Buffet’s plan is a self-serving scam. Buffet doesn’t pay a lower income tax rate because Dividends and Cap. Gains are taxed at 15%. Berkshire doesn’t pay dividends and Buffet claims the ideal stock holding period is “forever.” No dividends and no capital gains.
He has set up his estate to go to a trust and hence will avoid ALL Estate Taxes, but he realized that he could “trickle” some of those gifts over his “living” years and would be a deduction against his otherwise taxable income cutting the “effective” rate in half.
It doesn’t matter what you do to the highest tax rates (his secretary is deep in 6 figures) she will always pay twice his tax rate.
Buffet avoids most income tax, pays no dividend tax, pays no Capital Gains tax, set to avoid all estate tax.
Buffet argues for higher estate taxes not because he will pay any (he won’t) but because it will cause tax planners to have to by more tax free life insurance to settle estate tax bill for others. If Berkshire-Hathaway is anything, it is a giant Insurance Company.
If you propose to eliminate what is called the Appreciated Capital Gain deduction and require taxes to be paid on the untaxed portion HE WILL CROAK.....
