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Reply #1: Why should you? Why should your descendents live off the money you worked your ass off to earn? [View All]

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BrklynLiberal Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-31-10 04:29 PM
Response to Original message
1. Why should you? Why should your descendents live off the money you worked your ass off to earn?
Edited on Sat Jul-31-10 04:33 PM by BrklynLiberal
Let them earn their own. Ask Warren Buffett.

Either give it to them while you are still alive or let your estate pay the taxes.

http://www.reuters.com/article/idUSN1442383020071114

http://www.trustsestateslaw.com/2009/05/warren-buffett-and-bill-gates-on-the-estate-tax/

http://www.commondreams.org/headlines01/0214-01.htm

http://en.wikipedia.org/wiki/Warren_Buffett
Taxes

Buffett stated that he only paid 19% of his income for 2006 ($48.1 million) in total federal taxes (due to their being from dividends & capital gains), while his employees paid 33% of theirs, despite making much less money.<121> On the other hand in 2008 Berkshire Hathaway paid $1.9 billion in federal corporate income taxes on $7.5 billion in earnings (more than 26% in federal taxes alone).<122> Buffett favors the inheritance tax, saying that repealing it would be like "choosing the 2020 Olympic team by picking the eldest sons of the gold-medal winners in the 2000 Olympics".<123> In 2007, Buffett testified before the Senate and urged them to preserve the estate tax so as to avoid a plutocracy.<124>
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