Buffett: Keep Federal Estate Tax

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

(AP)  Billionaire Warren Buffett, one of the world's richest people, told the U.S. Senate Finance Committee on Wednesday that Congress should keep the federal estate tax rather than repeal it to help 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 Senate Finance Committee.

One of the world's richest biggest philanthropists, Buffett has been outspoken against efforts, mostly by Republicans, to repeal the federal tax on inheritances or reduce the rate. Such a repeal, Democrats argue, would amount to a huge windfall for the wealthiest U.S. families.

The fate of the levy effectively will be decided during next year's presidential and congressional elections.

Estates worth up to $2 million this year and next will be exempt from federal estate tax. Portions of estates above that threshold will be taxed at 45 percent.

In 2009, the exemption level rises to $3.5 million, and by 2010 the estate tax will be repealed, but only for a year.

Unless Congress changes the law, it comes roaring back in 2011 with a lowered exemption threshold of $1 million and a top rate of 55 percent.

Buffett said inheritance taxes preserve a measure of meritocracy, and with it opportunity, by recycling portions of great wealth through public coffers.

"The resources of society, I don't think, should pass along in terms of an aristocratic dynasty of wealth," Buffett told the panel. "I believe in keeping equality of opportunity as much as you can in this country."

Supporters of repealing the tax say it is particularly hard on small farms and businesses whose heirs may have to liquidate assets to pay the levies.

"Instead of the free market determining when assets are bought or sold, the death tax makes that determination," said Republican Sen. Chuck Grassley. "There is something fundamentally wrong when the government swoops in after a funeral to take a cut of what that person had worked their whole life for, and has already paid taxes on at least once."

According to the Internal Revenue Service, out of almost 2.5 million deaths in 2004, only about 19,300 estates paid the estate tax, said the committee's Democratic chairman, Max Baucus, who supports repeal of the tax.

Lawmakers and interest groups on both sides of the debate see several potential compromises, perhaps by freezing the exemption rate at $3.5 million and capping the tax rate at 35 percent.

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HEY CBS-
Why is there a comment section for this story:
Mexico Assails U.S. Pols On Immigration
If YOU aren''t going to SHOW the comments? Are you afraid the citizens of America might PISSOFF the president of mexico by telling him he can take his 20 million ILLEGAL ALIEN INVADERS home? Are you concerned we, the citizens of America, might tell him if his CRIMINALS don''t want to be harassed they should SELF DEPORT? Why don''t you show the comment about these ILLEGAL ALIEN INVADERS and their sorry excuse for a president? What makes him think he can dictate ANYTHING to OUR COUNTRY when his country is so bad HIS people are leaving in droves?

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RON PAUL TAKES ON FEDERAL RESERVE CHAIRMAN
Federal Reserve Chairman Ben Bernanke appeared before the Congressional Joint Economic Committee Chairman, Congressman Ron Paul on November 8th, and had to face some tough criticism concerning the fact that the Fed has been increasing the money supply while at the same time refusing to raise the Prime Interest Rate in order to curb inflation and devaluation of the Dollar. Paul accused the Federal Reserve of "robbery," telling Bernanke, "There''s a dollar crisis out there and people''s money is being stolen," Paul said. "People who have saved, they''re being robbed. I mean, if you have a devaluation of the dollar at 10 percent, people have been robbed of 10 percent." Federal Reserve Chairman Ben Bernanke attempted to dispel that notion by explaining, "If somebody has their wealth in dollars and they''re going to buy consumer goods in dollars, then the only effect it has on their buying power is that it makes imported goods more expensive." Paul disagreed, reminding Bernanke, "Yeah, but not if you''re elderly and you have your wealth in CDs. Their cost of living is going-up no matter what your CPI says," adding finally, "Their cost of living is going up, and they''re hurting. And that''s why the people of this country are very upset."

