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Buffett calls for retention of estate tax
yahoo news ^ | june 26,2006

Posted on 06/26/2006 7:11:10 PM PDT by 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.

(Excerpt) Read more at news.yahoo.com ...


TOPICS: News/Current Events
KEYWORDS: billionaires; deathtax; taxes; warrenbuffett
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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.
1 posted on 06/26/2006 7:11:12 PM PDT by AmericanMade1776
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To: 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.

2 posted on 06/26/2006 7:13:17 PM PDT by AmericanMade1776
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To: AmericanMade1776

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.


3 posted on 06/26/2006 7:13:44 PM PDT by From The Deer Stand
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To: AmericanMade1776

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


4 posted on 06/26/2006 7:15:43 PM PDT by ODC-GIRL (Proudly serving our Nation's Homeland Defense)
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To: From The Deer Stand
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.
5 posted on 06/26/2006 7:15:51 PM PDT by AmericanMade1776
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To: AmericanMade1776

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


6 posted on 06/26/2006 7:16:05 PM PDT by Cinnamon
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To: From The Deer Stand

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.


7 posted on 06/26/2006 7:16:34 PM PDT by Skooz (Chastity prays for me, piety sings...Modesty hides my thighs in her wings...)
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To: AmericanMade1776

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


8 posted on 06/26/2006 7:16:35 PM PDT by Extremely Extreme Extremist (Undocumented FReeper)
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To: AmericanMade1776

talk about do as i say not as i do.


9 posted on 06/26/2006 7:16:43 PM PDT by JohnLongIsland
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To: ODC-GIRL

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.


10 posted on 06/26/2006 7:17:17 PM PDT by AmericanMade1776
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To: Extremely Extreme Extremist

buffett sure has an arrogant attitude


11 posted on 06/26/2006 7:18:11 PM PDT by AmericanMade1776
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To: AmericanMade1776

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.


12 posted on 06/26/2006 7:18:29 PM PDT by Paleo Conservative
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To: AmericanMade1776
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.


13 posted on 06/26/2006 7:19:06 PM PDT by caryatid (Jolie Blonde, 'gardez donc, quoi t'as fait ...)
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To: Paleo Conservative

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


14 posted on 06/26/2006 7:19:25 PM PDT by AmericanMade1776
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To: AmericanMade1776

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


15 posted on 06/26/2006 7:19:35 PM PDT by glorgau
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To: JohnLongIsland

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.


16 posted on 06/26/2006 7:19:36 PM PDT by Huck (Hey look, I'm still here.)
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To: 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.

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

17 posted on 06/26/2006 7:19:41 PM PDT by Paleo Conservative
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To: AmericanMade1776

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


18 posted on 06/26/2006 7:20:02 PM PDT by Rome2000 (Peace is not an option)
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To: AmericanMade1776
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"

19 posted on 06/26/2006 7:20:05 PM PDT by Screamname (Is your terror group depressed? Call 1-800-Demo-crats.....We give hope!)
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To: caryatid

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


20 posted on 06/26/2006 7:20:12 PM PDT by AmericanMade1776
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To: ODC-GIRL

Taxes are for the little people or didn't you get the memo?


21 posted on 06/26/2006 7:21:32 PM PDT by spikeytx86 (Pray for Democrats for they have been brainwashed by there fruity little club.)
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To: AmericanMade1776
I call for the retention of Buffet. Since he has such a love for the government and taxes, we should immediately push for legislation that Taxes any citizen by the name of Warren Buffet 100% of their revenue. After all, he "can afford it".
22 posted on 06/26/2006 7:21:48 PM PDT by KoRn
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To: AmericanMade1776

That's o.k. ... it gave me a good laugh. Someone made the exact same mistake on another thread ... just shows how seriously FReepers taks Warren Buffett! LOL


23 posted on 06/26/2006 7:21:48 PM PDT by caryatid (Jolie Blonde, 'gardez donc, quoi t'as fait ...)
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To: caryatid

If he believes people are choosing which wombs to inhabit, perhaps he's senile already. We know he's Communist already by his words.


24 posted on 06/26/2006 7:24:43 PM PDT by Shimmer128 (Good people sleep peaceably only because rough men stand ready to do violence on their behalf)
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To: AmericanMade1776

Buffet's a smart guy, and I think even a good guy, but his trust in authority is downright foolish.


