Buffett calls for retention of estate tax

yahoo news ^ | june 26,2006

[AmericanMade1776]

NEW YORK (Reuters) - Billionaire Warren Buffett on Monday called for U.S. lawmakers to retain the estate tax, after announcing plans to leave more than $37 billion of his own fortune to charity, not his children.

Buffett spoke after agreeing to sign over roughly $30.7 billion of his $44 billion fortune to the Bill & Melinda Gates Foundation, run by the Microsoft Corp. chairman and his wife, and another $6.4 billion to foundations on behalf of his late wife Susan and his children.

"I would hate to see the estate tax gutted," Buffett said at a Manhattan news conference with the Gateses about his donation.

[AmericanMade1776]

Jimmy Buffett hasn't a clue, as to what the estate tax means to working families, who inherit their families farms, homes, or capital..by the way....farms, homes, and capital that were already taxed during their living years.

[AmericanMade1776]

"It's a very equitable tax," Buffett said. "It's in keeping with the idea of equality of opportunity in this country, not giving incredible head starts to certain people who were very selective about the womb from which they emerged"

Buffett, quit trying to decide what happens with our estates, mind your own.

[From The Deer Stand]

Repeal the tax. Mr. Buffett is free to pretend it remains in force and write a sizeable personal estate check to the U.S. Government in lieu of the tax if he thinks it is such a neccessary evil.

[ODC-GIRL]

Right, as he gives away most of his fortune, thus avoiding said tax. Give me a break....

[AmericanMade1776]

Democratic opponents have argued that a full repeal would cost the U.S. Treasury about $1 trillion over the next decade, and principally benefit the ultra-rich. Permanently repealing estate taxes is a long-sought Republican goal. Then why are the Ultra Rich Gates and Buffett so in favor of the Estate Tax...is it because they have so much money they can pay what tax they feel adequate.

[Cinnamon]

if this is such a necessary evil then why doesn't he just sign over all his billions to the IRS?

[Skooz]

Exactly.

If liberals are such tax fetishists, they are free to hand over to the government as much of their money as they choose.

The death tax is an obscenity.

[Extremely Extreme Extremist]

"Screw you workaholics and little people, I got mine."

[JohnLongIsland]

talk about do as i say not as i do.

[AmericanMade1776]

Buffett is not in touch with the realities of normal American Families who are trying to hold their past, present and future together thru passing on their hard work to their heirs.

[AmericanMade1776]

buffett sure has an arrogant attitude

[Paleo Conservative]

Andrew Carnagie and lots of other billionaire industrialists of his era donated most of their wealth before there was ever an estate tax or an income tax.

[caryatid]

Jimmy Buffett hasn't a clue, as to what the estate tax means to working families,

Neither does Warren Buffet, owner of Berkshire Hathaway. Isn't Jimmy Buffet the No.1 Parrothead?

Seriously, people like Buffett and Gates avoid inheritance tax by setting up these charitable foundations that pay no income taxes and they and their heirs are able to live off of the foundations. If Buffett believes so strongly in the inheritance tax ... he should put his gobs of money where his mouth is ... and rescind this ridiculous donation to the Gates Foundation which, by the way is going to be doled out 5% per year, as long as one of the Gates is involved with their Foundation, until Buffett's death .... Optimally it could be twenty years before all of the money goes to the Foundation.

I agree that the inheritance tax is a heinous thing that should be strangled to death. "They" like to pretend that the inheritance tax only hurts really rich people ... but they are dead wrong on that one.

[AmericanMade1776]

Yeah..must be nice to have so much wealth, that your tissue paper in the bathroom is made of 100 dollar bills.

[glorgau]

Yeah, he says this after he engineers a way to keep the government from getting the "full" share of his wealth. Goofball.

[Huck]

How is this do as I say, not as I do? There is no contradiction that I can see between giving away a lot of money to charity and paying an estate tax. He's going to do both.

[Paleo Conservative]

Buffett is not in touch with the realities of normal American Families who are trying to hold their past, present and future together thru passing on their hard work to their heirs.

Peope with 10,000 times less wealth get hit with the maximum rate.

[Rome2000]

The founding fathers put no godammed estate tax in the Constitution.

[Screamname]

I got a better idea; How about we get on the arse of the SEC to do their job for once rather than go after media darlings who do embroidery on TV?

"FDA not approved? Ok, sell.."

"Put out an upgrade then dump at the open"

[AmericanMade1776]

i made a mistake..I knew it was Warren Buffett...oops...not Lulu's brother.