Way to go, Bill Gates

[Venkman]

Originally Posted by Jeff Lebowski

$14.5B to date. That's remarkable.

I once read a quote from Bill Gates where he said that he does not believe in leaving massive wealth to children. Hence, he intends to give away almost all of his wealth before he dies. He is also opposed to repealing the estate tax.

I appreciate his philanthropy and attitude towards his children, but I wish he and Buffet would shut the hell up about the estate tax. The super-duper wealthy get out of paying that anyway, it's the regular joes, farmers, small business owners, etc. who are hurt.

Besides, Buffet has made a fortune profiting from the estate tax by his interests in life insurance. Also buying family owned business at fire sale prices. Hmm, I wonder why they're being sold at fire sale prices?? He's being disingenuous and hypocritical. Typical rich liberal.

http://article.nationalreview.com/pr...QxMzNlOWQ3MzQ=

[Jeff Lebowski]

Originally Posted by Venkman

I appreciate his philanthropy and attitude towards his children, but I wish he and Buffet would shut the hell up about the estate tax. The super-duper wealthy get out of paying that anyway, it's the regular joes, farmers, small business owners, etc. who are hurt.

Help me out here, Venkman. How do the billionaires evade the estate tax while your everyday multi-millionaires like you and me (just a little shout-out to Mike) have to pay it?

[il Padrino Ute]

Originally Posted by Jeff Lebowski

Help me out here, Venkman. How do the billionaires evade the estate tax while your everyday multi-millionaires like you and me (just a little shout-out to Mike) have to pay it?

Higher paid accountants.

[Archaea]

Originally Posted by Jeff Lebowski

Help me out here, Venkman. How do the billionaires evade the estate tax while your everyday multi-millionaires like you and me (just a little shout-out to Mike) have to pay it?

There are very complex schemes through donations to charity while pulling out life estates which can essentially eliminate estate taxes for the ueber wealthy and make normal people under 10 million pay massive amounts.

He's correct. I can devise a scheme where an extremely wealthy person will pay NO estate tax. However, if you're like Buffett you can sell boatloads of insurance for people to PAY their estate taxes. So Buffett is a hypocrit, who benefits from the estate tax.

[Venkman]

Originally Posted by Jeff Lebowski

Help me out here, Venkman. How do the billionaires evade the estate tax while your everyday multi-millionaires like you and me (just a little shout-out to Mike) have to pay it?

They do things that require very expensive accountants and lawyers. Tax-free foundations and other schemes. Things that require boatloads of cash, which land rich but cash poor farmers and middle class entrepreneurs don't have.

[Archaea]

For example if I make a huge contribution in land and cash to a foundation, I can write that off against my income, essentially making it a benefit if I'm super wealthy. You can buy life insurance through these schemes providing tax free money for the estates upon death.

It's really fun, but they only apply to very wealthy persons such as Bill Gates and Mr. Buffett. These guys are doing good but they are also reaping financial benefits by doing what they are doing.

[Jeff Lebowski]

Originally Posted by Archaea

For example if I make a huge contribution in land and cash to a foundation, I can write that off against my income, essentially making it a benefit if I'm super wealthy. You can buy life insurance through these schemes providing tax free money for the estates upon death.

It's really fun, but they only apply to very wealthy persons such as Bill Gates and Mr. Buffett. These guys are doing good but they are also reaping financial benefits by doing what they are doing.

Gotcha.

Well, I don't really care that much where Gates and Buffet stand regarding the estate tax. Seems like nitpicking to me. Both are doing some great things with their wealth. Good for them, I say.

[Archaea]

Originally Posted by Jeff Lebowski

Gotcha.

Well, I don't really care that much where Gates and Buffet stand regarding the estate tax. Seems like nitpicking to me. Both are doing some great things with their wealth. Good for them, I say.

All I'm saying is their opinions on the estate tax are nonsequitur, as it doesn't affect them any way.

I'm glad the current code rewards wealthy persons and requires lots of lawyer hours to keep them in touch. Philanthropy should be rewarded.