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Buffett the Benefactor ( Avoids Death Taxes )
The New York Sun ^ | Jun 26, 2006 | Editorial & Opinion

Posted on 06/26/2006 3:53:23 PM PDT by george76

Mr.Buffett. As an avowed supporter of the estate tax, Mr. Buffett could have let the government take its share of his estate after he dies.

But just as Mr. Buffett has accumulated his vast wealth without paying much personal income tax, he has found a way to avoid the tax man in this maneuver as well, even writing in his letter to Bill and Melinda Gates that a condition of the gift is that the foundation “must continue to satisfy legal requirements qualifying my gifts as charitable and not subject to gift or other taxes.”

On the estate tax, watch what Mr. Buffett does, not what he says.

(Excerpt) Read more at daily.nysun.com ...


TOPICS: Editorial; Front Page News; Government; News/Current Events
KEYWORDS: abortion; abortionrights; billgates; billionaires; buffett; deathtax; estatetax; foundation; gates; gatesfoundation; geico; incometaxes; prochoice; reproductivehealth; tax; taxes; taxman; wealth
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1 posted on 06/26/2006 3:53:25 PM PDT by george76
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To: george76

Won't he get a rather large refund next year?


2 posted on 06/26/2006 3:54:16 PM PDT by Crawdad (I cried because I had no shoes, until I met a man who had no class.)
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To: george76

I have a plan to avoid death taxes as well....

I'm not going to die.


3 posted on 06/26/2006 3:54:34 PM PDT by So Cal Rocket (Proud Member: Internet Pajama Wearers for Truth)
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To: So Cal Rocket

The nerve of that man.


4 posted on 06/26/2006 3:55:12 PM PDT by samadams2000
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To: george76

Billionaire gives to billionaire and they call it charity.


5 posted on 06/26/2006 3:56:59 PM PDT by D_Idaho
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To: george76

A man whose legacy is destined to be as boring as his invstment style...


6 posted on 06/26/2006 3:57:48 PM PDT by durasell (!)
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To: george76

I love it when the liberals big supporters turn out to be hypocrits. I applaud Gates and Buffet for their philanthropy. Im also happy to see them stick it to the feds.


7 posted on 06/26/2006 3:58:40 PM PDT by ritewingwarrior
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To: george76

Does the Gates Foundation fund abortion or "reproductive health"?


8 posted on 06/26/2006 3:58:42 PM PDT by Unam Sanctam
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To: Crawdad

"Won't he get a rather large refund next year?"

Probably for years and past his own estate taxes.



9 posted on 06/26/2006 3:59:49 PM PDT by Grampa Dave (There's a dwindling market for Marxist Homosexual Lunatic wet dreams posing as journalism)
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To: So Cal Rocket
I have a plan to avoid death taxes as well.... I'm not going to die.

Me? Well, yes I'll die. Just minutes after I've spent my last penny at age 95, the Good Lord will take me.

If all goes according to plan.

10 posted on 06/26/2006 3:59:58 PM PDT by Responsibility2nd (A Moose Once Bit my Sister. Yeah. She Turned Moose-lim.)
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Comment #11 Removed by Moderator

To: george76
This is ridiculous. All gifts to charity, whether made before death or after death through a will, are not subject to gift or estate taxes. If he had given this money to the Foundation after he died, no estate taxes would be paid.

He hasn't avoided anything. Zero would be owed regardless when he gave it away.

Is the author arguing that charitable gifts should be subject to gift and estate taxes?
12 posted on 06/26/2006 4:01:41 PM PDT by HaveHadEnough
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To: D_Idaho

Charity is when liberals raise our taxes to give money to liberal causes.


13 posted on 06/26/2006 4:01:58 PM PDT by george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)
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To: george76
My husband and I go 'round and 'round about the estate tax and he has always thrown Buffett in my face to "help" him make his point that there should be one. I couldn't wait to pass this information on to him the minute I heard about it.
14 posted on 06/26/2006 4:02:09 PM PDT by jennyjenny
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To: george76

Someone ought to do an expose on how Warren managed to avoid paying income taxes -- like a good rich DemonRAT -- while insisting people in the middle class get soaked.


15 posted on 06/26/2006 4:04:27 PM PDT by MIchaelTArchangel
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To: Unam Sanctam

Abortion and that French RU 486 ? pill is one of the big winners of Buffets foundation.



