OK, he really didn’t say the last part … I added that nugget.
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The NYT dust-up on Trump’s tax loss carryforward reminded me that Hillary is proposing to jack-up the estate taxes on fat cats.
Of course, her favorite billionaire — Warren “I’m with her” Buffet — won’t be subject to the higher estate tax rates.
Why not?
Let’s flashback to my long ago proposed “Buffett Rule” … designed to get fat cats like him to stop whining about their too low taxes and pay their fair share.
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According to CNBC, Warren Buffett is one of several dozen wealthy people who have signed a statement calling for a “strong tax on large estates.”
Buffett & friends say:
- “Dynastic wealth, the enemy of a meritocracy, is on the rise. Equality of opportunity has been on the decline. A progressive and meaningful estate tax is needed to curb the movement of a democracy toward a plutocracy.”
- We (the wealthy) have “benefited significantly” by government investments in schools, infrastructure. and public safety, among other things, so it is “right morally and economically” to have a “significant” tax on large estates because it “promotes democracy by slowing the concentration of wealth and power.”
- “It is right to have a significant tax on large estates when they are passed on to the next generation … it is right morally and economically, since an estate tax promotes democracy by slowing the concentration of wealth and power.”
OK, so what constitutes a sizable estate and how much of it should the government take?
The Homa Files 