Eliminate the Estate Tax!

Warren Buffett should just shut his big fat yap! His argument for keeping the estate tax sounds like it comes from an establishment bureaucrat who acts like he doesn't have a clue as to why the estate tax is an Anti-American and Anti-Capital tax.

He really is a bad liar.

First of all, the money in a person's estate has already been taxed. It was taxed when the person earned it. They have, at the point of income, already paid their obligation to the state and federal "guardians of the public trust". What is left over belongs to the person who earned it and they are free to distribute this money any way they please.

Unless they die. When this person passes away, his money is then taxed again. By a lot.

Why?

It's just an asset grab by the state. This also discourages continuity of family wealth. Most times the taxes on an inherited property are so high that the recipient has to sell the assets to pay the tax and doesn't not get to pass the property down to their heirs. This is an un-American activity.

Rather than "hurting" the wealthy, the inheritance tax, very much like the capital gains tax, hurts the middle income people. Buffett would like you to focus on people like him, wealthy big business types but the people who are most hurt by the estate tax are family businesses and farms, people who's wealth lies in the businesses they built and the land they hold in the family name. The wealthy just pay it but the lower inheritors have to sell to pay and lose the asset. How is this serving the public interest when people work their whole lives to earn a living and to pass their gains on to their families? It makes no sense.

And to have Warren Buffett bloviate about how the inheritance tax effects so few people that the government should just keep it.

That it. That's his high-minded argument. It makes me think Mr. Buffett must have inherited his money at least initially since it's hard to believe a person such as he is considered a money master-mind if he says bullshit like this.

Perhaps he'll also make a statement about how the government will "pay" for their tax cuts. Like the money was coming out of the government's pockets in the first place when it's money from the taxpayers. The government can "pay" for taking less of our hard-earned money by slashing Washington's bloated bureaucratic overhead by 10% across the board departmental spending cuts.

That'll "pay" for it plenty, bucko.

But what should Mr. Buffett care about you? You're not Warren Buffett you stupid down-trodden surf! Why should you get to keep anything from your parents especially if they did well?

What a jerk Warren Buffett is.