Does the Gates Foundation fund abortion or "reproductive health"?

Yes.


16 posted on 06/26/2006 4:04:39 PM PDT by george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)
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To: Unam Sanctam

Yes.


17 posted on 06/26/2006 4:04:44 PM PDT by Responsibility2nd (A Moose Once Bit my Sister. Yeah. She Turned Moose-lim.)
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To: ritewingwarrior

but he is really sticking to us by talking one way and then acting another, hypocrits


18 posted on 06/26/2006 4:06:14 PM PDT by italianquaker (Democrats and media can't win elections at least they can win their phony polls.)
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To: Unam Sanctam
Does the Gates Foundation fund abortion or "reproductive health"?

In general, no. However it's possible some was diverted from their original intentions. Bill Gates' father (Gates Jr) and Warren Buffet are all for forced abortions of poor brown people in the third world. Luckily, Melinda Gates, a nice Catholic girl, has been responsible for a bulk of the giving; mostly for vaccinations and education.

19 posted on 06/26/2006 4:06:47 PM PDT by Incorrigible (If I lead, follow me; If I pause, push me; If I retreat, kill me.)
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To: Unam Sanctam

Dear Unam Sanctam,

"Does the Gates Foundation fund abortion or 'reproductive health'?"

Yep.

http://www.gatesfoundation.org/GlobalHealth/Pri_Diseases/ReproductiveMaternalHealth/default.htm


sitetest


20 posted on 06/26/2006 4:07:09 PM PDT by sitetest (If Roe is not overturned, no unborn child will ever be protected in law.)
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To: jennyjenny

Did he reply with nothing but a stutter?

:-)


21 posted on 06/26/2006 4:08:36 PM PDT by Incorrigible (If I lead, follow me; If I pause, push me; If I retreat, kill me.)
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To: george76

Some would see this as an argument for the estate tax, in that it incentives this type of philanthropy.


22 posted on 06/26/2006 4:08:45 PM PDT by Huck (Hey look, I'm still here.)
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To: HaveHadEnough

The author is saying Buffet is an avowed supporter of the estate tax... for us little people.

But Buffet is not an avowed supporter of the estate tax... for himself .


23 posted on 06/26/2006 4:10:30 PM PDT by george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)
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To: george76

What gets me about these guys is how they are giving this money away to "fight AIDS, fight poverty, fight this fight that etc ec etc.." Why don`t they try promoting instead? This thing called Democracy? It`s not perfect, but teach a man to fish....If done right, it can kill off the corruption that kills democracy in the first place, and it would be cheaper... Create incentives...A million here a million there if you hold regular non interfered elections.

Look at Mexico, this is a country that has every possibility in the world to become a major world power, but the corruption is completely out of control it will never happen. You can`t even call the police without making some pay-offs. WHo is allowing this? Vincente...Vote the bitch OUT, get this moron the hell out of office! Donate a few million to the campaign of a guy who won`t allow that. If he sits on his ass and lets himself be bought off, do it again with a new guy and again and again... To just throw billions though at these charities is insane. Look at the US, we couldn`t even get the 911 money to the families. F- charities. No middle man, get the great leaders into position first, ensure that happens.


24 posted on 06/26/2006 4:10:35 PM PDT by Screamname (Is your terror group depressed? Call 1-800-Demo-crats.....We give hope!)
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To: ritewingwarrior

He is giving money to "charities" which will prevent people from having the opportunities he benefitted from.


25 posted on 06/26/2006 4:10:37 PM PDT by nickcarraway
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To: jennyjenny

With clever lawyers, the elites like Teresa Heinz Kerry avoid income taxes with off-shore tax shelters, etc.

These billionaires only pay taxes when they want to.


26 posted on 06/26/2006 4:14:23 PM PDT by george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)
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To: george76
Anyone can avoid the estate tax (I mean, under the proposed law that is likely to pass, only those with over $5 million are going to have to worry about this at all, and all money going to a spouse is completely estate tax free) if they give their money to charity.

I can't believe the author is suggesting that Buffet would be a better stand-up kind of guy if he left no money to charity and let the government take a good-size chunk of it.
27 posted on 06/26/2006 4:14:38 PM PDT by HaveHadEnough
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To: george76
I know of one well-off fellow who created a "educational and scientific" foundation and donated a wad to it and deducted the wad. Then he used the foundation to fund "adventure vacations" for himself and his wife, like safaris and Antarctic cruises.

