Buffett calls for retention of estate tax

[deadparrot]

NEW YORK (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."

http://news.yahoo.com/s/nm/financial_buffett_taxes_dc

[BayCityProgressive]

1. Go buffet

he must be a liberal! Whoo hoo

[cantstandbush]

25. He sure sets a bad example for capitalism and capitalists. nt

[pinto]

2. Good answer Mr. Buffett. And kudos for making the point, again.

[Joe for Clark]

3. He is one of the smartest business minds this

country ever produced.

Good for him.

Joe

[texastoast]

6. Guess who won't relate to the intelligence?

Uh-hmm. You know what I'm talking about.

[Joe for Clark]

10. Well, I don't think W could graduate from JR College,

in any event.

There were always two people - the "robber barrons" of our time that I thought of highly from this perspective- Buffett and Pickens. Best of the best in business.

Buffett backed kerry openly and Pickens was quiet about it.

I think that says alot about the current fiasco in DC. Sadly.

Joe

[fishwax]

16. you don't mean T. Boone Pickens, do you?

Buffett backed kerry openly and Pickens was quiet about it.

T. Boone Pickens has donated more than half a million dollars (!) to republicans over the years and was a major backer of the Swift Boaters. Are you talking about a different Pickens?

[Joe for Clark]

18. Oh, the same Pickens.

Never said I liked him. In fact I really dislike "Boone"- but he never took sides openly.

Warren did back Kerry though openly.

Mr Boone and my father had many fights once - but tell me, you don't think he wanted this guy in office, do you??

Buffet was just open about it.

Old T is betting on your gas bill at the pump next week.

They are the legends of our generation, business legends that is.

Joe

[fishwax]

20. he did take sides openly, by donating three million

to the swift boat veterans for the truth, which was solely dedicated to attacking Kerry. So I think it's pretty clear who he was siding with: http://www.newsmeat.com/billionaire_political_donations/T_Boone_Pickens.php

Warren Buffett openly supported Kerry--Pickens quite fiercely opposed him. In years past he did donate a few grand to Kerry's senate campaigns, but he's been a booster of bush's going back to bush's first campaign, and his support of bush and opposition to Kerry in '04 was pretty strong.

But yeah, he's a good businessman :)

[Joe for Clark]

22. Well, they sure both support the dollar.

And Buffet sure did openly support Kerry.

You shouldn't be so sure of people's motives from public records.

My Dad was Op Director for Gulf Oil - I cannot tell you how much I detest that little bastard Pickens- I really can't.

But that he really is a legend is a fact.

And I have no doubt about motives, either.

Joe

[fishwax]

23. can you share your reasons for thinking he might have supported kerry

I don't place total faith in public records, but when someone donates 3 million to an organization whose sole purpose is to destroy kerry's campaign, that seems like quite a likely indicator of where he stands. And when people talk about how bush's administration has made a lot of money for his oil buddies back in texas, t. boone is, it seems, one of those buddies.

It sounds like you've got some interesting family stories with respect to Pickens, though :) Myself, my only reason for disliking him (prior to the swiftboat fiasco) was that he donated millions to the athletic department at Oklahoma State, the in-state rival for my OU Sooners :rofl:

[Joe for Clark]

24. Well, I hate him for what he did to Dad's company -

The SOB took out a seven sister company - and we all pay because of it.

And I don't think anyone who was of the seven sisters would EVER associate with him. Truly.

You ever play both sides against the middle?? How curious those records really are.

You don't think he did - well, then he wouldn't be in business for long, huh??

Look, I can't be objective about the guy - I know what he did. But if you don't think the dollar was more important than any political objective to him, then I don't think you understand that game - with all respect.

Dollar failed. That we see big business allie against this administration was going to happen.

Sometimes all of our interests really are the same.

Joe

[fishwax]

26. did I miss the big business backlash against bush in the '04 campaign?

Dollar failed. That we see big business allie against this administration was going to happen.

:shrug:

You ever play both sides against the middle?? How curious those records really are.

You don't think he did - well, then he wouldn't be in business for long, huh??

