Skip to comments.Buffett calls for retention of estate tax
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 ...
Buffett, quit trying to decide what happens with our estates, mind your own.
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.
Right, as he gives away most of his fortune, thus avoiding said tax. Give me a break....
if this is such a necessary evil then why doesn't he just sign over all his billions to the IRS?
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.
"Screw you workaholics and little people, I got mine."
talk about do as i say not as i do.
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.
buffett sure has an arrogant attitude
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.
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.
Yeah..must be nice to have so much wealth, that your tissue paper in the bathroom is made of 100 dollar bills.
Yeah, he says this after he engineers a way to keep the government from getting the "full" share of his wealth. Goofball.
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.
Peope with 10,000 times less wealth get hit with the maximum rate.
The founding fathers put no godammed estate tax in the Constitution.
"FDA not approved? Ok, sell.."
"Put out an upgrade then dump at the open"
i made a mistake..I knew it was Warren Buffett...oops...not Lulu's brother.
Taxes are for the little people or didn't you get the memo?
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
If he believes people are choosing which wombs to inhabit, perhaps he's senile already. We know he's Communist already by his words.
Buffet's a smart guy, and I think even a good guy, but his trust in authority is downright foolish.
I thought it was funny too, that I made that mistake.
Now I wonder how Jimmy Buffett feels about the Estate Tax ..ha!
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
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.
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.
"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?
You don't get it. A Liberal is somebody who is very generous with OTHER people's money
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.
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.
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.
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.
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.
"Thank you verry muchh"
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.
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.
Not even Jimmy Buffet? ;-)
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.
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!
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.
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.
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.
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.
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.