Taxable Wealth
December 13th, 2009
Question: Why is Warren Buffet, second richest man in the world, defending the estate tax?
A rich guy acting against his own self interest and instead acting in the interest of his country?
"Without the estate tax, you in effect will have an aristocracy of wealth, which means you pass down the ability to command the resources of the nation based on heredity rather than merit," Buffett told the New York Times in 2001. "[Repeal would be like] choosing the 2020 Olympic team by picking the eldest sons of the gold-medal winners in the 2000 Olympics."
Typically, fewer than 2 percent of deaths result in estates sizeable enough to be subject to the estate tax. In 2006, for example, less than 1 percent resulted in taxable estates.
It's estimated that the estate tax will raise roughly $355 billion over the next 10 years under current law, according to the Tax Policy Center.
http://money.cnn.com/2007/11/13/pf/taxes/buffett_estate_tax/index.htm?section=money_topstories
Answer: It's not the first time that Buffet has spoken out against the tax inequity. A while back he pointed out that his secretary paid a higher percentage in taxes than he did....
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Wealth Enhancement & Behavioral Finance, Intelligent Indexing
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