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RON PAUL IS THE TAXPAYER''S BEST FRIEND
If he is elected President, Ron Paul will work to abolish the Federal Reserve System as well as the IRS, returning our country to the Gold Standard. He believes, as I do, that our current Income Tax System is unconstitutional, because it is a direct tax that is not equally apportioned as The Constitution requires. Whenever taxes are raised by the federal government, it should be done as The Constitution does require--in an indirect way, which is equally apportioned. This system would benefit all of us, creating more individual wealth, and allowing us to make more decisions for ourselves about our lives. As President, Ron Paul will also work to abolish the Federal Reserve, a group of private banks, run by unelected officials, which loans our government unbacked money which they are allowed to essentially print out of thin air, making each dollar in your pocket worth less all the time, and increasing our national debt to these banks. Worse still. Most of our debt is owned by China (25%) and Saudi Arabia who finance our runaway military spending overseas. This is a threat to our nation. We need to bring our troops home from overseas, and use the trillions we would save thereby to reduce our debt, and to re-invigorate our currency. We can use this money to ensure that Social Security and other essential programs will still be solvent in the future. Vote for Ron Paul. He''s published three books on the topic of sound economics. ronpaullibrary.org

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YOU''RE A FROG IN A POT
My fellow Americans need to open their eyes to the fact that our Republic, along with The Constitution upon which it was founded, is being flushed-down the toilet by our nations'' bought and paid for politicians and media. While the Oligarchs warn and incite fear in the sheeple about the prospect of terrorism, they at the same time leave our borders wide open, and then conduct illegal wars overseas that do nothing but incite the terrorism which their Orwellian Laws like the Patriot Act and the John Warner Defense Authorization Act pretend to protect us from. Wake up America! It''s not about protecting you from terrorism, or Global Warming, or any of that other fear-mongering garbage the sold-out, mainstream media feeds you 24/7. It''s about feeding the bankers and the military industrial complex, and facilitating the global elite''s ability to ratchet-down control over the American people, placing us into a total control grid where they can surveille, track and control everywhere we go and everything we do. It''s the groundwork for tyranny. It''s the New World Order plan of Bush, Clinton, Edwards, McCain, Giuliani, et.al., being executed quite beautifully. You''re a frog in a pot: In order to cook a frog, you don''t throw him into a pot of boiling water. If you do, he''ll resist and jump-out. What you do instead is, you turn the heat-up REAL SLOW, and by the time the water is boiling, he won''t be able to jump out anymore, because it''s too late--he''s already doomed.

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CLINTON MAKES BUSH DICTATOR
With the full support of Senators Clinton, Obama and McCain, President Bush recently signed into Law the John Warner Defense Authorization Act, which, according to Senator Leahy (VT), will actually "encourage the President to declare Martial Law." It does so by revising the Insurrection Act, a Laws which limits the President''s ability to deploy troops within the United States. The Insurrection Act has historically, along with the Posse Comitatus Act, helped to enforce strict prohibitions on military involvement in domestic Law enforcement. With one cloaked swipe of his pen, Bush has now undone all of those prohibitions. The John Warner Defense Authorization Act, which was signed by the President in an unpublicized ceremony, allows the President to declare a "public emergency," suspend Congress; The Constitution; and to take control of state-based National Guard units without the consent of your Governor or local authorities, in order to "suppress public disorder." President Bush seized this unprecedented power on the very same day that he signed the equally odious Military Commissions Act. The two Laws compliment one another. One allows for torture and detention abroad of those who dissent and are stripped of their citizenship, while the other seeks to enforce acquiescence at home by allowing the President to order the military onto our streets in a domestic Law enforcement role, which is already being done. Vote for Liberty. Vote for Ron Paul.

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CLINTON ALLOWS BUSH TO PARDON HIMSELF
Buried deep inside Military Commisions Act, which was FULLY SUPPORTED by Senators Clinton, Obama and McCain, is a provision which pre-pardons President Bush and all the members of his administration for any crimes which they may have committed all the way back to September 11, 2001. Why that far back? That kind of makes you wonder. Huh? I can''t help but recall what Nixon said during an interview following the Watergate scandal when he said, "If the President does it, by definition, it''s not illegal." History never repeats itself, folks. It only rhymes. At least Nixon had enough class to wait for another President to pardon him for his crimes against our country. Bush apparently doesn''t want to take that chance. He has to consider the risk that Ron Paul will become our next President.

