Buffett calls for retention of estate tax

yahoo news ^ | june 26,2006

[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.

[edzo4]

I like how he makes the comment just after he gives most of his billion dollar fortune away to charity to avoid paying estate taxes

typical do as I say not as I do liberal hypocrisy BS!

[Cobra64]

Yes, the option to give money away sure beats having it confiscated from you. Then again, 100 years ago no one would be having this conversation since there were no tax deductions because there were no taxes. Gee, what a novel idea, keeping all of what you earn.

[Czar]

Buffett is another one of the limousine liberals so overcome with self imposed guilt that he wants to spread it over everyone of the rest of us, much like Bill Gates. Buffett is the same fool who came to insert himself in California politics a few years ago, advising his candidate to advocate the repeal of Proposition 13, a measure enacted long ago to protect homeowners from state and local governments taxing us right out of our homes. That idea went over like a lead balloon and got him a one way ticket back home.

It's no surprise this privileged, silk sock, elitist jackass wants to retain the estate tax.

[tang-soo]

The socioeconomic class envy I'm seeing on the Buffett threads is amazing.

I don't understand your point. If you are claiming that I am envious of Buffet, you couldn't be further from the truth. How am I envious if I want to decide how I choose to distribute whatever assets I accumulate during my life? I really resent buffet telling me that I should not have that choice - rather the government should be entitled to my assets after I die. Buffet claims that a level playing field (there's that phrase that all conservatives truly love) is what should be enforced by the government. There is your socioeconomic class envy.

Also I wanted to throw up today when I heard a quote attributed to Buffet, "that there are many ways to heaven and that this is just one of them." I would hope Mr. Buffet reads Luke 16:19-31. Lazarus is the one I expect to break bread with some day.

[donmeaker]

Since he likes the Estate tax, just make all money given to charities or trusts subject to the tax.

Easy. Then he would have to pay the tax out of the money that he didn't give.

[donmeaker]

My kids haven't had a cold in the last year. Of course I don't send them to the local contagion exchange (aka Publik Screuls).

[donmeaker]

I would make all trusts subject to the same estate tax as money not in a trust.

Then the families of Gates, Buffet, Heinz ect. would complain, but even more the armies of accountants and trust lawyers who are the people who truly benefit from the current estate tax law.

[F.J. Mitchell]

Buffett just doesn't give a damn what the estate tax does to normal people, he can afford it and whatever smidgen of his estate goes to his heirs, that smidgen will be a fortune compared to what the heirs of others inherit after taxes.

[bvw]

Your workaholism doesn't seem to affect neagtively on your common sense and wonderfully informative posts. Thanks!