Atlas Puked!!!
Posted on 12/11/2007 6:24:18 PM PST by digger48
Hillary Rodham Clinton on Tuesday made a strong case for keeping the inheritance tax in place, saying it is a key to ensuring the United States remains a meritocracy.
At a joint appearance with billionaire investor Warren Buffet, Clinton said the inheritance tax, due to be temporarily repealed in 2010, was a symbol of "what kind of society we are."
"The estate tax has been historically part of our very fundamental belief that we should have a meritocracy, that we do not want a system _ where we expect people to make it on their own _ to be, over time, dominated by inherited wealth," she said. "That we do believe that people should have to get out there and make their way, to a great extent."
Buffet, one of America's wealthiest men, told the Senate Finance Committee last month that the inheritance tax should remain in place.
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 In 2009, the exemption level rises to $3.5 million, and by 2010 the estate tax will be repealed _ but only for a year.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, the tax returns in 2011 with an exemption threshold of only $1 million and a top tax rate of 55 percent.
Democrats argue that a repeal would amount to a huge windfall for the wealthiest families.
Buffet said Republicans, who have led the effort to repeal the tax, "are going to keep the farmers out in front of the argument" as a public-relations ploy. Proponents of repeal often argue that it will mean families will lose control of farms and small companies.
But, Buffet said, only six-tenths of 1 percent of taxable estates in 2007 were farms.
"It's not as though people will be destitute," Clinton said.
In a subsequent appearance on the Fox Business Network, Clinton repeated her support for keeping the tax.
Asked whether she would let cuts in capital gains taxes expire, Clinton said: "I am more focused on preventing the repeal of the estate tax and returning to what I think are fairer, more effective tax rates for the wealthiest."
"While people like my husband and I have enjoyed a great series of gifts from the Bush administration, that is not what has happened to the vast majority of Americans," she said.
Her remarks drew a rebuke from California Republican Party Chairman Ron Nehring.
"If Hillary Clinton wants to talk about stacking the deck, she needs to look no further than her flawed economic policies that would raise taxes on the back of hardworking American families," Nehring said.
The Clinton-Buffet appearance was their second this year, following on a similar session in June in New York.
Like that appearance, Tuesday's question-and-answer session was a fundraiser that brought in $1 million for the campaign of Clinton, the Democratic presidential front-runner. From San Francisco, she headed to Sacramento to pick up another $300,000.
In San Francisco, the biggest campaign donors got special treatment from Clinton and Buffet, including an extended picture-taking session that caused their "conversation on the economy" to begin later than scheduled.
Clinton played moderator and questioned the man known as the Oracle of Omaha about the economy. Some of the inquiries came from the audience of 1,500.
Buffet and Clinton warned of the dangers of a growing gap between rich and poor, and a tax system that disproportionately helps people Buffet called "these super-rich" _ himself included.
"A fire hose has been showered on me, and nothing has trickled beneath," Buffett said.
Buffett indirectly blamed the Bush administration for a tax code he said is out of whack.
"In the last seven-eight years what has happened is that the super-rich have gotten a huge break," said Buffett, one of the world's richest people with a net worth of $52 billion, according to Forbes magazine. He is chairman and CEO of Omaha, Neb.-based Berkshire Hathaway Inc., an investment company he founded.
Both Buffett and Clinton warned of political and economic instability that could come from the income and trade gaps, and from expanding foreign ownership of American assets and property.
"There's a growing sense that it's not working for the average American," the New York senator said. "If people feel that for whatever reason the deck is stacked against them, then that does feed the instability."
Meritocracy...Yeh...That’s what Welfare and freebies for illegals is all about, right?
exactly. no one is stopping him or bill from paying more in taxes or donating their money to equalize things.
When Hillary and Warren’s annual incomes equal the National average, I may reconsider their outrage.
Sit this election out and Hillary will pick your pocket while you lie in your casket.
What matters to them is how much of a cut they can take for themselves.
Most people aren’t in Bill Gates position.
Bill Gates probably wouldn’t be in his current position, had he acted as he now preaches, and “shared the wealth with the work” as it was being accumulated.
But how very nice of him to mouth socialistic catchphrases!
Shouldn’t he be the poster child of all socialists?
He got his, let the rest of us eat cake!
How unvelievably disingenuous, even for two people who specialize in being disingenuous! There’s much more here than meets the eye. Let’s see, why would Warren Buffett care about keeping the inheritance tax? Seems to make no sense until you find that much of Buffett’s wealth has come from acquiring distressed companies for pennies on the dollar; not so coincidentally, companies that in many cases had to be sold to pay inheritance taxes!
So of course Warren Buffett wants to maintain, and if possible, increase the inheritance tax. It’s good for business (his) because it supplies him with a constant stream of cheap buyout targets who are desperate to sell.
Now that’s a smart post.
Pee on me, Warren.
Insurance (which provided you the money to invest) is necessary, but it is still, in the long run, mercenary. If you feel that you and Hillary have cheated the United States government of tax dollars - well, there is nothing that says you and Hillary and Bill can't just write a check to the government! What an idea! Don't ask ME to write the check. You write the check yourself.
Hillary: put your money where your mouth is. No trust fund for Chelsea.
Yep...the Seattle Times is one of those companies that actually supported a NO STATE inheritance taxes measure (we lost, stupid people of Washington State voted IN an inheritance tax) because the Times is one of those companies that probably will have to be sold to pay the taxes.
Atlas Puked!!!
“Times is one of those companies that probably will have to be sold to pay the taxes.”
I’m telling you, this is the key to understanding this dangerous little traveling circus. Buffett is trying to leverage the gullibility and envy of a large portion of the populace to add a few more billion to his wallet.
Well said. This message needs to be packaged to sell. Everyone wants to leave something to their kids.
That way,you'll still be worth more than 99.8% of individuals in the US and 99.9% of the world's individuals.And you will have all but neutralized any charges of hypocrisy that can be made against you.
And for the record,Mr Buffett,I left you $10 million rather than $250K because I'd hate to see you commit suicide or anything.
Warren could start sharing with some of the poor folks in his own backyard.
From the Omaha World-Herald, April 15, 2007 (ironically, tax day!)
http://www.omaha.com/index.php?u_page=2798&u_sid=2365496
“Among America’s 100 largest metro areas, Omaha has the third-highest black poverty rate.”
“Worse yet, its percentage of black children in poverty ranks No. 1 in the nation, with nearly six of 10 black kids living below the poverty line.”
“that people should get out there and make it on their own...”
why is public wealth transfer any different from private wealth transfer?
1) Large fees will not be paid to lawyers
2) Money will not go into foundations to be used for liberal causes.
3) Tax revenue will increase as heirs will have to pay income tax when they sell because the basis of inherited property will remain the purchase price. Property will not get a tax free stepped up basis from an inheritance tax.
4) Heirs will not be able to depreciate inherited property if they do not sell it. Some farm buildings in Iowa have been depreciated 3 times or more.
“ensuring the United States remains a meritocracy”
Hmmm—then why does she insist, that if we work hard and earn a good income that she still gets to decide how much we can earn before we must bear the burden of those who choose not to earn? Where is their “merit” in life?
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