15 November, 2007

Warren Buffett is a Hypocrite

In terms of his take on the estate tax. I have to clarify that quickly, before the Buffett groupies out there decide to dispense some vigilante justice towards me for such heresy...

If keeping the estate tax is such a good and fair situation for the citizenry, then why did The Oracle give away most of his assets to the Gates foundation? Did he think that Uncle Sam might not spend that money as wisely as he? Perhaps only those people who are society's elites should be able to determine how their estate will be spent, but not the rest of us. We should just give up that money to Uncle Sam, and blindly trust the smartest people in the universe (Congress) to spend it well.

From the linked article:
"Instead of the free market determining when assets are bought or sold, the death tax makes that determination," said Republican Sen. Chuck Grassley. "There is something fundamentally wrong when the government swoops in after a funeral to take a cut of what that person had worked their whole life for, and has already paid taxes on at least once."

You said it, sister. Remember: actions always speak louder than words. Buffett says the estate tax is necessary, but shielded the bulk of his own estate by giving it away as a charitable contribution. Strange that Uncle Sam won't be taking "a little more out of the hides" of guys like him. Food for thought.