The idea for a foundation like this is that the heirs get to keep the investment interest and profits while being required by law to donate 5% of the foundation's assets to some bonafide charity.

But this fellow has about spent the whole wad on his "scientific" vacations. LOL!!

I know another well-off fellow whose wife set up another "educational" foundation, and has used about half-a-million of it over the years to buy her camera equipment so she can make "documentaries" that nobody watches.

A lot of these foundations are ways to donate money to yourself and not only take the charitable deduction--but to style yourself as a bighearted philanthropist.

28 posted on 06/26/2006 4:15:12 PM PDT by Mamzelle
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To: D_Idaho

And their ultimate goal is to get the rest of us - government - to pay for it all.


29 posted on 06/26/2006 4:16:40 PM PDT by eleni121 ('Thou hast conquered, O Galilean!' (Julian the Apostate))
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To: HaveHadEnough

The author is pointing out that Buffet says one thing, but does the opposite.


30 posted on 06/26/2006 4:18:04 PM PDT by george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)
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To: nickcarraway
This is what really happens when this money is given to these "charities"....

"Yo! New guns, new tanks, we gonna rule this muthaeffin` town!"

You know what happens to AIDS drugs? They get sold off! My brother is friends with a girl who works in the same countries "Angelina and Brad" cry so much about, and what she said is all this stuff is stored in everything from sh*t hole warehouses to tents, and it is sold off by the gangs who run these areas..."My kid needs AIDS drugs..I need food".. Then they go.."How much money you got?" Then it is sold off, and with that money they buy guns and whatever they want. BMW`s, rocket launchers, there is NOTHING charitable or "free" about any of this charity BS. There is too many middle men, it NEVER works, there is always corruption.

31 posted on 06/26/2006 4:20:15 PM PDT by Screamname (Is your terror group depressed? Call 1-800-Demo-crats.....We give hope!)
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To: george76; All

Here is the list of companies Berkshire Hathaway owns outright and the companies he has a substantial holidings in:

http://www.buffettsecrets.com/berkshire-hathaway-holdings.htm


32 posted on 06/26/2006 4:20:24 PM PDT by eleni121 ('Thou hast conquered, O Galilean!' (Julian the Apostate))
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To: Mamzelle

Many ( not all ) of these foundations are clever tax dodges.

A clever lawyer will put the airplanes, boats, cars, vacations...in this tax shelter.

This is just one of many dodges.


33 posted on 06/26/2006 4:21:37 PM PDT by george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)
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To: ritewingwarrior; george76
I love it when the liberals big supporters turn out to be hypocrits. I applaud Gates and Buffet for their philanthropy. Im also happy to see them stick it to the feds.

It's a lot easier to stick it to the feds when you have an estate that large than if you have $1-$10 million estate. The heirs of people with smaller estates ofen have to liquidate the property at a substantial loss to pay the inheritance taxes.

34 posted on 06/26/2006 4:22:44 PM PDT by Paleo Conservative
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To: george76

Perhaps. I just have never heard him say that people should not give to charity so as to avoid estate and gift taxes.


35 posted on 06/26/2006 4:23:27 PM PDT by HaveHadEnough
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To: george76

Can't take it with you....


36 posted on 06/26/2006 4:23:29 PM PDT by traumer
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To: Screamname

The other thing is...pouring money into areas that cannot develop an economy on their own is like throwing bricks in the Grand Canyon.

Especially with NGOs involved...and the UN...and Europe.

I am happy Gates and Buffett want to do something with their money. Perhaps it will bring some good. But given they are big libs, I wouldn't hold my breath.


37 posted on 06/26/2006 4:25:45 PM PDT by rlmorel (John Murtha: Out of touch, Out of His Mind. Lets make him Out of Congress! DIANA IREY FOR CONGRESS!)
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To: HaveHadEnough

I can't believe people here agree.


38 posted on 06/26/2006 4:28:09 PM PDT by Jaded (does it really need a sarcasm tag?)
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To: HaveHadEnough; george76
I can't believe the author is suggesting that Buffet would be a better stand-up kind of guy if he left no money to charity and let the government take a good-size chunk of it.

