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Old 11-14-2007, 07:44 PM
 
Location: wrong planet
5,127 posts, read 10,257,406 times
Reputation: 4190

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well, THAT is a surprise... NOT
However, maybe it is surprising that he is speaking out against repealing it...

from the link
Buffett said that in the last 20 years, tax laws have allowed the ``super-rich'' to get richer.

``Tax-law changes have benefited this group, including me, in a huge way,'' he said. ``During that time the average American went exactly nowhere on the economic scale: He's been on a treadmill while the super rich have been on a spaceship.
''

Buffett Says Estate-Tax Repeal Would Benefit Richest - Yahoo! News (broken link)
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Old 11-14-2007, 08:26 PM
 
Location: Earth
24,639 posts, read 24,819,132 times
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And he's right. It would.
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Old 11-14-2007, 11:05 PM
 
2,506 posts, read 7,756,341 times
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Damn straight chielgirl. I have a nickname -- Buffett the benevolent billionaire. Maybe it will stick
You have to love a billionaire who lives in a house in Omaha that is smaller than mine.
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Old 11-15-2007, 03:48 AM
 
Location: wrong planet
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a billionaire with a conscience, perhaps?
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Old 11-15-2007, 05:01 AM
 
Location: Londonderry, NH
41,492 posts, read 51,361,282 times
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I would say he is a person with a longer view than most and is completely secure in his own person. The hyper rich have effectively rolled back most of the New Deal and replaced it with the Raw Deal. We need a New Deal on a world wide basis.
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Old 11-15-2007, 06:17 AM
 
66,447 posts, read 30,302,435 times
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The estate tax wipes out small family-owned businesses and farms. Gone. Poof. I've seen it many, many times. It's not easy to tell a family that they're going to have to liquidate much of what their loved one worked for their entire life to pay the estate tax bill.

The super-rich may be able to afford to pay the estate tax bill, but it's crushing and devastating for many below Buffett's and Gates' level.
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Old 11-15-2007, 06:41 AM
 
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That's why you set up family businesses as legal corporations, and not just as somebody's unofficial personal venture.
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Old 11-15-2007, 07:35 AM
 
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Quote:
Originally Posted by tablemtn View Post
That's why you set up family businesses as legal corporations, and not just as somebody's unofficial personal venture.
This helps somewhat, but doesn't eliminate the problem. Close corporations do not bypass the estate tax.
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Old 11-15-2007, 07:47 AM
 
5,767 posts, read 10,299,438 times
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As I recall, there was a proposal to raise the estate tax threshold to eight million dollars, from whatever it used to be. Eight million is a fairly large family business, or a gigantic farm. I wouldn't be so worried about that aspect of the law at that threshold.
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Old 11-15-2007, 07:51 AM
 
Location: South Side
3,856 posts, read 9,360,527 times
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Anyone with a modicum of advance planning can avoid paying the estate tax. To say it wipes out small businesses and family farms is really inaccurate.
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