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Politics : Formerly About Advanced Micro Devices

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To: TimF who wrote (582668)	8/25/2010 8:00:48 PM
From: i-node	1 Recommendation Read Replies (2) of 1577025

Buffett doesn’t worry about the death tax’s effect on the deficit or income inequality; he cares about the fact that, as Grover Norquist pointed out, if “the death tax goes away for good, so does much of Buffett’s wealth. He’s doing everything he can to make sure the death tax comes back in full force.” Tim, this article makes really good points about the death tax WRT Buffet. Thanks for posting it. At the time of the post you replied to, the point was made to CJ that while death tax takes half of a person's estate, it fails miserably at accomplishing a large part of what they are trying to do with it -- redistribution of wealth. The reason is that it is a once-in-a-lifetime event, and during the course of a lifetime the effect of compounding on the invested corpus is huge. Even by taking half at the end of a life you cannot begin to offset the growth that occurs during the course of that life. That growth is the same growth that creates jobs and funding for public projects and, for that matter, investments for Social Security money. It just makes no sense whatsoever to have this tax. Buffet is like Murdoch. These guys are looking out for their own interests.

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