You started out saying he quietly backed Kerry. Since that goes against every public record and any public statement he made, I'm interested in seeing any evidence for it. If you know something curious about the records, why not say it?

I think he may have hedged some bets, as businessmen often do, but it seems pretty clear what side he ultimately took. He was also on Fox News during the campaign, saying that Bush would win. Now, maybe he was doing behind-the-scenes work to support kerry even as his pet organization was doing everything in its power to destroy him. But I just don't see the evidence for it. And I think it would take more than an election to put him out of business.

But if you don't think the dollar was more important than any political objective to him, then I don't think you understand that game - with all respect.

um, okay ... I don't think any political objective was more important than the dollar to him. I just think the first bush administration was pretty damn good to him financially, and he wanted it to continue. Now I suppose it's possible that he's having some buyer's remorse, which I personally would find highly amusing :)

[Joe for Clark]

33. I did not say he backed anybody openly.

But I do believe he backs his pocket book. Buffet was alot more open

His fortunes are connected to the dollar - they just are.

DO I think he at least hedged his bets - oh, I sure do!!

He has a history, old Pickens. Always a prick. Smart though, very smart.
There is a reason his little pissant company knocked out Gulf Oil - and it is him. He is scary smart.

You think anybody that smart leaves evidence behind?? NO.

But we are left with the consequences, none the less.

If there is a day oil gets priced in euros he will be destroyed. I'd never bet against him, though, not ever.

About the Bush family - they never ranked. The (seven) sisters were strictly a family operation - and their family was not in it. And they could never be. It is just the way it was.

Pickens wasn't either, back then. That trouble started when he tried to buy Citgo - and the sisters stepped in and the fight ensued that ended up in the Chevron take-over, all that stuff.

I sure wouldn't trust public records, personally.

Joe

[whistle]

4. Buffet actually believes that certain people were very selective about

... the womb from which they emerged? The children of the ultra wealthy picked their parents prior to conception? Jesus, that means that the competition for who and what we are in this life must begin in the pre-life. Must be some real battles eh, given that only about .005% of those pre-life souls win out. Something very Zen about that idea.

[Mind_your_head]

9. I think he was being sarcastic n/t

[mcscajun]

11. It's a wisecrack, not a belief system.

Buffett was making an argument that nobody deserves vast wealth merely because of their luck in parentage.

[Catch22Dem]

12. Are you being serious? (n/t)

[Zynx]

31. Ummmm...It was just a manner of speaking.

He was saying those who were lucky, but he said it in a weird way.

[Schema Thing]

5. He Joins Bill Gates Senior in advocating for that,

and Jr. is on board as well.

[roseBudd]

7. Click through and rate it a 5, it only has 17 votes!

[applegrove]

8. Thank you Buffet.

[BrokenBeyondRepair]

13. nice

[Lefty48197]

14. "...very selective about the womb from which they emerged"

LMAO. You go Warren! Your kids will still get a billion each, so I'm sure they'll get by. Giving 37 billion to charity? Wow. That's incredible.

[yngliberal]

28. That's not what I heard...

In an interview with Forbes magazine, he said his kids wouldn't be getting that much. Or did he change his mind?

[w4rma]

29. Gates' children are getting 1 million each. Maybe that is who you are

thinking of?

[Cessna Invesco Palin]

30. I've heard Buffet throw out $200,000 as the amount. n/t

[Zynx]

32. That's what I've heard too.

[sendero]

15. Warren Buffett...

... has always been a class act. One of the few folks of his financial stature who is actually worthy of admiration.

[fishwax]

17. he's long been opposed to tax cuts of all kinds

He opposed bush's income tax cut at the beginning of his first term, he opposed making dividends tax free, and he continues to oppose the gutting of the estate tax. Bravo for Buffett.

[mconvente]

19. this man is the smartest finance man of all time

And if he says keep the estate tax, then god damnit let's keep it! God bless that man, a man of immense wealth and an even bigger heart!

[Bridget Dooley]

21. A true patriot! n/t

[ShockediSay]

27. Who needs rich ristocrats

running this Nation?