25 posted on 06/26/2006 7:26:51 PM PDT by Sam Cree (Delicacy, precision, force)
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To: caryatid

I thought it was funny too, that I made that mistake.


26 posted on 06/26/2006 7:27:53 PM PDT by AmericanMade1776
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To: caryatid

Now I wonder how Jimmy Buffett feels about the Estate Tax ..ha!


27 posted on 06/26/2006 7:28:36 PM PDT by AmericanMade1776
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To: ODC-GIRL

Nailed it.


28 posted on 06/26/2006 7:29:10 PM PDT by M1911A1
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To: caryatid

IT WASSN"T A MISTAKE!, I DID IT ON PURPOSE, because I think it's funny (think Andy Kaufman here - apparently). It's even funnier to see how many just have to post the "correction". LOL


29 posted on 06/26/2006 7:30:02 PM PDT by Paladin2 (If the political indictment's from Fitz, the jury always acquits.)
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To: ODC-GIRL
Right, as he gives away most of his fortune, thus avoiding said tax. Give me a break...

I believe that this is the first time in US history that worlds second richest man has decided that the best thing he can do with his money is to give it to the worlds richest man.

30 posted on 06/26/2006 7:30:04 PM PDT by skip_intro
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To: 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.

Amen.

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.

And, guess what folks? That $37 billion monument to his personal vanity will not be subject to estate taxes! Working families are paying estate taxes so that the mega-rich such as Warren Buffett can erect $37 billion monuments to their egos ESTATE TAX FREE.

31 posted on 06/26/2006 7:32:46 PM PDT by Polybius
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To: AmericanMade1776

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

Let's make it optional then. Any takers? and you Mr Buffett? will you pay your fair share?


32 posted on 06/26/2006 7:33:45 PM PDT by tflabo (Take authority that's ours)
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To: Skooz
If liberals are such tax fetishists, they are free to hand over to the government as much of their money as they choose.

You don't get it. A Liberal is somebody who is very generous with OTHER people's money

33 posted on 06/26/2006 7:34:01 PM PDT by SauronOfMordor (A planned society is most appealing to those with the arrogance to think they will be the planners)
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To: Polybius

you know..I don't care what Warren Buffett does with his money, I just wish he would stay the hell out of what I want to do with my money.


34 posted on 06/26/2006 7:34:26 PM PDT by AmericanMade1776
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To: Huck

good socialist dogma dictates that the government is so much wiser in knowing how to spend your money than any individual. hillary and her treasonous gang should decide how to spend the omaha oracle's money not mr. gates.


35 posted on 06/26/2006 7:34:26 PM PDT by JohnLongIsland
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To: tflabo

I agree..if Buffett wants his heirs to pay "estate tax" let him put it in his will, and I will put in my will what I want my heir to do.


36 posted on 06/26/2006 7:35:41 PM PDT by AmericanMade1776
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To: AmericanMade1776

Perhaps if Berkshire Hathaway had something to do with Mailboat Records, I'd give two (self-censored) what he thinks about the Death Tax.

If I had his spoiled-ass, worthless children, I'd consider giving away my estate, too. My guess is that people are getting sick of GEICO commercials.

STFU, Warren. And thanks for not splitting your idiotic stock. Jerkwad.


37 posted on 06/26/2006 7:36:34 PM PDT by IslandJeff
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To: Paladin2

Perhaps I would find it more amusing if I had ever heard of Andy Kaufman. Sorry ... if it's popular culture it is not part of my world.


38 posted on 06/26/2006 7:36:37 PM PDT by caryatid (Jolie Blonde, 'gardez donc, quoi t'as fait ...)
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To: caryatid

"Thank you verry muchh"


39 posted on 06/26/2006 7:41:36 PM PDT by Paladin2 (If the political indictment's from Fitz, the jury always acquits.)
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To: Sam Cree

I don't think Buffett is a "good guy," or even that great a businessman. His school of investing loves monopolies and other safe, protected entities. He's not really an entrepreneur or innovator at all; those are the people who really create wealth for the whole population in the long run.
As for why he doesn't just give his money to the IRS: Remember, this guy supported Kerry. He would probably be offended that some of his money would be spent on things like defense. By giving it to the Gates Foundation, he's assured that much, if not most, goes to liberal causes like abortion and environmentalism.