We could make a little bit of a dent in this year's buget deficit with the inheritance taxes on that amount of money. With $37 billion could just about pay for the deficit for 37 days.

39 posted on 06/26/2006 4:32:24 PM PDT by Paleo Conservative
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To: rlmorel

Before they can build they need to build the foundation. You have to get the right leaders, the corruption out, otherwise it is just a waste of money. It`s like giving money to a drunken bum to try to get him on his feet; He will just keep drinking it away until the drinking is taken care of first.

Take New York city for example...It use to be one of the most corrupt cities in the country...The Federal government would constantly throw money at it with no effect. Then the corruption was slowly routed it out...then A Repulican God named Guliani came along and put in the final nail.

Today, if one politician is found accepting a bribe, he is ripped to shreds in the press and the DA`s are after him like rabid dogs (unlike New Jersey... If you are corrupt over there, you get book deals and multi-million dollar mansions, especially if you say you are a "gay American".) That will change though. Eventually the people will wake up and stop electing members of the Treason party despite how many times Bruce Springsteen yells.


40 posted on 06/26/2006 4:36:02 PM PDT by Screamname (Is your terror group depressed? Call 1-800-Demo-crats.....We give hope!)
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To: jennyjenny
My husband and I go 'round and 'round about the estate tax and he has always thrown Buffett in my face to "help" him make his point that there should be one. I couldn't wait to pass this information on to him the minute I heard about it.

lol there's trouble in the jennyjenny household tonight!

41 posted on 06/26/2006 4:38:25 PM PDT by ovrtaxt (Diplomacy is the art of saying 'Nice doggie!'... till you can find a rock.)
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To: So Cal Rocket
I have a plan to avoid death taxes as well....

I'm not going to die.

My plan is the same as it's always been...I'm broke now and I'll be broke when I die.

FMCDH(BITS)

42 posted on 06/26/2006 4:39:29 PM PDT by nothingnew (I fear for my Republic due to marxist influence in our government. Open eyes/see)
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To: Responsibility2nd
"Me? Well, yes I'll die. Just minutes after I've spent my last penny at age 95, the Good Lord will take me"

And may your last check made out to the funeral director bounce!

43 posted on 06/26/2006 4:41:34 PM PDT by fuzzthatwuz
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To: MIchaelTArchangel
One can avoid taxes by holding onto assets forever - Buffet's investment style. Of course, he can afford it, because he can affect the value of the companies he buys. For us middle class dolts, we're at the mercy of the hedge funds, the panics, and the brokers - and of course - the tax-man.
44 posted on 06/26/2006 4:55:07 PM PDT by GregoryFul (cheap, immigrant labor built America)
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To: fuzzthatwuz; Responsibility2nd

I'd like to die in bed at 95...shot by a jealous husband.


45 posted on 06/26/2006 4:58:16 PM PDT by durasell (!)
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To: D_Idaho
No - billionaire joins billionaire to try to make a difference. That is charity.
46 posted on 06/26/2006 4:59:41 PM PDT by jude24 ("I will oppose the sword if it's not wielded well, because my enemies are men like me.")
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To: george76

At least he didn't give it to Move-On.com or the Brady foundation.


47 posted on 06/26/2006 5:14:26 PM PDT by BadAndy ("Loud mouth internet Rambo")
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To: george76

Looks like the "Poor" are gonna get a lot of new opera houses and museums, don't it Monica?


48 posted on 06/26/2006 5:20:21 PM PDT by Waco
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To: Screamname

It is a waste of one dollar to give to a charitable organization that "fights poverty". If you have billions to give, open businesses in poverty stricken areas, and give people gainful employment. Work to eliminate the income tax, and replace it with comsumption taxes. Do something that will bring a return, not just make people wards of your monies.


49 posted on 06/26/2006 5:27:21 PM PDT by jeremiah (How much did we get for that rope?)
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To: durasell
I would like to die on my back from the shock of my 25 YO wife asking me if I liked the fact that her 19 YO sister joined us during connubials..........of course at age 96 ;)....yuh uh uh.

Of course, then revived, to last another 4 years, as the sisters nurse me slowly back to life every night.

50 posted on 06/26/2006 5:34:25 PM PDT by jeremiah (How much did we get for that rope?)
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