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In 2009, the exemption level rises to $3.5 million, and by 2010 the estate tax will be repealed — but only for a year.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 ...
See my post #20.
see my post #20
For 5 years, hubs and I worked the Calf Scramble at the Livestock Show and Rodeo. We watched those families struggle to keep their family ranches and it was awesome to help them get their scholarships.
I guess some people can’t see past the end of their own noses.
See my post #20 and you’ll understand his motivation: greed.
Grover Norquist wrote an article today at NRO to explain Buffett’s liking for the death tax. It was a mystery to me, too, until I read his article. See post #20 for a link. Buffett is simply greedy.
Mr. I GOT MINE.
Buffet is full of himself. The estate tax hits the middle class because most people do not realize their total value can be taxable. With the inflated housing market it is going to hit more people.
If Buffet is SO worried he should just leave his estate to the US government rather than to abortion advocates.
Don’t tax you, don’t tax me, tax the guy behind the tree. If the government is going to spend money, then someone has to pay, even if it’s the next generation plus interest.
If wealth represents “the resources of society” as he suggests, why has Buffett taken so much of it for himself? He certainly didn’t earn it, because it’s not his to belong with, right? So, let’s confiscate his estate and give it back to the people he must have stole it from. See where socialism and liberal guilt get you, Warren?
What bull puckey. He’ll put his dough in a tax exempt foundation, put his kids on the board and see that they have power over the money and vast income without paying tax on it.
If I understand Buffett’s investments correctly, the bulk of his money was made by buying small business after the death of the founder. Elimination of the inheritance tax would probably put an end to this investment model.
WARREN BUFFET SELLS ESTATE TAX INSURANCE TO SMALL BUSINESS
http://www.foxnews.com/story/0,2933,129779,00.html
We need to hit our congress criters on this issue as well.
People with small fortunes, farms and business’s should not have to sell out at death.
People do tend to find solutions to high inheritance tax..just like the rich do now. Trusts, slow give aways to their family, and finally just by taking their money and moving out.
I think inheritance tax should be applied to everyone with over $500 million..including seizing all the trusts.
That would make him squeal.
BFD...
Ah. Thanks for the heads up!
Ah-ha, thanks for the info. Another rich hypocrite masquerading as an altruist.
Once again, I’m reminded of Luke 18:25, which may very well have understated the problem.
I’ll forgive and pray for him. The list of sinners I pray for grows daily.
And consign the children of all of his tax lawyers, tax accountants, and tax consultants to starvation?
By fighting to reduce his tax burden to the max, he is funding the equivilent of an entire orphanage, including it's staff!
The man is a veritable saint [sniff!] for taking care of all those little people!
How can [sob!] you attack such a paragon of charity?
“The “Oracle of Omaha’s” wealth has come from making wise investments in three different business activities. First, he’s made substantial investments in major corporations that he believes will appreciate; second, he operates a huge casualty and life insurance business which provides massive reserves of cheap capital to support his other two investing activities; and third, he purchases family owned businesses at fire sale prices. The last two practices are directly dependent on the death tax, and it’s unlikely that Mr. Buffett would be the world’s second richest man without it.”
A good synopsis by Dick Patten, one that is easy to understand.
Buffet’s got terminal affluenza.
He should shut up and make more money.
We need a federal tax me more fund for idiots like Buffet.
His “meritocracy” BS claim is nothing more than “I got mine”.
Sure he has made money, he also has no business speaking for other people. The only meritocracy needed is enjoying the fruits of ones labors, not the government redistribution for prissy left wing causes.
The estate tax simply offsets higher taxes that would be otherwise lodged against OTHER "estates", and ends up providing the rich and super rich with a tax break they do not otherwise deserve, nor have they earned.
Of course Warren Buffett wants the estates taxed ~ else, he'd have to pay higher taxes on his own earnings.
Let's tax Warren and his running dog lackeys in the here and now, at the current value of the cash we will collect, rather than later, at a substantially discounted rate.
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