40 posted on 06/26/2006 7:45:19 PM PDT by hellbender
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To: JohnLongIsland
good socialist dogma dictates that the government is so much wiser in knowing how to spend your money

That's a little off. Socialist dogma says the gubmint knows how to spend SOMEONE ELSE'S money better than they do. ;-) Anyway, Buffett's playing by the rules. I would say the estate tax incentivizes this sort of activity. I don't see a contradiction.

41 posted on 06/26/2006 7:45:25 PM PDT by Huck (Hey look, I'm still here.)
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To: caryatid
"if it's popular culture it is not part of my world."

Not even Jimmy Buffet? ;-)

42 posted on 06/26/2006 7:47:29 PM PDT by Paladin2 (If the political indictment's from Fitz, the jury always acquits.)
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To: Sam Cree
Buffet's a smart guy, and I think even a good guy, but his trust in authority is downright foolish.

He may be the greatest stock picker that ever lived, but on economics and fiscal policy I'd just as soon listen to Barbra Streisand.

43 posted on 06/26/2006 7:49:33 PM PDT by SupplySider
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To: Huck

Here is the contradiction that I see:

If he is such a great fan of the estate tax, why isn't he allocating 1/3 of his estate to the government? After all, it is his belief that the government can spend the money so much more wisely than a private charity!


44 posted on 06/26/2006 7:50:35 PM PDT by studly hungwell
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To: hellbender

I don't know Buffet, so I can't truly say whether or no he's a good guy; I just think that mostly I have heard favorable things over the years about him. But some aspects of the guy are definitely non standard, so who knows?

I do have to think it's undeniable that if not an actual businessman, he is a fabulous investor, though. On that, the record speaks for itself.


45 posted on 06/26/2006 7:50:45 PM PDT by Sam Cree (Delicacy, precision, force)
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To: Paladin2
Not even Jimmy Buffet? ;-)

Don't laugh, but I heard Margaritaville once and thought it a catchy tune and asked who was singing it. That is the sum total of my limited exposure to Jimmy Buffett other than finding Parrothead as a crossword puzzle clue now and again. Seriously.

46 posted on 06/26/2006 7:52:52 PM PDT by caryatid (Jolie Blonde, 'gardez donc, quoi t'as fait ...)
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To: Huck
I would say the estate tax incentivizes this sort of activity. I don't see a contradiction

Except not every family-business and estate can be sheltered with trusts. And Warren Parrothead has already paid capital gains, income, and depreciation on his books. It's double-taxation on the successful and productive, and, quite frankly, morally-unconscionable, if not unconstitutional, even under the 16th.

Don't get sucked into the Class Envy School of the Left.
47 posted on 06/26/2006 7:52:58 PM PDT by IslandJeff
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To: AmericanMade1776
WAKE THE F UP!

The old man works. He dies. He has to pay estate tax. Unless he has bought life insurance, which will cover the estate tax. Who sells that? Warren Buffet. Ok, part B. Old man dies. Has no insurance to pay lovely IRS. Wife, kids whatever are dolts and can't do what the old man did and no one in their right mind is going to loan the dead rich man's kids the money to pay the estate. Guess who specializes in buying unique family run companies from widows and rich kids? Warren Buffet. Nice. The guy is a vulture.

48 posted on 06/26/2006 7:52:58 PM PDT by Leisler (Not all Muslims are terrorists, but all terrorists are Muslim.)
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To: studly hungwell
If he is such a great fan of the estate tax, why isn't he allocating 1/3 of his estate to the government? After all, it is his belief that the government can spend the money so much more wisely than a private charity!

I think the obvious counterargument is that the estate tax, to some degree, incentivizes this type of charitable giving. So from his perspective, he gives billions away, while still retaining billions that will be taxed upon his death. That's a win-win. The gubmint gets a nice chunk of change (and that's money already spent, so there's really no point arguing who can spend it better--the gubmint spends whether it collects or not.), a charity gets a big chunk of change, and the money gets spread around, eliminating the threat of a monied class emerging.

49 posted on 06/26/2006 7:54:58 PM PDT by Huck (Hey look, I'm still here.)
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To: Extremely Extreme Extremist

I pointed out to coworker that Gates dropped out of college. Then he didn't realize that he had made enough money until he had passed the 40 billion mark.


If he donates money to find a cure for AIDS, it will be the first virus Microsoft ever stopped.


50 posted on 06/26/2006 7:55:30 PM PDT by donmeaker (If the sky don't say "Surrender Dorothy" then my ex wife is out of town.)
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