Buffett Joins Call for `Strong` Estate Tax

RalphPetrillo | Dec 11, 2012 03:41 PM ET Before the estate tax is changed, all existing foundations that received funds but did not receive an estate tax should be taxed at 45%. So all the money Buffet gave to the Bill and Melinda Gates Foundation should be taxed at 45%. End all foundations that exist to escape taxation, and then change the estate tax for all.

CSDS | Dec 11, 2012 03:42 PM ET Says the man who takes maximum advantage of the current tax code to pay the least amount of tax possible. He takes little salary so his income is in the form of dividends taxed a a very low rate. He is leaving the vast majority of his estate to charity so it he will pay little or not Estate Tax. I say Congress should pass a bill call the Buffett Bill specifically aimed at Warren Buffett (I mean literally only Warren Buffett) to insure he gets what he seems to want for everyone but himself. Exclude him from eligibility for charitable deductions (and include claw back for prior gifts to the Bill and Melinda Gates Foundation or any other similar Foundation or Charity) and tax every dollar of his annual income (regardless of type) at a flat 40%. That should make%2

CSDS | Dec 11, 2012 03:44 PM ET Says the man who takes maximum advantage of the current tax code to pay the least amount of tax possible. He takes little salary so his income is in the form of dividends taxed a a very low rate. He is leaving the vast majority of his estate to charity so it he will pay little or not Estate Tax. I say Congress should pass a bill call the Buffett Bill specifically aimed at Warren Buffett (I mean literally only Warren Buffett) to insure he gets what he seems to want for everyone but himself. Exclude him from eligibility for charitable deductions (and include claw back for prior gifts to the Bill and Melinda Gates Foundation or any other similar Foundation or Charity) and tax every dollar of his annual income (regardless of type) at a flat 40%. That should make%2

Andrewrog | Dec 11, 2012 04:01 PM ET The tax discussions in this country are so theological. Doesn`t it seem real simple that if 45 million or so Americans live below the poverty line that there needs to be a mechanism to redistribute wealth so those that made fortunes and die put it back into the system for the next generation. That is the purpose of capitalism - to float all boats and not a select few and its the purpose of the 16th Amendment to the Constitution whether its liked or not.

carriejo | Dec 11, 2012 04:14 PM ET Andrewrog, So the 16th Amendment was written to redistribute wealth? Only an idiot would actually say that. You should read the amendment before you engage your brain to make such stupid statements.

mad_thomas | Dec 11, 2012 04:17 PM ET One of the country`s biggest hypocrites who`s senile rants are only afforded space on CNBC because of his wealth and because of his making himself available to CNBC on a regular basis.

TAHMAFOBS | Dec 11, 2012 04:18 PM ET I have a lot of respect for Warren. He has made a lot of money in a system that is designed to weed out the noncompetitive & reward the competitive. There are no guarantees of winning in the system. The competitors take great risks. I have myself taken on these great risks and continue every day. I find it quite offensive that Warren or others would suggest that I give 1/2 of my reward to anyone. I hope to give to my children what ever I have left...not to the children of those who were home for dinner every day at 5:00, and not to the children of those who watched from the living room couch. I you think my commentary is too harsh, you should meet some of the nice folks I compete with for the reward.

We.are.being.played | Dec 11, 2012 04:22 PM ET I think we should call for a tax on old men that have way too much money and don`t have enough kids to pass their hard earned wealth down to their kids. Get one person to say what you want them to say in public - perferably somebody with credibility (arguably true in this case) and the Sheeple will roar with approval. We`re being played.

McShanty | Dec 11, 2012 04:27 PM ET I don`t really care what a doddering old man thinks, if he even still does between doctors visits. I`d rather hear what Kyle Bass and other guys who will be around in 10 years think tax policy should be.

chamberpressure | Dec 11, 2012 04:31 PM ET THAT`S BECAUSE ALL THESE CLOWNS HAVE MONEY TO BURN, AND EVERY INTENTION OF GIVING MUCH OF IT AWAY...ANYWAY. WHAT REMAINS OF THEIR ESTATES, FOR THEIR RELATIVES, STILL EQUATES TO HUNDREDS OF MILLIONS OF DOLLARS. WHAT BILLIONAIRES DO I DON`T REALLY GIVE A DAM....JUST DON`T SPEAK FOR ME....YOU OUT OF TOUCH OLD FOOL.






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