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Old 11-15-2007, 08:29 AM
 
Location: Tennessee/Michigan
28,000 posts, read 46,426,631 times
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Billionaire Warren Buffett on Wednesday endorsed the estate tax as a check on wealth accumulation, while two senior U.S. senators said they want the tax repealed.


Revisiting a long-standing debate over the controversial tax, the Senate Finance Committee held a hearing where Chairman Max Baucus said he supports ending the estate tax, although he said he did not expect this to happen any time soon.

Newsmax.com - Buffett Backs Estate Tax, Decries Wealth Gap (http://www.newsmax.com/insidecover/buffet_estate_tax/2007/11/14/49586.html - broken link)
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Old 11-15-2007, 10:07 AM
 
Location: New England
786 posts, read 805,320 times
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First Gates, now Buffett. I wonder why some of the most wealthy Americans think the estate tax should be kept.
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Old 11-15-2007, 10:12 AM
 
3,698 posts, read 9,998,886 times
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I've never understood why income that is earned is taxed at a higher rate than windfall income.
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Old 11-15-2007, 10:39 AM
 
Location: WA
5,295 posts, read 20,742,322 times
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Quote:
Originally Posted by sean98125 View Post
I've never understood why income that is earned is taxed at a higher rate than windfall income.
Inheritance is actually a transfer, not income. It may or may not be a windfall, quite often just a change in ownership or control. I do not believe there should be any death tax.
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Old 11-15-2007, 10:46 AM
 
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Let me rephrase, then: I've never understood why earned wages are taxed at a higher rate than unearned transfers of wealth.
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Old 11-15-2007, 12:40 PM
 
103 posts, read 400,934 times
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When you die do you want your kids selling it all, or parting with half of it, just to pay the gov on money that has already been taxed? If you have many billions of dollars does it really matter if they take a few...NO! If you only have millions, it is another story. 2010 is a good year to die concerning the laws on this, as of right now. A few million isn't THAT much money anymore.

Buffet doesn't even have any kids.

Last edited by FreeMarketSlave; 11-15-2007 at 12:48 PM..
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Old 11-15-2007, 12:41 PM
 
Location: USA
700 posts, read 954,191 times
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interesting article from James Taranto on Opinionjournal.com, Monday, November 5, 2007 1:46 p.m. EST :

OpinionJournal - Best of the Web Today

look "Buffet's Bluster" towards the bottom of the page.
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Old 11-15-2007, 01:39 PM
 
3,698 posts, read 9,998,886 times
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Quote:
Originally Posted by FreeMarketSlave View Post
When you die do you want your kids selling it all, or parting with half of it, just to pay the gov on money that has already been taxed? If you have many billions of dollars does it really matter if they take a few...NO! If you only have millions, it is another story. 2010 is a good year to die concerning the laws on this, as of right now. A few million isn't THAT much money anymore.

Buffet doesn't even have any kids.
It's income for the person receiving the windfall. It should be taxed at the same rate as any other income. The greater tax burden shouldn't be on the shoulders of those who have to work for a living.
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Old 11-15-2007, 01:52 PM
 
3,567 posts, read 7,525,186 times
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My own opinion on this issue is that once income has been taxed, under no circumstances and in no manner does the federal government have any claim to whatever happens to it after that. Get your goddamn hands off my money and keep them in your lap.

My less personal opinion on this is that the days of taxing the rich because of their "evil" money and punishing their children because "they didn't really earn" inheritance are long over. Ireland and Singapore also want the USA to keep the inheritance tax. It allows them to tell our wealthy citizens, "Look, we've got a much better deal over here, expatriate and you can enjoy a much more luxurious environment with no estate tax and few other taxes". It's called the "3 million" club, because typically these nations offer citizenship for $3,000,000. Those wealthy citizens irritated with America's tax policies simply dump the USA and we never see a penny of their money again. The IRS is finding that it cannot enforce their arrogant "10 year" policy, wherein they try to force expatriated citizens to pay taxes for 10 years even if they are no longer citizens.

It's the same with investments. The tide of populism that sweeps through the lower classes of this nation is at an end. We can no longer remain competitive if we continue to tax investments the way that we do, and already there are significant (read: billions) amounts of money being kept offshore because companies just don't feel like paying the insane taxes to move assets back to the United States.
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Old 11-15-2007, 02:34 PM
 
3,698 posts, read 9,998,886 times
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Quote:
Originally Posted by coldwine View Post
My own opinion on this issue is that once income has been taxed, under no circumstances and in no manner does the federal government have any claim to whatever happens to it after that.
At what point did a person who is inheriting a windfall pay taxes on that money before receiving it? It is only being taxed once.
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