Posted on 12/11/2007 6:24:18 PM PST by digger48
Hillary Rodham Clinton on Tuesday made a strong case for keeping the inheritance tax in place, saying it is a key to ensuring the United States remains a meritocracy.
At a joint appearance with billionaire investor Warren Buffet, Clinton said the inheritance tax, due to be temporarily repealed in 2010, was a symbol of "what kind of society we are."
"The estate tax has been historically part of our very fundamental belief that we should have a meritocracy, that we do not want a system _ where we expect people to make it on their own _ to be, over time, dominated by inherited wealth," she said. "That we do believe that people should have to get out there and make their way, to a great extent."
Buffet, one of America's wealthiest men, told the Senate Finance Committee last month that the inheritance tax should remain in place.
Estates worth up to $2 million this year and next will be exempt from the federal estate tax. Portions of estates above that threshold will be taxed at 45 percent. In 2009, the exemption level rises to $3.5 million, and by 2010 the estate tax will be repealed _ but only for a year.
Unless Congress changes the law, the tax returns in 2011 with an exemption threshold of only $1 million and a top tax rate of 55 percent.
Democrats argue that a repeal would amount to a huge windfall for the wealthiest families.
Buffet said Republicans, who have led the effort to repeal the tax, "are going to keep the farmers out in front of the argument" as a public-relations ploy. Proponents of repeal often argue that it will mean families will lose control of farms and small companies.
But, Buffet said, only six-tenths of 1 percent of taxable estates in 2007 were farms.
"It's not as though people will be destitute," Clinton said.
In a subsequent appearance on the Fox Business Network, Clinton repeated her support for keeping the tax.
Asked whether she would let cuts in capital gains taxes expire, Clinton said: "I am more focused on preventing the repeal of the estate tax and returning to what I think are fairer, more effective tax rates for the wealthiest."
"While people like my husband and I have enjoyed a great series of gifts from the Bush administration, that is not what has happened to the vast majority of Americans," she said.
Her remarks drew a rebuke from California Republican Party Chairman Ron Nehring.
"If Hillary Clinton wants to talk about stacking the deck, she needs to look no further than her flawed economic policies that would raise taxes on the back of hardworking American families," Nehring said.
The Clinton-Buffet appearance was their second this year, following on a similar session in June in New York.
Like that appearance, Tuesday's question-and-answer session was a fundraiser that brought in $1 million for the campaign of Clinton, the Democratic presidential front-runner. From San Francisco, she headed to Sacramento to pick up another $300,000.
In San Francisco, the biggest campaign donors got special treatment from Clinton and Buffet, including an extended picture-taking session that caused their "conversation on the economy" to begin later than scheduled.
Clinton played moderator and questioned the man known as the Oracle of Omaha about the economy. Some of the inquiries came from the audience of 1,500.
Buffet and Clinton warned of the dangers of a growing gap between rich and poor, and a tax system that disproportionately helps people Buffet called "these super-rich" _ himself included.
"A fire hose has been showered on me, and nothing has trickled beneath," Buffett said.
Buffett indirectly blamed the Bush administration for a tax code he said is out of whack.
"In the last seven-eight years what has happened is that the super-rich have gotten a huge break," said Buffett, one of the world's richest people with a net worth of $52 billion, according to Forbes magazine. He is chairman and CEO of Omaha, Neb.-based Berkshire Hathaway Inc., an investment company he founded.
Both Buffett and Clinton warned of political and economic instability that could come from the income and trade gaps, and from expanding foreign ownership of American assets and property.
"There's a growing sense that it's not working for the average American," the New York senator said. "If people feel that for whatever reason the deck is stacked against them, then that does feed the instability."
One of my sisters used to work for one of Warren Buffet’s companies. The guy he put in charge turned out to be a crook, and went to jail for embezzlement. Let’s just say Warren may be good at picking stocks, but judging character is not something you can count on him getting right. Maybe associating with crooks is part of his wealth management plan?
And just how much did the Clinton’s give to charity last year? What percentage of their millions did they part with for the common good?
No one chases after money as much as she and her cheating husband.
I have no words to describe how sick I am of the Clinton's.
If Hillary becomes president in 2009 I will never ever vote again.
When Jeff Sessions brought the economic experts to his hearing this year, during the amnesty attempt, the liberal economic professors amongst them admitted that this is the goal. They admitted that importing cheap labor drives down ALL workers’ wages and said that this should be counterbalanced by minimum wage increases.
It should be any easy issue for Republicans to beat the Democrats over the head with but unfortunately the Republicans, at least the ones with the power, like the idea of driving down workers wages but without the counterbalance. A politician who is in favor of draining the labor pool by evicting the illegals, thereby making all citizen labor much more valuable, would be in a great position to win the votes of the working and middle class.
I don’t sit............I’m working for Fred Dalton Thompson
meritocracy....
Come on now is that a real word??? Hey I’m just coversating here. meritocracy....crap.
But neither see fit to do anything personally. Telling!
Cattle futures.
Still, there is something ironic about Buffett giving his money to the only guy in the country who actually has more than he does.
Amen! He needs to be like Andrew Carnegie and give it away before he dies, until then he can STFU about using the government to force everyone else to give the government all their money when they die.
Uh, he did give most of it away.
Really? To the government like he wants everyone else to do?
Mostly to the Gates Foundation. About 85% of all of it.
http://money.cnn.com/2006/06/25/magazines/fortune/charity1.fortune/
HOw much of Clinton’s and Buffett’s money is in tax-exempt foundations or other corporate shelters? I’m sure VERY little of their money is actually in their taxable estates.
B.J. took office with basically nothing (not even his own house)... and nearly 16 years later he and Hildabeast are multi-millionaires.
The "Oracle of Omaha" and B.J. need to shut their pie holes.
I guess Warren thinks Hillary Rodham can spend his money better than he can. Fine with me just keep us out of it.
whatta laugh!
like a lotta other feminists,
hillary made it by means of her
father and husband.
Amazing that the democRATS keep claiming to be the party of the "little people" yet they think nothing of selling off the family farm to pay estate taxes when the farmer dies and leaves it to his children.
What a moonbat!
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