Warren Buffett joins push among wealthy to increase estate taxes

[Omaha Steve]

Source: Omaha World Herald-Bloomberg News

Billionaire investors Warren Buffett and George Soros are among those calling on Congress to increase the estate tax as lawmakers near a decision on tax policies that expire Dec. 31.

In a joint statement Tuesday, Buffett, Soros and more than 20 other wealthy individuals asked Congress to lower the estate tax's per-person exemption to $2 million from $5.12 million and raise the top rate to more than 45 percent from 35 percent.

An estate tax structured this way will “raise significant revenue to reduce the deficit and fund vital services, will only be paid by the top one percent of estates, will raise more from the wealthiest estates” and will simplify compliance, said the statement. It was also signed by John Bogle, founder of mutual fund company Vanguard Group and former President Jimmy Carter.

The renewed push for raising an estate tax faces significant opposition in Congress, where Senate Democrats including Max Baucus of Montana and Mark Pryor of Arkansas have joined Republicans to support the current estate tax parameters. That intra-party dispute caused Democrats to leave estate tax changes out of legislation they passed July 25 extending income tax cuts.

FULL story at link.


Read more: http://www.omaha.com/article/20121212/MONEY/712129938/1685#warren-buffett-joins-push-among-wealthy-to-increase-estate-taxes

[Frustratedlady]

1. This needs our attention.

Sign petitions, write LTTEs, whatever it takes. Is it true the Koch bros. were one entity that pushed for an end to the tax? They can't take it with them, and much of it was probably ill-gained to begin with, so why not help the revenue level of the country that helped them get rich?

[democrattotheend]

3. Agreed

Especially since the Bloomberg poll showed that there is less public support for raising estate taxes. For some insane reason some progressives seem to oppose the estate tax, even though it is the fairest tax we have because it redistributes money that would otherwise be hoarded by the superrich for generations and enable their kids to have all the perks in life without even having to work hard for them.

[Texas Lawyer]

2. This is a grossly underutilized revenue source

[staffjam]

4. Look overseas

What they propose is very fair. In England it's about £400k that you have to pay anything over to the govt.