While keeping (or increasing) their financial and political might.
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For years, I’ve ranted whenever Warren Buffett whined that my taxes should be increased because he pays a lower income tax rate than his secretary.
And, I even offered up a suggestion (think: “Buffett Rule”) that might assuage Mr. Buffett’s guilt.
For background …
Buffett benefits from the preferential tax rate on capital gains … but his mega tax dodge is bequeathing a big chunk his estate to his buddy Bill Gates’ tax exempt foundation … part, I guess, to “give back to society” … but in large part to dodge estate taxes.
You see, that part of Buffett’s estate escapes death taxes (since it’s a “charitable donation”) … and, while alive, Buffett can still wield unfettered financial and political clout.
So, I proposed a simple tax reform to nullify the loophole and provide Warren with the opportunity to pay some serious taxes (and spread his wealth around).
Ken’s “Buffett Rule”: For purposes of estate taxation, estates shall be limited to a maximum deduction of $1 million for charitable donations.
- For details, see our 2012 post : The “Buffett Rule” that I want to see …
It turns out that my focus on estate taxes was way too narrow and may have missed the forest for the trees.
The Homa Files 