WASHINGTON, Nov. 14, 2007
Buffett: Keep Federal Estate Tax
Billionaire Tells Senate Finance Committee Inherited U.S. Estates Should Be Taxed
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Play CBS Video Video Warren Buffett: Tax Crusader? Warren Buffett, one of the richest men in the world, has taken his common-man mentality and shrewd financial sense to Capitol Hill, calling on congress to raise taxes?for the rich. Chip Reid reports.
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Berkshire Hathaway Chief Executive Officer Warren Buffett testifies on Capitol Hill in Washington, Wednesday, Nov. 14, 2007, before the Senate Finance Committee hearing on the federal estate tax. (AP)
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Special Report Money Matters Get words to the wise, from the wise, on handling, making and saving money.
"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In 2009, the exemption level rises to $3.5 million, and by 2010 the estate tax will be repealed, but only for a year.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.
© MMVII The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.
Best-selling author Mitch Albom on his first nonfiction work since "Tuesdays with Morrie."
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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?
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."
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
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.
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.
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.
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?
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."
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
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
The talk must stop. We must secure our borders now. A nation without secure borders is no nation at all. It makes no sense to fight terrorists abroad when our own front door is left unlocked. Ron Paul has a plan: (1.) Physically secure our borders and coastlines. We must do whatever it takes to control entry into our country before we undertake complicated immigration reform proposals. (2.) Enforce Visa rules. Immigration officials must track Visa holders and deport anyone who overstays their Visa or otherwise violates U.S. Law. This is especially important when we recall that a number of 9/11 terrorists had expired Visas. (3.) No amnesty. Estimates suggest that 10 to 20 million people are in our country illegally. That''s a lot of people to reward for breaking our Laws. (4.) No welfare for illegal aliens. Americans have welcomed immigrants who seek opportunity, work hard, and play by the rules, but taxpayers should not pay for illegal immigrants who use hospitals, clinics, schools, roads, and social services. (5.) End birthright citizenship. As long as illegal immigrants know their children born here will be citizens, the incentive to enter the U.S. illegally will remain strong. (6.) Pass true immigration reform. The current system, and those proposed by ALL other candidates, is incoherent and unfair, and would allow up to 60 million more immigrants into our country.
All of the trade deals and world government organizations, which all of the presidential candidates support (except Ron Paul), such as the ICC, NAFTA, GATT, WTO, and CAFTA, are all a major threat to our nation''s sovereignty. They transfer power from our government to unelected foreign elites. The ICC wants to try our soldiers as war criminals. Both the WTO and CAFTA could force Americans to get a prescription to take herbs and vitamins. The WTO has forced Congress to change our laws to meet their needs, and not our own. If anything, the WTO makes trade relations worse by giving foreign competitors a new way to attack U.S. jobs. The NAFTA superhighway, being built by a Spanish company, is just one part of a plan to erase our borders and create the North American Union, a single nation State like the EU, out of Canada, the U.S. and Mexico, with a new, unelected bureaucracy and money system. Forget about controlling immigration under the NAU scheme. There won''t be any borders anymore, or a free America. Our limited, constitutional government will be gone forever. Let''s not forget the UN either. It wants to impose a direct Carbon Tax on us. Ron Paul successfully fought this move in Congress last year, but if we are going to stop ongoing attempts of this world government body to rule over us, we need someone in the White House who knows how to say "No." We must withdraw from any organizations or treaty that infringes upon our nation''s sovereignty.
What we need is a President who will show us the way. Not the old way. Not the same way, but a NEW way. Think about this for a minute. What if we pulled all of our troops out of South Korea? They''ve been there for 50+ years. What if we quit worrying about Iran, but instead, realized that its having a nuclear weapon will not mean the end of the world? What if we pulled all of our troops out of the Middle-East, and brought them all home? What if we realistically addressed the National Debt, and paid attention to REALLY DOING SOMETHING about stopping illegal immigration? These are the ideas of Presidential candidate, Ron Paul. He''s a ten term Congressman and a physician who has delivered over 4,000 babies. He''s an intellectual who''s published four books, three of which are devoted entirely to sound economics and one to foreign policy. He was raised on a dairy farm in Pennsylvania as a pious Lutheran, but now he attends a Baptist church. Paul is given to mulling things over morally. Whenever he recollects the helicopter pilots he treated as an Air Force Flight Surgeon (Captain) during the Vietnam War, a war which he now says was "totally unnecessary and illegal," he laments, "They were gung-ho. I''ve often thought about how many of those people never came back." Candidates with the high level of personal integrity and proven track record of adherence to The Constitution, Congressman Paul has always demonstrated only come around once in a lifetime, if we''re lucky.
All of the other presidential candidates wants to continue our illegal police action in Iraq indefinitely, and they do not rule out a preemptive (nuclear) first strike against Iran. Conversely, Ron Paul voted against our (undeclared) war in Iraq, which was sold to us with lies. The area is more dangerous now than when we entered it. We destroyed a regime hated by our direct enemies--the jihadists, and created thousands of new recruits for them. The war in Iraq has cost more than 3,500 American lives and almost a trillion dollars. We need a leader in the White House who will ensure this never happens again. Both Jefferson and Washington warned us about entangling ourselves in the affairs of other nations. Today, we have 750 foreign bases and troops in 130 countries. We are spread so thin that we have too few troops defending America. And now, there are new calls for a draft. We can continue to fund and fight no-win police actions around the globe, or we can refocus on securing our borders against illegal aliens who are invading us from the South. No war should ever be fought without a Declaration of War voted upon by the Congress, as required by The Constitution. Under no circumstances should the U.S. again go to war as the result of a resolution that comes from an unelected, foreign body, such as the United Nations. Too often, we give foreign aid and intervene on behalf of governments that are despised. Then, we become despised.
