Bloomberg headline: Buffet Joins Soros in Renewed Effort to Increase Estate Tax.
So two guys who have FU money want to lower the exemption on estate taxes from $5.1 mln to $2 mln. And they want to raise the rate from 45%-plus from 35%.
The estate tax confiscates the wealth of families that have already been taxed on the money in the estate via income, capital gains, dividends and property taxes. Buffett has avoided billions in estate taxes by giving huge sums to the Bill Gates Foundation. You can argue whether or not that is a good thing, the bottom line is that that money is not taxed again by Uncle Sam.
Nothing galls me more than rich liberals telling me how to live my life. When you croak and you want to leave Uncle Sam half your dough, just put him in your will. Leave me out of it, ya pricks.
Thus endeth the rant.
