Warren buffett calls for retention of Estate Tax

Reuters:

Billionaire Warren Buffett on Monday called for U.S. lawmakers to retain the estate tax, after announcing plans to leave more than $37 billion of his own fortune to charity, not his children.

Buffett spoke after agreeing to sign over roughly $30.7 billion of his $44 billion fortune to the Bill & Melinda Gates Foundation, run by the Microsoft Corp. chairman and his wife, and another $6.4 billion to foundations on behalf of his late wife Susan and his children.

“I would hate to see the estate tax gutted,” Buffett said at a Manhattan news conference with the Gateses about his donation.

“It’s a very equitable tax,” Buffett said. “It’s in keeping with the idea of equality of opportunity in this country, not giving incredible head starts to certain people who were very selective about the womb from which they emerged.”

Isn’t it amazing how a guy who actually earned his own fortune thinks that other people should have to do the same?

Personally, I have a great respect for people like Bill Gates and Warren Buffett. While I might not agree with everything they did to earn their money, they did in fact earn it by actually working for it.  It’s the Paris Hilton’s and George W. Bush’s of the world I can’t stand; people who never earned (much less deserve) the vast amounts of wealth they control through an accident of birth. The difference between the two kinds of wealthy is is as stark as night and day.

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