Archive for the ‘Buffett Rule’ Category

Flashback: Buffett says”increase taxes on estates (since mine is sheltered)”

October 4, 2016

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:

  1. “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.”
  2. 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.”
  3. “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?

(more…)

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Flashback: Buffett says”increase taxes on estates” (since mine is sheltered).

August 28, 2014

OK, he really didn’t say the last part., I made that up.

Since Buffett shed his hypocritical “please tax us more” sham and hopped on the BK inversion deal, I thought it was fair to flashback to some of Buffett’s pro-tax rants and our proposed “Buffett Rule”

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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:

  1. “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.”
  2. 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.”
  3. “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?

(more…)

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Bluster: Buffett says”increase taxes on estates” (since mine is sheltered).

December 14, 2012

OK, he really didn’t say the last part.

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:

  1. “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.”
  2. 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.”
  3. “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?

(more…)

Posted in Buffett Rule, Buffett, Warren, Estate Taxes, Taxes | Leave a Comment »

Buffett proposes his own “Buffett Rule” … we like our’s better.

November 27, 2012

Warren Buffet was back at it yesterday, venting his conscience by repping in an NYT op-ed for higher taxes on wealthy folks.

As part of his treatise, he argues that investors aren’t swayed by after-tax returns … pre-tax is what moves them.

Say, what?

Keep reading for his other thoughts and Ken’s proposed Buffett Rule …
(more…)

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The “Buffett Rule” that I want to see …

November 18, 2012

Everybody knows that Warren Buffett feels awful because his marginal tax rate is less than his secretary’s ….  and so, he wants fellow millionaires & billionaires (i.e. those folks making more than $250,000) to throw more money into the Federal coffers.

Well, the current fiscal cliff mess has rekindled my thinking re: tax changes required to advance Buffett’s obsession with his “paying his fair share”.

Glad to report that I got it !

A tax change that will totally free Warren of guilt.

Simply stated:

Ken’s “Buffet Rule”

For purposes of estate taxation, estates shall be limited to a maximum deduction of $1 million for charitable donations.

Now that Buffett has leveraged the tax laws to amass his $62 billion fortune, he advocates higher taxes for high-earners.

He’s suddenly amped about everybody paying their fair share.

Give me a break.

Let’s walk through Saint Warren’s personal “fair share” plan.

First, to the extent that any of Buffett’s wealth is in stocks with “unrealized capital gains” … the the dough gets bequeathed at a “stepped-up basis”.

English translation: no capital gains get paid on his “unrealized gains” … ever !

Nice dodge, right?

Ken’s Buffett Rule doesn’t fix that.

But, the big daddy tax dodge is that Buffett is bequeathing 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.

If his buddy Barack gets his way, estates will be taxed a minimum of 45%.

That means that Buffett dodges over $25 Billion in Federal estate taxes by channeling the estate to his buddy Gates.

Note: According to the Wash Post, Obama’s Buffett Rule is only projected (by Obama) to raise $46 billion over 10 years … $4.6 billion annually … and most analysts think that number is a pipe dream.

So, Ken’s Buffett Rule would cop over half of Obama’s 10 year Buffet Rule tax haul, while isolating the tax to the man who won’t shut up about wanting pay his fair share … put YOUR money where your mouth is Warren.

Great idea, right?

P.S. For folks who worry about the collateral damage done to charities, the deduction limit can be raised to $1 billion per estate …. that would exclude practically every estate … except Buffett’s.

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Buffett Rule passes the House … now, you’re talking.

September 20, 2012

What gridlock in Washington?

Yesterday, the House of Reps passed a Buffett Rule that should put an end to Warren’s carping about how his taxes are too low.

According to the Washington Times:

The House passed Republicans’ own version of the Buffett Rule, which allows wealthy Americans to voluntarily pony up to reduce the deficit.

The bill, labeled the Buffett Rule Act, passed by voice vote, meaning Democrats and Republicans agreed with it.

Under the legislation, taxpayers can check a box on their taxes and send in a check for more than they owe to the IRS.

“If Warren Buffett and others like him truly feel they’re not paying enough in taxes, they can use the Buffett Rule Act to put their money where their mouth is and voluntarily send in more to pay down the national debt, rather than changing the entire tax code to inflict more job-killing tax hikes on hard-working Americans.”

Current law already allows taxpayers to send money to pay down the debt, but the process is a bit onerous.

Under their new plan, taxpayers would have an easy option on their tax returns allowing them to pay more.

Under the legislation, the money would go directly toward reducing the debt.

So, do you think Buffett will put his money where his mouth is?

I’m betting the under.

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