Baltimore Sun
Billionaire Warren Buffett told the Senate Finance Committee today that Congress should preserve the estate tax rather than worrying about a few rich Americans like him.
"I think we need to ... take a little more out of the hides of guys like me," Buffett told the panel.
Buffett, one of the world's richest men and most generous philanthropists, is outspoken against Republican efforts mainly to repeal or lower the federal tax on inheritances. Democrats mainly call its repeal a windfall for the nation's wealthiest, while Republicans say the so-called "death tax'' burdens many small businessmen and farmers as well.
Already, the tax is being rolled back as part of the tax cuts that President Bush pushed during his first term -- with estates worth up to $2 million this year and next exempt. Bush has called on Congress to make his tax-cuts permanent, but Democrats aren't rushing to that call.
By 2009, the exemption is slated to rise to estates valued at up to $3.5 million, and by 2010 the tax is to be repealed -- but only for a year. Unless Congress acts, the tax will return with a big swing in '11, taxing estates at over $1 million with a top tax rate of 55 percent........
Buffett is a hipocrite. Why didn't he say these things when he was accumulating his wealth. Now that he can leave his relatives billions, he doesn't care about the average guy. He could give his money to the needy but he won't. Just like the democrats, he wants to tax all of us more. Hey Warren, take 30 billion and spread it around to 200 million people who don't have any!
ReplyDeleteAl Johnston
New Hampshire
Hi ajpj41,
ReplyDeletePlease read Buffett's biography and then come back and fix your comment because it is out of reality. The book: "Warren Buffett: The Making Of An American Capitalist" will do the job.
BTW do you know he is donating an awful lot of money (like 30 billion) and he is doing it alive, not after he dies, to the poor people in the poorest countries?
Take care and Peace.
Guillermo - You are wrong. Buffett is a johnny come lately with this idea of the death tax. He has set up enormous fortunes for his kids and he certainly doesn't need a hand out himself. He is an avowed liberal/democrat, just like George Soros and is dangerous to the american way of life.
ReplyDeleteajpj41
ajpj41,
ReplyDeletePlease can you kindly provide some link or something where you get that info?
Thank you.