate for someone else's bank account. It's all I can do to look after mine. You call that a liberal's dream. I call it capitalism.
When exposed as a liberal, just make up something and pretend someone said it.
Strawman.
They understood, for cripsakes, that a gubmint is necessary, and that it must raise revenues via taxes.
Strawman.
It's sort of comical how angry you are about it.
The topic is the death tax,,, this is basic stuff. Looks like you have a problem with basic stuff.
Society benefits from my industry
Society does not benefit from your advocation of communist type principles. Or your lying about other people's positons to justify your liberal, "soak the rich" philosophy.
I thought that in a way, capitalism was supposed to use that basic instinct to society's advantage.
Stealing from one group of people, the successful, to give to other people, the thieves, is not capitalism.
So I assume it's fair to say that if you ever attained great wealth, you would be opposed to a death tax.
"Then why are the Ultra Rich Gates and Buffett so in favor of the Estate Tax...is it because they have so much money they can pay what tax they feel adequate"
Also, they can shelter their estates away to minimize the tax benefit. Mr. Buffett will be realizing a huge tax benefit with his donation to the Gates Foundation when he could have waited until death and paid the tax. Like many liberals, they want to dictate what they believe is right "not giving someone an unfair advantage", rather than let each individual decide what is right for themselves. I think it is great that he is giving his wealth to charity rather than the government. I believe that Buffett just wants the govt to take individuals' estates so everyone is equal (financially). However, this doesn't apply to him since he is giving it to charity. I believe that three of the charities are run by his children where I presume they make a salary off of the administration) and he will receive the tax benefit.
However, isn't a family business suppose to stay in the family.
Well, as I said in another post, I'm hedging my bets. I think I would probably support raising the exemption and lowering the %. As it is, the rates are too high and the exemptions too low. Just look at real estate prices these days, and you'll see that $1 mil isn't what it used to be.
So it seems to me the exemption should be raised. Hell, just off the top of my head, I could see raising it to $10 mil. That would get probably 99% of people off the hook right there. And the rate is extremely high: up to 55% or something. That seems like a bit much to me.
But then, I really don't expect to be exposed to the estate tax at all: I have no kids and don't expect to have any, so whatever wealth I amass is going to someone else when I perish anyway. One more reason I really don't care that much about the estate tax.
If you had a choice between keeping the estate tax and lowering the income tax to a flat 15% on the one hand, or dumping the estate tax and keeping the income tax the way it is, which would you do?
No, it's not the same thing at all. I don't favor the "gubmint as human resources/benefits department" mentality, but a lot of Americans do. However, if I live long enough to receive a social security check, I'll cash it, and so will you.
Nice try, pretending that those are the only two choices is a goofy tactic.
Of course it's the same thing. You said it yourself, you look after yourself, no regard to right and wrong, fair or unfair, just whether you get yours.
"Tax someone else so then I will have to pay less." Same thing as tax someone else and give me a check or a subsidy.
Stealing from one group of people, the successful, to give to other people, the thieves, is not capitalism.
Again, you seem to believe that the gubmint taxes people because Huck says it's ok. I got news for you: The gubmint doesn't check with me first. Taxes are a given. So then it just comes down to WHO gets taxed. Now, if you want to advocate for someone else, on your own time, be my guest. I advocate for me. You seem to think that's communistic. I don't know why you think that. You don't even know what bracket I'm in. I'm self-employed. I work hard, and I try to keep as much as I can. Very simple and sensible. You must be a libertarian kook or something to wrestle so mightily with such a simple and basic fact of life.
The only word to describe you is tedious. This isn't even a discussion. It's you moping and barking about the existance of taxes, and me trying to explain Life 101 to someone who doesn't care to hear. Life's too short. I'm moving on. Good luck to you. Hey, while you're at it, wanna mow my lawn for free? lol
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