CAP's Gene Sperling: Warren Buffett is Right on Estate Tax

[davidvonallmen]

Americans overspend and undersave. People retire and live for 20 years with no money to live or pay for the hundreds of thousands of dollars that they rack up in medical bills. Buffett pays a lower percentage in taxes is because his money comes from investments. This lower tax rate was created to encourage Americans to invest money so they will have savings built up for when they retire and not bankrupt the financial system. If that happens, there will be no money for programs for the poor.

[lexrex3]

The estate tax benefits Buffet because he aquires a lot of family run businesses who have to sell the business to his conglomerate because of it. Mr. Buffet is always free to voluntaraly give more of his money if it is a principle he truly believes in without mandating more taxes. Unfortunatly he doesn't really believe in it except when it's to his advantage.

[mw2000]

Mr Buffet is giving 90% of his fortune away to charities over the next ten years. He's one of the few that actually practices what he preaches.

[commodore2468]

It's nice to see some of the elite have a conscience.