Warren Buffet, ultimate chutzpah
June 27th, 2006 | by Walter Greenspan |See first comment.
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5 Responses to “Warren Buffet, ultimate chutzpah”
By Walter Greenspan on Jun 27, 2006 | Reply
Warren Buffet and Bill Gates are in favor of the Estate Tax (otherwise known as the Death Tax), but they themselves are protecting their quite large estates from the Estate Tax by putting their estates into Trusts. They then name their children, who as administrators of these Trusts can draw a salary that is taxed at a much lower rate than if these funds were subject to the Estate Tax.
When billionaires back the death tax, keep in mind that they have no intention of actually paying it. They are being “generous” with other people’s money. This is the way in which the superrich wage class warfare against the merely affluent.
What chutzpah!
Chutzpah = (Yiddish) brazenness, gall, baitzim (Yiddish, testicles)
By Chad on Jun 29, 2006 | Reply
A) You’ve not provided any shred of proof. I’ve not seen anything, not even hearsay aside from this hearsay you’ve written regarding Gates’ and Buffet’s plans to leave whatever to thier respective families.
B) That absolutely, positively does not stop anyone (including the merely affluent) who is subject to the estate tax from establishing a dynasty trust of their own.
By SallyT on Jul 3, 2006 | Reply
Chad, sorry to burst your bubble.
A) Yes, here on the web, you’ve gotta do a wee bit of research to track down the trusts. But this book, which is fully footnoted, is also a fine place to start.
B) No, it doesn’t stop anyone from establishing a trust, but most businessmen and farmers have all their wealth tied up in business assets, and may not even realize they are subject to estate taxes. (In Montana, with the wild inflation of property values, a family farm can suddenly be worth 2 or 3 million dollars–requiring heirs to sell off land to pay the death tax)
Of course, this is fine with the billionaires…just ask Ted Turner.
By McGehee on Jul 4, 2006 | Reply
Billionaire to convenience-store clerk: “Hey, if you can’t afford to pay the estate tax, it’s your own damn fault.”
By Rocky Smith on Jul 5, 2006 | Reply
Somehow, I find the taking of up to 55% of anyone’s estate as completely wrong. I don’t care how rich they are. That anyone believes they are entitled to take the majority of an estate away to redistribute to the poorer populace is uncalled for. Socialism/Communism anyone? People in Africa are poorer than the average American. Maybe all you liberals should try to take half of the net worth of ALL Americans so you can give it out to poorer countries. I’m all for charity, but you libs go too far in what you feel entitled to do. I’m not rich by any means, but if I were, I would have earned it myself. Go get your own. I EARNED mine!