Death And Death Taxes
Liberal billionaires are never ones to let a fiscal cliff go to waste:
Billionaire investors Warren Buffett and George Soros are calling on Congress to increase the estate tax as lawmakers near a decision on tax policies that expire Dec. 31.Needless to say, they don't have to worry about losing their property...
In a joint statement today, 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.
Buffett has long been a supporter of estate taxes. He testified before the Senate Finance Committee in 2007 and said the tax was necessary to “prevent our democracy from becoming a dynastic plutocracy.”
Buffett has committed most of his wealth to charities, including the Bill & Melinda Gates Foundation and organizations started by his three children. He has urged billionaires to agree to donate at least half their wealth in a campaign he co- founded with Microsoft Corp. (MSFT) Chairman Bill Gates, the world’s second-richest person, who’s worth $62.7 billion according to the Bloomberg Billionaires Index.