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Warren Buffett: Tax inherited estates
Yahoo ^

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In 2009, the exemption level rises to $3.5 million, and by 2010 the estate tax will be repealed — but only for a year.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 ...


TOPICS: Culture/Society; Government; News/Current Events
KEYWORDS: alreadybeentaxed
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To: ApplegateRanch

‘How can [sob!] you attack such a paragon of charity?’

You forgot to mention the ‘money honey’ reporterette he was dating while she was giving glowing reports about him.


41 posted on 11/14/2007 11:21:05 AM PST by Badeye (That Karma thing keeps coming around, eh Sally? (chuckle))
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To: tdewey10

Yeah, what a phoney. None of his clients have to worry about estate taxes.


42 posted on 11/14/2007 11:21:52 AM PST by RobbyS ( CHIRHO)
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To: ClearCase_guy
See my post ~ Warren is making sure his current level of taxation (while he is alive) is minimized. That's done by taxing the dead. Otherwise, without those estate taxes we'd probably raises taxes on Warren and his cronies.
43 posted on 11/14/2007 11:22:42 AM PST by muawiyah
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To: TenthAmendmentChampion

GREEDY G-D LIBS!

Using government to steal. That’s all they know how to do.


44 posted on 11/14/2007 11:23:30 AM PST by MrB (You can't reason people out of a position that they didn't use reason to get into in the first place)
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To: Sub-Driver
Hay Warren! Blow those death taxes out your differential, idiot!

You may be rich and the "Oracle of Omaha," but you're still a complete GovernMental loving IDIOT!!! (he needs to read and comprehend my tagline)

45 posted on 11/14/2007 11:23:58 AM PST by SierraWasp (If Dems had brains they'd be Repubs. And when they learned to use 'em, they'd be CONSERVATIVES!!!)
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To: Czar

To be fair, “liberals” do not believe that wealth should be inherited. That may mean any wealth, I’m not sure. The concept is embodied something like “the world belongs to the living, not the dead.” This would indicate that the idear is to prevent the transmission of wealth from one generation to the next, definitely not without the state being the middleman.


46 posted on 11/14/2007 11:24:03 AM PST by Freedom4US
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To: longtermmemmory

Warren Buffet is a major hypocrite. His is not worthy of our respect. He is simply a guy who knows how to pick stocks. When he came out against eliminating the inheritance tax and then put all of his money in a trust, it was clear to me that he is a nothing more than a scam artist. If the tax is such a great deal Warren, then don’t put your money in a trust; give it to the IRS.


47 posted on 11/14/2007 11:26:03 AM PST by ex_desert_cowboy
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To: Sub-Driver

Should we all be asking our elders to die in 2010?


48 posted on 11/14/2007 11:27:58 AM PST by purpleraine
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To: PeterPrinciple; Eric in the Ozarks
Be real here, most small family businesses are sold because the kids don’t want to continue the business.

Peter's right. The U.S. tax code was amended a while back to allow farms to be passed on to heirs without being subject to estate taxation. The only stipulation is that the property must continue to function as a farm for a certain period of time. But most of them get sold off anyway because the heirs are not interested in running the family business like their parents did.

49 posted on 11/14/2007 11:29:29 AM PST by Alberta's Child (I'm out on the outskirts of nowhere . . . with ghosts on my trail, chasing me there.)
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To: tdewey10
Of course you can "hide" your money in a trust. You probably don't need it to avoid federal estate tax, but you can avoid some of the other potential creditors out there with proper planning.

What's really behind this is the insurance lobby (Buffet has LOTS of holdings in insurance). If the estate tax repeal sunsets in 2011 (Congress does nothing between now and then) then the federal estate tax exemption goes back to $1M per person.

I start drafting irrevocable insurance trusts and insurance companies start selling second to die policies like hot cakes! Mui bueno for your's truely and Mr. Buffet!

50 posted on 11/14/2007 11:30:36 AM PST by shawnlaw (Things is things and parts is parts...)
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To: Sub-Driver

Yeah, Warren, that’s because you have businesses which make their money selling INSURANCE to people with estates to protect, AND, YOU PROTECT YOUR ESTATE with Multitudes of attorneys and charities. GO POUND SAND.....Maybe we should just say that Billion Dollar Estates MUST BE TAXED AT 80%!!!!! Yeah, I’m ALL FOR THAT.


51 posted on 11/14/2007 11:31:58 AM PST by goodnesswins (Being Challenged Builds Character! Being Coddled Destroys Character!)
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To: Freedom4US
"To be fair, “liberals” do not believe that wealth should be inherited."

I'm not interested in being fair, just correct.

Wealth is property belonging to the person owning it. What a wealthy person does with that wealth is absolutely no business of our thoroughly self-serving and corrupt political class in Washington.

Anyone in favor of the Estate Tax is no conservative.

52 posted on 11/14/2007 11:33:57 AM PST by Czar ( StillFedUptotheTeeth@Washington)
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To: TenthAmendmentChampion

3rd richest man and BIG democrat just like Bill Gates. Gates’ daddy is a BIG proponent of a state income tax. He sits on state committee trying to get the state income tax approved. Naturally, all his money is tied up in trusts too. Thanks for the article. I’ve sent it to non-freepers.


53 posted on 11/14/2007 11:40:50 AM PST by lilylangtree (Veni, Vidi, Vici)
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To: Sub-Driver
If Warren wants to give his money to the government, he should just give his money to the government.
54 posted on 11/14/2007 11:42:09 AM PST by syriacus (30,000 Americans died in 30 months in Korea under Truman, to RE-WIN SK's freedom.)
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To: TenthAmendmentChampion
Interesting information at that link which you provided, The Oracle of the Death Tax
55 posted on 11/14/2007 11:45:12 AM PST by syriacus (30,000 Americans died in 30 months in Korea under Truman, to RE-WIN SK's freedom.)
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To: RinaseaofDs

His shareholders should be PISSED at him for these boneheaded statements.

Not all his shareholders own the class A stock.

The Birkshire Hathaway Class B stock is only a few thousand and middle class people do own them.

Buffet is literally speaking against the people to whom he owes a fiduciary duty.


56 posted on 11/14/2007 11:47:05 AM PST by longtermmemmory (VOTE! http://www.senate.gov and http://www.house.gov)
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To: Alberta's Child

My experience is, in the case of family farms, the kids keep the farm and rent it to other farmers to plant and harvest on shares. There was a time, before the value limits were raised, when the farm would be sold to pay taxes.


57 posted on 11/14/2007 11:50:06 AM PST by Eric in the Ozarks (Go Hawks !)
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To: Eric in the Ozarks

If on the other hand, your family owns a chain of furniture or jewelery stores or a construction or mining company, Warrent is there to buy, courtesy of the taxman.


58 posted on 11/14/2007 11:59:57 AM PST by Eric in the Ozarks (Go Hawks !)
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To: Eric in the Ozarks

The oracle is better named a LEECH.


59 posted on 11/14/2007 12:07:33 PM PST by iopscusa (El Vaquero. (SC Lowcountry Cowboy))
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To: Sub-Driver
Democrats argue that a repeal would amount to a huge windfall for the nation's wealthiest families.

This is why I HATE Democrats. They are just too stupid.

HOW IS IT A "WINDFALL" IF IT WAS YOUR'S IN THE FIRST PLACE YOU IDIOTS?!!!!!!!!!!!!!

60 posted on 11/14/2007 12:12:06 PM PST by subterfuge (HILLARY IS: She who must NOT be Dismayed)
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