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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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To: Rembrandt

The Swimmer like most liberals say one thing and do the opposite.

Those rules were just for the little people ( us ) .


201 posted on 06/27/2006 6:18:33 AM PDT by george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)
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To: LM_Guy

First, Buffet is not giving his money to MSoft.

Second, Buffet is saying that us little people should pay high rates of income, estate...taxes.

But Buffet is against paying these same tax rates himself.


202 posted on 06/27/2006 6:24:30 AM PDT by george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)
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To: Lancey Howard
"Buffet's a real scumbag."

And a two faced lier.
203 posted on 06/27/2006 6:30:27 AM PDT by george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)
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To: HaveHadEnough
Is the author arguing that charitable gifts should be subject to gift and estate taxes?

No, the author's just showing his ass.

204 posted on 06/27/2006 6:33:41 AM PDT by Wolfie
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To: goldstategop

The liberals always want a double standard.

One tough one for us little people...

and a pass for themselves.

Another example : The swimmer and Kerry are for renewable, wind energy as long as it is not near them.


205 posted on 06/27/2006 6:35:00 AM PDT by george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)
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To: george76
But Buffet is against paying these same tax rates himself.

Not really, calling Buffett a hypocrite misses the point of the estate tax. It isn't a revenue generator for the government so much as it is a punative action against those who are considered to have "too much" money- a scheme to force redistribution of wealth. Buffett wants the rich to be forced to give half of their fortune to charity or else have it be taken by the government.

206 posted on 06/27/2006 6:35:11 AM PDT by LWalk18
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To: LWalk18

Buffet says that he is in favor of the death tax.

If a family ranchers dies, the family ranch is broken up to pay the federal and state death taxes.

and the family is kicked off the farm or ranch.

I have seen it happen.

Then some clever lawyers representing Ted Turner and friends grabs the working ranch for sanctury for the Hollywood liberals.

Yes, it could have been avoided if the old working rancher had hired some clever ( expensive ) lawyers and/or bought some expensive death tax insurance.

But the old boy knew cows and not the IRS tax code. The federal government should not be tricking the working people. It might be legal, but it is not nice.


207 posted on 06/27/2006 6:54:26 AM PDT by george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)
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To: LWalk18

Around 1917 or so.


208 posted on 06/27/2006 7:30:00 AM PDT by linda_22003
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To: Unam Sanctam; onyx; All
Notorious abortion lover, of course they call it "family planning."

FAMILY PLAN. Buffett has said that it is his wish that 99% of the money he has made eventually go to the Buffett Foundation, to be distributed to worthy causes under the direction of Allen Greenberg, 42, the ex-husband of his daughter Susan A. Buffett. Greenberg works out of a one-person office in the same building that houses Berkshire. The foundation was set up in the mid-1960s but operates with a scanty endowment. Currently, it disburses $11 million to $12 million a year, with the bulk of the funds going to groups that provide family-planning services, including abortions.

209 posted on 06/27/2006 7:36:08 AM PDT by STARWISE (They (Rats) think of this WOT as Bush's war, not America's war-RichardMiniter, respected OBL author)
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To: STARWISE

Family-planning services = abortions and/or RU 486.

Same for Planned Parenthood.

Liberals are trying to be clever.


210 posted on 06/27/2006 7:43:20 AM PDT by george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)
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To: george76
My take on this; Buffet and the Gates want to play God. The
medical problems that they want to throw money at have unintended consequences. For example, when Britain had colonies in Africa, they worked on eliminating the "Tsetse
Fly, This saved millions of lives. However, since there wasn't enough food, people died of starvation.
211 posted on 06/27/2006 8:34:21 AM PDT by upcountryhorseman (An old fashioned conservative)
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To: upcountryhorseman

The liberals like to play God.

"Their burden to take care of us !"

They think that we can not care for ourselves and that the liberal government bureaucrats would make better decisions for us ...on us.


212 posted on 06/27/2006 8:50:31 AM PDT by george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)
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To: D_Idaho

The worst part of these billionaire's money is that a bulk of it is going to Planned Parenthood to abort million more babies. They call this "charity?" No love is wasted on the unborn child.


213 posted on 06/27/2006 9:05:57 AM PDT by conservative blonde (Conservative Blonde)
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To: george76

This article is bogus. The transfer is subject to either the gift tax or the estate tax.


214 posted on 06/27/2006 9:36:25 AM PDT by Raycpa
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To: Raycpa

I posted too quick:

Forgot to add, that the transfer is subject to the tax but the contribution to charity is an allowed deduction and is just another work around of the estate tax.

This is a time honored method of avoiding estate taxes that goes back to the original wealthy families when the income tax was added.

The charitable trusts essentially become employers and supporters of the children and the stock they hold controls the companies they have an interest in and those companies also provide support via jobs etc for the family.

It keeps the assets in the family even thought the control is indirect.


215 posted on 06/27/2006 9:45:42 AM PDT by Raycpa
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To: george76

HYPOCRITE!! Anti-Christian, pro-abortion, zero population HYPOCRITE!!


216 posted on 06/27/2006 12:17:32 PM PDT by Suzy Quzy ("When Cabals Go Kaboom"....upcoming book on Mary McCarthy's Coup-Plotters.)
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To: george76

Wouldn't you prefer he give it to Charity instead of letting it go to the gov't as a conservative?

His money that is left over is subject to estate taxes.

So what's your problem?

He gave the bulk to charity and gov't will still get more than enough.

Isn't that a win win?


217 posted on 06/27/2006 1:28:33 PM PDT by Almondjoy
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To: Almondjoy

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 .


218 posted on 06/27/2006 1:36:38 PM PDT by george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)
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To: Almondjoy; jeremiah

Needs repeating.

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.


hat tip to jeremiah


219 posted on 06/27/2006 1:40:51 PM PDT by george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)
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To: STARWISE


Bump.


220 posted on 06/27/2006 3:57:19 PM PDT by onyx (Deport the trolls --- send them back to DU)
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