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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Skeeter Bug who wrote (109120)	9/13/2007 3:45:37 PM
From: Freedom Fighter	Read Replies (1) \| Respond to of 132070

skeeter, I realize there can be problems with consumption taxes if they are implemented improperly. I agree they can be regressive. Any fair plan would have to make some adjustments for basic consumption. I still think it's a better idea to tax consumption rather than work and capital. About the only thing I stand to inherit is a bunch of liabilities associated with my brother that my parents now cope with. ;-( I still don't like the idea of any inheritance taxes at all. Many people work harder and longer than required specifically to leave a better life to their children. They've already been taxed on their accumulation of that money. Regardless, it's still a tax on capital which I think is a bad idea. One argument is that their children may not be as good with that capital. If their children are not as good at allocating capital, it will slowly be transferred to those that are. A fool and his money are soon parted. I see that as better than transferring some of it to government immediately where we know it will be used poorly, ineffectively, and in ways that probably don't match the values of those that made it. This is the one issue on which I think Warren Buffett is full of hot air. He wants everyone else's wealth to get taxed, but when it came to his own he gave it to Bill Gates to avoid taxation. Personally, I thought it was a great idea (both to leave it to charity and specifically Gates). However, when asked why he gave it to Gates he said because he knew Gates would get very good value for a dollar and he would direct it in ways that would meet his approval. So in other words, everyone else should give it to the government where they will get bad value and it will get directed towards things they totally disapprove of, but not him. I would prefer allowing the people that made the money to leave all of it to whoever they want to be used however they want (even if I stand to get zilch and others are getting fortunes).