How unvelievably disingenuous, even for two people who specialize in being disingenuous! There’s much more here than meets the eye. Let’s see, why would Warren Buffett care about keeping the inheritance tax? Seems to make no sense until you find that much of Buffett’s wealth has come from acquiring distressed companies for pennies on the dollar; not so coincidentally, companies that in many cases had to be sold to pay inheritance taxes!
So of course Warren Buffett wants to maintain, and if possible, increase the inheritance tax. It’s good for business (his) because it supplies him with a constant stream of cheap buyout targets who are desperate to sell.
Now that’s a smart post.
Yep...the Seattle Times is one of those companies that actually supported a NO STATE inheritance taxes measure (we lost, stupid people of Washington State voted IN an inheritance tax) because the Times is one of those companies that probably will have to be sold to pay the taxes.
1) Large fees will not be paid to lawyers
2) Money will not go into foundations to be used for liberal causes.
3) Tax revenue will increase as heirs will have to pay income tax when they sell because the basis of inherited property will remain the purchase price. Property will not get a tax free stepped up basis from an inheritance tax.
4) Heirs will not be able to depreciate inherited property if they do not sell it. Some farm buildings in Iowa have been depreciated 3 times or more.