Most people can see right through the prejudice CBS News obviously has towards Ron Paul. In the few times they''ve covered him at all, I''m suprised they didn''t have one of their graphics artists Photoshop some devil horns on top of his head in that worst ever photograph they always use of him. CBS obviously thinks that if they pretend Paul isn''t a top-tier GOP candidate, then their readers and viewers will eventually think so too. Whenever they are forced to do a story on Paul, because some other mainstream source is covering him for some reason, the fact that their editors work overtime to slant their stories in such a way as to either marginalize his accomplishment, or present Paul in the most negative light possible, is obvious to anyone with a modicum of intelligence. "What about their polls?," you ask? As far as the CBS News poll is concerned, they don''t even include Paul on the list of GOP candidates which pollees can choose from, and then afterwards, report to you that Paul doesn''t even rank in their final tally. Ron Paul is getting major grass roots support nationwide. He has over 62,380 meetup group members in 1,175 Groups from 1,004 cities nationwide, with another 7,197 people more folks just waiting to hear when a new meetup group will start-up near them. He''s won ALL of the viewer phone-in polls in ALL of the GOP debates he''s been in, and has raised more money ($4.2 million) in one day than any other GOP candidate ever. Go Ron Go!
Ron Paul breaks fundraising records, wins phone-in and Internet polls, yet why are his national poll numbers so low? A Zogby pollee recently revealed what happened to him when he took part in their national, 2008 presidential election poll. Upon confirming Ron Paul as his choice for President, the poll then branched out into a myriad of bizarre and intrusive questions which would discourage most people from completing the process, and thereby making their vote for Ron Paul null and void. "The first part of the poll was about which candidate one prefers, with candidates from both parties being available as choices. Great! However, after I finished answering positively for Ron Paul, the poll got very interesting," he writes. "As anyone who is familiar with how polls work is aware, polls are branching in their structure. Answers you give to one section of the poll will determine what questions you will receive in the next section of the poll." The pollee then relates his confusion about the fact that the poll threw up 20 questions about cooking rice before another extensive set of questions regarding personal sexual behavior. "This went on for a number of pages and was rather intrusive," he said. "It dealt with sexual positions, sexual fantasies, sexual preferences and similar intimate subjects. Of course neither rice cooking or sexual behavior have anything to do with presidential elections or politics in general. Or at least it shouldn''t!"
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
-- No more meddling in other country''s political affairs
-- No more aggressive military actions overseas
-- No more torture prisons
-- No more pseudo-wars like the "War on Drugs"
-- No more IRS and unconstitutional income taxes
-- No more Federal Reserve (the group of private banks which owns our government)
-- No more erosion of Social Security to pay for militarization
-- No more U.N. (one world government) participation
-- No more NAFTA, CAFTA, WTO or GATT
-- No more North American Union
-- No more federal gun control laws
-- No more illegal aliens pouring-in over our country''s borders
-- No more illegal aliens allowed to roam freely in our streets
-- No more national ID cards (Real ID Act)
-- No more government invasion of your privacy
-- No more federal Laws which are not authorized by The Constitution
-- No more federal erosion of State sovereignty
-- No more unlimited federal government
They don''t call him "Dr. No" for no reason. The Doctor is in! Join us in this 21st Century political revolution at ronpaul2008.com
"Liberty, when it takes root, is a plant of rapid growth."
- George Washington
"if we suffer tamely a lawless attack upon our liberty, we encourage it, and involve others in our doom."
- Samual Adams
"Ron Paul doesn''t represent your Father''s school of political thought. He represents your Founding Fathers."
- Me
"Those who expect to reap the blessing of freedom must...undergo the fatigue of supporting it."
- Thomas Paine
"if we suffer tamely a lawless attack upon our liberty, we encourage it, and involve others in our doom."
- Samual Adams
"The means of defense against foreign danger historically have become the instruments of tyranny at home."
- James Madison
"Those that give give up essential liberties for temporary safety, deserve neither liberty nor safety."
- Benjamin Franklin
"America will never be destroyed from the outside. If we falter and lose our freedoms, it will be because we destroyed ourselves."
- Abraham Lincoln
"We have nothing to fear but fear itself, and those who would exploit our fear for power and their own personal, selfish, cynical gain."
- Franklin D. Roosevelt
"When the people fear their government, you have tyranny. When the government fears the people, you have liberty."
- Thomas Jefferson
"Commerce with all nations. Alliances with none."
- Thomas Jefferson
"Peace is not the absence of conflict. It is the ability to handle conflict through peaceful means."
- Ronald Reagan
"Wars are poor chisels for carving-out peaceful tomorrows."
- Martin Luther King Jr.
"Ron Paul doesn''t represent your Father''s school of political thought. He represents your Founding Fathers."
- Me
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