Posted on 06/25/2006 1:14:44 PM PDT by HAL9000
Robbing and murdering is illegal. Buffett spending his money on whatever is legal is none of my - or of your - business. Feel free to spend your money in the opposite cause, just keep within legal bounds, like he does.
Obviously you do not understand business, or economics.......you might want to get an education before you mouth off.
Yea, and after that amount, the tax rate is a whopping 47%. In addition, would you care to mention what the tax rate and exemption amount is after 2011, a mere 5 years from now?
Yea, and after that amount, the tax rate is a whopping 47%. In addition, would you care to mention what the tax rate and exemption amount is after 2011, a mere 5 years from now?
I'm not a tax attorney (and don't play one on TV) but from speaking with rich guys, it's my understanding that the 47% only applies to the top rate and most pay something like 15 to 20%. I could be wrong on that, but I could be wrong on that figure.
Do you think you shouldn't be alive? If you answer yes, you are a hypocrite since you believe in Zero Population Growth.
Hey, why not start a grassroots campaign demanding that, since Warren Buffett is such an advocate in support of the estate tax, he should donate 55% of his wealth to the government before sending on the proceeds to the various tax-exempt foundations run by Bill & Melinda Gates and Warren's children. At the least, that would be the intellectually honest thing for these socialists to do.
Heck, I'm still waiting for Warren to apologize for training the 9/11 hijackers in his flight schools! Still havn't seen that happen.
Yes, I know that. Gates is a social liberal and a fiscal conservative.
Heh, heh, I am a cfp, a mutual fund manager, a hedge fund manager and a separates account manager. Me thinks you have limited exposure to estate planning and charitable giving.
Here is the bottom line. Give away your assets and you won't pay estate taxes.
Ah ha.....No, I'm not in the financial services industry. BUT, I do know a lot about Estate taxes and other taxes paid by hard working Americans throughout their lives which seems not to matter to you. I know how much estate taxes took from a farmer "relative" of mine....and I know of businesses who have been sold to pay the Estate Taxes....YOU would say that is bad planning.....maybe because you want your buddies in the Estate Planning Industry to keep their jobs, I s'pose. In fact, have you ever researched the Frank Russell Company?
AND, furthermore, "giving away" your assets is a way to ensure idiots like the Kennedys.
"Hey, why not start a grassroots campaign demanding that, since Warren Buffett is such an advocate in support of the estate tax, he should donate 55% of his wealth to the government before sending on the proceeds to the various tax-exempt foundations run by Bill & Melinda Gates and Warren's children. At the least, that would be the intellectually honest thing for these socialists to do."
Methinks Warren gave his required contribution to the gub'mint on April 15th.
Calling this planet's second most successful capitalist a "socialist" is just plain silly.
Like the world's most successful capitalist, Bill Gates, Buffet is a fiscal conservative and a social liberal. That is a long way from being a "socialist."
George W, Bush is also a social liberal or else he wouldn't have signed the biggest extension of Medicare in history, the prescription drug benefit into law. Bush is no socialist but he has advanced the cause of government funded(socialized?) medicine.
g,
Not sure what axe you have to grind, but sparks are flying!
I do not do estate planning. Do not have any friends who do either, so your accusation is unfounded.
I oppose any estate tax. My point was that it is optional, if you have charitable intention.
Giving it away and designating it to causes you agree with prevents situations as you describe.
BTW, I am very familiar with the Frank Russell Company.
"What a waste."
The guy who has the money gets to decide where it goes, I suppose. You don't like where it's going. The guy donating it likes where it's going. There it is.
My grind is with TAXES.....and with people who are not close to Small Businesses....and think that ONLY RICH people are those with Assets......and, I am working with the Committee to Abolish the Washington State Estate Tax to rid Washington State of it's recently re-enacted Estate Tax, too.....and, lol....you don't know sparks, if you think THIS is sparks...and you obviously do not know much about Small Businesses and their operations. Give YOUR own money away.....I prefer people CHOOSE what they want to do with their money, and if it is pass it on to the next generation, which by the way many MINORITIES AND WOMEN who have built businesses in the past 20+ years would like to do.....then they should be able to that without the TAX Man (or estate planner) looming over them.
And, by the way....go over to the Gates Foundation financial records (online).....and you'll see they don't even spend the yearly *interest* that is collected on their fortune, let alone the estate capital itself. They do, however, spend $92 million a year just to administer the Foundation. And, they probably get a discount, cause Daddy Gates is an Estate Planning Attorney. Hypocrites.
Another rich guy who wants to throw his money away on causes that won't help anybody, but will make him feel good. Hey, if he wants to give some of it to me, I'd spend it wisely!
g,
Well, at least we can agree in our opposition to taxes including ALL estate taxes.
I own six "small" businesses currently and have owned two others which were sold.
ampu
That's a trap in some cases for a real all out liberal leftist who happens to be rich. In politics our ex-governor Tom Ridge got that label but he raised taxes and gave our legislature automatic pay increases. "Fiscal conservative" can be a cover for a real liberal. Arlen Specter was packaged that way against Pat Toomey in the Republican primary of 2004. A joke.
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