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Warren Buffet -- arguably the world's most successful investor alive today -- is an unadulterated communist, who believes in income redistribution and confiscatory taxation.
There is no way around this statement after his testimony before the Senate Finance Committee.
Buffett recommends taking the revenue from the Estate Tax, and offering a $1000 tax credit to all families who make less than $20,000 per year.
Hail Comrade!
Buffett makes several spurious arguments that one would expect a smart guy like him NOT to make.
First, as if $1,000 will make a serious dent for families making less than $20,000. This is the old liberal canard that just giving the poor more money will make them less poor. If this were true, there wouldn't be so many lottery winners who are bankrupt.
Second, he makes a point that the marginal tax rate for families under $20,000 is 15.36%. That's true ONLY if you count PAYROLL TAXES -- Social Security and Medicare. And, families under $20,000 are eligible for the Earned Income Tax Credit, which is designed just to offer a tax credit for payroll taxes paid. So, the $1,000 is really just a giveaway.
Third, he noted that last year, only 12,000 paid estate taxes. But what he doesn't take into account is the number of Americans who are structuring their estates to deliberately avoid paying any estate tax. Ever wonder why farmers seem to be selling off farms at an increasing clip? It's because by selling those farms off BEFORE they die, they can avoid the delitirious tax impact on their children. It's called tax planning and avoidance. It's something that normal people have to do EVERY DAY, but billionaires pay for people to do FOR THEM.
Simply put, Warren Buffet thinks that the Federal Government should take money from one group of people -- money that has already been taxed once -- and give it to someone else in a direct transfer. That is as communist as you get.
I have a better idea. Let's take all of Warren's money, and give it away to the poor. If he wants to be charitable, let him be charitable with HIS money.
Keep your frakkin hands off mine.