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In 2009, the exemption level rises to $3.5 million, and by 2010 the estate tax will be repealed — but only for a year.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 ...
Memo to Warren the estate tax hits a lot of middle class people who, unlike yourself, can’t hide their money away in trusts.
Dear Warren, it sounds like you are a shill for ADM. Family farms get cut up and sold off to ADM when Pop dies. ADM doesn’t have that problem. Because corporations don’t die.
Roger that. Especially small businesses and farms.
I really don’t get his mindset. Why is he so concerned about taxing everyone else? Why doesn’t he just give his wealth to the government? He is truly an evil man.
If Buffett wants to bequeath his property to the US Treasury, he has my blessing. But he should not encourage Congress to take away my private property and redistribute it upon my death.
This buffoon should stick to speaking for himself.
Getting rid of the inhertiance tax will generate more tax revenue as property will not get a new basis in the estate.
Also less money will be given away to stupid liberal causes.
Warren... why don’t you just write a check to the IRS and get it over with? why burden your offspring with the maladies of government?
Warren can easily write a check to the U.S. Treasury for any sum he wants. That would not assuage his liberalism, however, which can be sated only with other peoples’ money.
I have absolutely no respect for Warren Buffett. he talks a good game, but when it comes down to it, he doesn’t ‘walk the walk’.
If he did, he’d pay far more in taxes, willingly, then he does year after year after year.
STFU Warren, in short. Your a hypocrite.
Because he’s a liberal shill and has his own wealth protected in every way possible, just like the Kennedy’s.
He wants to keep things as is because money that is spent on life insurance flows to him, and life insurance benefits are tax free. It’s naked self interest, as National Review Online explained today.
What a POS! He’s got all his money tied up in various trusts so that the tax won’t hit him but he pretends that he’s ready to take the hit. Eliminate all the trusts and he’ll be squealing like a damn fat pig.
But asshat himself has his money going into trusts for "philanthropic" organizations run by (and paying salary to) his family.
He's also thrown a huge chunk of cash to his felllow pauper Bill Gates's for Bill and his lovely bride to disperse.
These moves effectively eliminate the possibility that any of his money will be recycled through "public coffers" after he lays down for his impending dirt nap.
I have a theory about socialists -
if they are not rich, they are eager to use the government to get what someone else earned,
if they are rich, they didn’t really have to work very hard to obtain it, it came too easy to them, they feel guilty, and think that everyone else who is rich didn’t work for it either.
Warren, if it’s such a good idea for the government to get over half of your money when you die, PUT IT IN YOUR WILL.
Then we’ll listen to your sorry socialist ass.
Same with you socialized healthcare people. Show me the receipts where you’ve paid for a stranger’s health care/insurance, then I’ll let you spout.
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