OK, he really didn’t say the last part … I added that nugget.
The NYT dust-up on Trump’s tax loss carryforward reminded me that Hillary is proposing to jack-up the estate taxes on fat cats.
Of course, her favorite billionaire — Warren “I’m with her” Buffet — won’t be subject to the higher estate tax rates.
Let’s flashback to my long ago proposed “Buffett Rule” … designed to get fat cats like him to stop whining about their too low taxes and pay their fair share.
According to CNBC, Warren Buffett is one of several dozen wealthy people who have signed a statement calling for a “strong tax on large estates.”
Buffett & friends say:
- “Dynastic wealth, the enemy of a meritocracy, is on the rise. Equality of opportunity has been on the decline. A progressive and meaningful estate tax is needed to curb the movement of a democracy toward a plutocracy.”
- We (the wealthy) have “benefited significantly” by government investments in schools, infrastructure. and public safety, among other things, so it is “right morally and economically” to have a “significant” tax on large estates because it “promotes democracy by slowing the concentration of wealth and power.”
- “It is right to have a significant tax on large estates when they are passed on to the next generation … it is right morally and economically, since an estate tax promotes democracy by slowing the concentration of wealth and power.”
OK, so what constitutes a sizable estate and how much of it should the government take?
Buffett’s group wants a $4 million exemption, indexed to inflation, and a “graduated rate on the taxable estate over the exemption amount, beginning at 45 percent and rising on the largest fortunes.”
They contend that only the top one percent of estates would have to pay taxes under his proposal.
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Here’s the rub.
We posted before, that – for his own estate — Buffett has programmed in a big daddy tax dodge: bequeathing practically all of his estate to his buddy Bill Gates’ tax exempt foundation … part, I guess, to “give back to society” … but in large part to dodge estate taxes.
English translation: his estate is sheltered from the estate taxes that he now professes to be morally and economically justified.
That’s why I’ve proposed The “Buffett Rule” that I want to see …
In essence, my Buffett Rule would limit estates to a maximum deduction of $1 million for charitable donations for purposes of estate taxation.
All the rest is taxable.
Buffett and his cronies can still give mucho buckos to the charities of their choices, but their executors will also have to cut some fat checks to the government.
In Buffett’s case, his executors would send his buddy Gates a check for about $30 billion, and send Uncle Sam a check for about $30 billion.
Time for Mr. Buffett to stop pontificating from behind his tax shelters and start paying his fair share.
In fact, why doesn’t he just send Obama a $30 billion check now so that he (Buffett) can assuage his guilt re: his taxes being too low?
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P.S. If $1 million is too low, make it $10 million … or $100 million … it’s the principle that counts.