Comments on: Buffett: Keep Federal Estate Tax

Billionaire Tells Senate Finance Committee Inherited U.S. Estates Should Be Taxed

[mudrose-2009]

Warren Buffett just has to fill out a form and his taxes will be kept. Like all the rest of the pundits, he too is full of *****.

[antoniof123]

Does anyone see a pattern here just a few days ago major companies CEO''s were saying what is an extra 5 percent on our taxes.

I think they realize that they may have broke the camels back and now what to minimize the damage to themselves.

I know that Warren Buffet is a nice guy but I think he realizes that it is going to be too late if they don''t do something quick.

[afmca]

Two statements from the article:
1. Internal Revenue Service, out of almost 2.5 million deaths in 2004, only about 19,300 estates paid the estate tax,
2. compromise - freezing the exemption rate at $3.5 million and capping the tax rate at 35 percent.

So, it isn''t even that big of problem. Most people die with estates of far less value then is needed to be taxed. I don''t think Buffett or most of us are saying do away with the exemption totally, but it seems like those compassionate neo-con Repubs on this blog want to do away with the tax completely. They play so well into their Repub handler hands - I find it amazing how many Repubs cut their own economic throats just to serve their rich, immoral masters.

[terrapin78]

Freedom is not free.

And it cost is not only flesh and blood.

I don''t understand why supposedly patriotic people don''t want to pay for these freedoms with $$$$$. I was raised that paying taxes is an act of patriotism.

[mbcsmith]

What your narrative does is provide cover for the Paris Hiltons of the American Aristocracy. What amazes me is that the Elites do no even bother with the pretense of sophistication any more. Do you think that Paris Hilton could run her fathers business? Do you think that education was a priority for this family even when they had all the time and resources to make it so? Posted by curse914 at 11:35 AM : Nov 15, 2007

WOW! Very convuluted of you. How about this LIB. Let''s raise the exemption to $10 mil. That way, the small businesses of the country can survive but Paris will still pay dearly.

[mbcsmith]

Guess what, if you are a tycoon who has created an empire with and only with the labor of the American workers, then you can not bail out of your social contract with those laborers.
Posted by curse914 at 11:06 AM : Nov 15, 2007

LOL..Typical socialist babble. You work, you get paid. That is the contract, nothing else.

[radiob-2009]

RowdyTexan

And the wealthy can still avoid taxes on this if they use their brains and a little bit of capital along with planning.

[dcamp2909]

No one who will benefit from repealing should be allowed to comment on it!

[rowdytexan2]

Go Warren Buffet!

This is just another ruse to keep the money for big businesses. Keep it all in the family! Those people have already paid less taxes than anyone else in the United States. They''ve written off their living through claiming it as business expenses, then not showing any profit. Their families have already benefited for YEARS!

The republicans have already mechanized businesses to operate on clear profit! The American public is paying for their assets, as well as their gains in wealth!

The wealthy are already allowed to transfer huge amounts of their wealth to their families before they die, tax free!

The estate tax is pretty near the ONLY time that this money has been taxed!

[takebackusa]

but.. if we repeal the inheritance tax, Paris Hilton will have to pay more ! How unfair ! lol

[oscarez]

"And as is widely known, small businesses are the engine that drives American economy."

How many small businesses in the US have assets of $2,000,000.00 or more. Estates worth up to $2 million this year and next will be exempt from federal estate tax.

[radiob-2009]

I recall some words of wisdom from Buffet a couple years back regarding 401k''s in which he stated that the stock market would take a substantial hit around 2020 due to all of the "investors" retiring. Buffet is no fool by any means and knows full and well that those who wish to avoid the estate tax can do so legally for minimium cost if they plan. People that are complaining about double taxation are not seeing the whole picture. They fail to realize virtually every good for consumption or use is not only double taxed but often taxed 4 or 5 times adding to the final price of the goods. What is different about this? The inheritors have not earned the money simply by association or blood and if the "grantor" truly wanted them to avoid double taxation they could enact measures prior to their demise to do so.

[one_american]

What a typical liberal Buffett is.

Warren Buffett should keep his comments reserved for himself; if he wants to volunteer to pay the estate tax, then he is free to do so.

But he has no right to speak for small business owners who can use that money to re-invest in their company, and to pay higher wages and employ more people.

And as is widely known, small businesses are the engine that drives American economy.

[afmca]

Eliminating the estate tax has always been the goal of the Republicans because they dream of a permanent aristocracy. They love how Saudi Arabia has evolved where the rich have all the power and wealth and the rest of the population is placed under the rule of the religious zealots. Buffett must really make those Repub and Demo politicians angry with his rationale approach to the death tax. I think the compromise is workable that would protect small businesses and farms and not allow the others to create a permanent priveleged class - that would put another nail in the American democratic coffin.

[name_verify]

Who put Buffet in charge?

[mbcsmith]

The person who was originally taxed is dead. The recipient of this unearned(by them)income is being taxed for the 1st time.


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Posted by realpatriot1 at 10:46 AM : Nov 15, 2007

1. Inheritance is NOT income.
2. The money is taxed in the decedant''s estate. This is an extension of the dead taxpayer.
3. It is the same money that was already income taxed.
4. DOUBLE TAXATION on the same money.

Assume your father built a business that grew to $5 mil. in assets. It has $100,000 in cash and the rest is invested in machinery and equipment to keep the business going. It employs 75 people.

Dad dies and his wish was for you to continue the business, which you are happy to do.

The approximately 2 million tax bill forces you to either go deeply into debt or sell the business to pay the tax. 75 people out of jobs.

[ms38654ob]

The estate tax should stand. I think the idea of leaving it at 3-4 million and 35% above that is reasonable.

[vancouverboo]

The Rich People are so powerful, and their army of lawyers can twist everything to make evil seem good. The tax is not a tax on wealth. It''s a tax on the transfer of wealth to others. The others take what they get free and clear. They pay no tax on their inheritance. It is not income to them for an incomve tax.

[mitywhity]

He''s an idiot when he is out of his realm. And clearly, he is out of his realm. He''s more socialist than capitalist.

[oscarez]

The GOP headed by president Herbert Hoover (1929-1933) all most destroyed the U.S.A.

"After the crash Hoover announced that while he would keep the Federal budget balanced, he would cut taxes and expand public-works spending. However, he signed the Smoot-Hawley Tariff Act, which raised tariffs on over 20,000 dutiable items. This act is often blamed for deepening the depression, and being Hoover''s biggest political blunder. The Hoover administration''s tightening of the money supply (for fear of inflation) is also regarded by most modern economists as a mistaken tactic given the situation."

From: http://www.heartheissues.com/presidents-31-herberthoover.html

It will take years to correct the problems George W Bush, another Republican, has created. We need men like Warren Buffett to help solve these problems.