Posted on 11/14/2007 10:48:28 AM PST by Sub-Driver
Warren Buffett: Tax inherited estates
By LAURIE KELLMAN, Associated Press Writer 11 minutes ago
Billionaire Warren Buffett told the Senate Finance Committee on Wednesday that Congress should keep the estate tax rather than repeal it and help a few rich Americans like him.
"I think we need to ... take a little more out of the hides of guys like me," Buffett told the panel.
One of the world's richest men and biggest philanthropists, Buffett has been outspoken against efforts, mostly by Republicans, to repeal or reduce the federal tax on inheritances. Democrats argue that a repeal would amount to a huge windfall for the nation's wealthiest families.
The fate of the levy will effectively be decided during next year's presidential and congressional elections.
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In 2009, the exemption level rises to $3.5 million, and by 2010 the estate tax will be repealed — but only for a year.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, it comes roaring back in 2011 with an exemption threshold of only $1 million and a top tax rate of 55 percent.
Buffett said inheritance taxes preserve a measure of meritocracy, and with it opportunity, by recycling portions of great wealth through public coffers.
"The resources of society I don't think should pass along in terms of an aristocratic dynasty of wealth," Buffett told the panel. "I believe in keeping equality of opportunity as much as you can in this country."
(Excerpt) Read more at news.yahoo.com ...
Buffett is afraid that if the Death Tax is repealed he will no longer be able to buy up estates at fire sale rates from people selling to pay death taxes. What a jerk. That would cut off his gravy train.
Warren Buffett thinks that inherited wealth weakens and corrupts people, and can ruin their lives. I can’t say if he’s right or wrong, because I’ve never inherited anything. But unlike others here, I do not doubt Buffet’s sincerity. One Buffet story concerns the time his daughter wanted to remodel her kitchen, and he advised her to go to the bank for a loan!
Neither can he. He can think anything he wants, but just because he happens to be a rich man does not make him right. He is I believe being untruthful when he says he is worried about inherited wealth weakening people. I truly believe that is a canard. He likes being able to control the wealth HE has. He also likes being able as I said to buy up other people's estates at cheap rates. Anyway, why should he give a rats behind if other people are being corrupted by inherited wealth? I don't buy it for a second.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.