WSJ: The Tax That Won't Die

[Tom B]

Quote from Mercor:

I believe giving to a charity is noble. Buffet is choosing that a charity and not government is the best use for his estate wealth.
Yet at the same time he wants government to take more estate taxes for people who have less options then Buffett.
There are many family business's that would have to break up to pay estate taxes. Buffett is unique because he never produced anything. he was able to exit any business he bought at anytime. Small family business cannot do that.

+1

 

[IanMacQuaide]

I want a flat tax PERIOD. No deductions. Everyone and every corp. pays 10%, every year.
Da gubmint would be awash in cash.
Protect interstate commerce and our borders, and stay outta my life.

 

[BSAM]

Quote from IanMacQuaide:

I want a flat tax PERIOD......

Oooh, now you're talking. I do too, but I want to pay mine only when I buy something. My paycheck belongs to me, not the government.

 

[Scataphagos]

Quote from BSAM:

"... My paycheck belongs to me, not the government.

LOL! Good one.

 

[Angrycat]

Quote from Gabfly1:

Are you so daft that you cannot even interpret what you wrote?

No, sorry, it is you who cannot interpret what you wrote.

There is a big difference in disposing of one's wealth as buffet did - to a receiver of his choice - than to allow government to confiscate it.

Buffet could have also disgorged his wealth into untaxable trusts for his heirs and similarly pay no death tax.

His choice was to give it to the Gates Foundation instead of his children. But it was HIS CHOICE - and that's the point.

 

[Angrycat]

Quote from Gabfly1:

I am not attacking you. I am attacking your ignorance. The point is Buffett's money goes back to society, in this case a major charitable organization. That is in keeping with his societal view if you took the time to read it. There is no hypocrisy here and you would realize this fact if you took the time to think it through. If you wish to have less taxes levied against your estate, then you can do the same as Buffett did. Your options will be no different.
you the troll.

Buffet IS a hypocrite because HE did not leave his money to the government. He disposed of it as he saw fit, but he wants the government to confiscate your wealth upon death to spend as it sees fit.

He is also a hypocrite because he cries about not paying enough taxes, yet he employs an army of tax attorneys and CPAs to reduce his tax burden and he has never once exercised the option to voluntarily pay more taxes than are required. Not once.

BTW, government confiscation of wealth is not "giving to society". When was the last time you noticed the politicians who run government benefit anyone but themselves and their cronies? Be honest.

Personally, I think the Gates Foundation will be more effective in its goals than self-serving government workers. And so does Buffet. But he also has the audacity to force his beliefs on you and your family, which makes him imperious and detestable.

 

[Angrycat]

Quote from indexer:

All Americans are double taxed. You pay sales tax with after tax income. Thats double taxation.

If we are going to eliminate double taxation, lets start by eliminating the sales tax - something that would benefit everyone, not just a tiny segment of unearned multimillionaires in waiting.

I like the sales tax. Taxing what you take out of the economy (consume) makes much more sense than taxing the income resulting from what you put into the economy (produce).

How about a flat consumption tax? Or even a progressive consumption tax instead of any income tax at all.

 

[Gabfly1]

No, Angrycat, you are missing the point and are responding on a tangent. Perhaps your anger is clouding your judgment. Buffett made his view known and is acting on that view. His integrity is intact. You, on the other hand, are just a bundle of rage seeking expression.

 

[jem]

Quote from Mnphats:

He is a hypocrite. Why does he only take a salary of 100,000?

He is a hypocrite because as he was voicing his concerns for the average worker he owned a strong stake in moodys. Which certified toxic crap as investment grade and allowed wall street to suck out millions and billions from pension plans.

 

[TraderZones]

Quote from Scataphagos:

They money has already been "taxed up the wazoo"... likely at least twice or more, and as "personally owned property", should pass to the beneficiary of the owner's choice without being taxed yet again, simply because it changes owners.

Hello??? Tax comes one way or the other; if more death taxes, then less of the other taxes. Just claiming that death tax is preferable proves little. If someone wasn't heavily income taxed and had a death tax instead, then maybe they would have more inheritance, as well as a more prosperous life. The beneficiaries are not the users of the wealth, in that person's life.