Buffett Tells Congress to Keep Estate Tax
For years, Warren Buffett has been urging Congress to keep the federal estate tax. Now, he’s suggesting how the government should use the money: a $1,000 annual tax credit for the 23 million U.S. households with incomes under $20,000.According to the feudalists at the Club For Growth this makes one of the worlds richest men a socialist, an unadulterated socialist at that.
The billionaire investing guru told the Senate Finance Committee that many of those families face a marginal payroll tax rate of 15.3%, higher than the current top rate on capital gains, dividends and carried interest for assets held long term. In contrast, repealing the estate tax would help families of the richest Americans who have seen their wealth take off like a “rocket ship” in the last two decades.
Buffett noted that of 2.4 million Americans who died last year, only about 12,000 paid estate tax, assessed on an individual’s net worth at death. “You’d have to attend 200 funerals to be at one” where an estate tax was owed, Buffett said.
This is nothing but pure socialism. It's unadulterated and absolute socialism. If you went up to a billionaire, took his money and gave it to someone else, you would be arrested. But in Buffett's mind, if the government does it, then it's perfectly all right. Most Democrats are crafty when they disguise their socialist plans. They take money from Paul and then filter the money through government programs that end up benefiting Peter. But with Buffett, it's straightfoward socialism.