Wednesday, November 14, 2007

Warren Buffett renews opposition to abolishment of estate tax

Billionaire Warren Buffett reaffirmed his support for the estate tax and voiced his opposition to efforts to abolish it. Called "the death tax" by opponents, this tax is levied on money inherited.

Buffett said this in Reuters: "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 plutocracy."

Why does Buffett, Paul Newman and other proponents of the estate tax seem to presume that everybody inheriting money from an estate either a) is inheriting millions or b) is already wealthy?

Our government is about nine trillion dollars in debt, but it wastes billions of dollars annually in pork-barrel spending. Until it can show itself to be a good steward with the money it already has, why on earth should we allow it to have more money? Does Buffett really think these additional funds from estate taxes are being put to good use?

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