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CAMPING OUT WITH HALIBURTION
The John Warner Defense Authorization Act, which was supported by Clinton, Obama and McCain, permits militarized police round-ups and detention of protesters ("potential terrorists") and other "undesirables" for detention in facilities which are already contracted for and under construction by Kellog, Brown & Root, a subsidiary of Halliburton. This Law, which was sold to an "emergency managed" and willfully gullible public in the wake of the 9/11 attacks as a necessary measure needed by our President in order to fight his "global war on terrorism," permits the indefinite detention of American citizens who resists the foreign and domestic agenda of our President. The Journal of Counterterrorism & Homeland Security International reported recently that global engineering and technical services powerhouse, Kellog, Brown & Root announced during January 2006 that its Government and Infrastructure division had been awarded a (no bid) Indefinite Delivery/Indefinite Quantity contract to build these detainment camps with a maximum total value of $385 million over a five year term, and that this contract called for the company to build "temporary detention and processing capabilities" to augment existing U.S. government Detention and Removal Operations and to support "the rapid development of new programs." New Programs? Could it possibly get any worse? Why would the president be so concerned about Americans protesting? Aren''t we all happy campers?

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ARE WE A NATION OF LAWS?
Consider the Patriot Act. The Law is 342 pages long, or 57,000 words, making it a bit longer than Dostoevsky''s "Notes from Underground" or, if you''re partial to pigs, about twice the size of Orwell''s "Animal Farm." The Patriot Act is the reigning champion of our government''s recent un-American activities. When it was first paraded before Congress and the Senate following the 9/11 attacks, few Members, other than Congressman, Ron Paul dared to vote against it. Most in Congress simply gave it their rubber-stamp of approval, without ever reading it. Why bother? It was, after all, named the "USA Patriot Act." It must be a good thing. Right? Now in effect, the Law wrecks a generation''s worth of constitutional protections against government snooping, legalizing police-state tactics in searches and seizures, criminalizing certain forms of speech and political activity, and opening the way for the mistreatment of foreigners in government custody and wholesale expulsions and imprisonment. It is a repugnant, unnecessary Law that goes against the very principles its name wrongly implies. Yet, it remains unchecked and unbalanced by public opinion, Lawmakers or the Courts. So, yes, we''re a nation of Laws. But the Laws aren''t much to speak of when they''re designed to hoodwink the public to win its docility. Neither is public responsibility much to speak of these days when its docility is secured with nothing more than a ploy-riddled play on the word "patriot."

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WERE HAVING A TEA PARTY! YOU''RE INVITED
As we all know, freedom isn''t free in this country. Therefore, in the wake of our successful fundraising event of November 5th, in which we all came together to raise $4.2 million dollars for Ron Paul''s campaign, we''ve set yet another date for an even bigger fundraiser. This one will take place during on December 16th: a very important date for people who love freedom and hate tyranny to ring the Liberty Bell, and let our sold-out, globalist, political ****** and their mainstream media enablers know that good Americans are mad as hell, and that we''re not going to take it anymore. December 16th is the 224th aniversary of The Boston Tea Party: an act of protest by the American colonists against the tyranny of Great Britain where the Sons of Liberty boarded British ships and dumped crates of tea overboard into Boston Harbor. It was a key event which helped to spark the American Revolution, and we hope this event will, likewise, add additional spark to our own 21st Century political revolution to restore peace, prosperity and freedom to our Republic by helping elect a President whose record of adherance to The Constitution is unmatched by anyone in American politics. Please join us this December 16th for the largest one-day political donation event in history. Our goal is to bring together 100,000 people to donate $100 each, creating a one day donation total of $10,000,000. The time to act is now. The time for Ron Paul is NOW! TeaParty07.com

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WILL THIS POST SOON BE A THOUGHT CRIME?
While CBS was busy pretending all other news didn''t exist during the California wildfires, our Constitution was burning on the floors of Congress. On Oct 23, the House overwhelmingly passed HR 1955, the Violent Radicalization and Homegrown Terrorism Prevention Act. This Bill is one of the most blatant attacks against our right to freedom of speech ever devised by Congress. The Bill actually defines different types of thought as "homegrown terrorism," and unlike previous anti-terror legislation, it specifically targets U.S. citizens. The Bill uses extremely vague language to define "terrorist propoganda" as any speech which promotes an agenda that the government considers an "extremist belief system." Since the bill doesn%u2019t specifically define what an "extremist belief system" is, it will be entirely up to the interpretation of government officials. Isn''t that comforting? Considering how much the government has done to desecrate our Constitution lately, they would surely have to define this post as promoting an "extremist belief" system, since it promotes the restoration of civil liberties--something not en vogue these days. As disturbing as this Bill is, so to is the additional requirement that there be a seperate, "public version." In other words, the Bill we see is different from what Congress is seeing. Why''s that necessary? Whatever the reason, I predict this Bill will become Law soon while CBS focuses the country''s attention elsewhere