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Contributed by mm | March 7, 2007 1:38 PM PST
While I can understand where Mr. Gates and Mr. Buffett come from, should they, arguably the best two capitalists of our generation, believe they, or their desginated agents, can spend more effectively than the government?
From WSJ:
Microsoft Corp. Chairman Bill Gates told a Senate panel today that he opposes a repeal of the federal estate tax.
Tax-cut legislation enacted in 2001 reduced the estate tax rate and provided for 10 years of increasing exemptions. For 2007, the top estate tax rate is 45% and the exemption is $2 million. Under the law, the tax is fully repealed in 2010 but will be revived in 2011 with a top rate of 55% and an exemption of $1 million. Pending legislation proposes making the full repeal permanent.
Gates’s father, Bill Gates Sr., has launched a public campaign in opposition to such a repeal along with other financial beacons such as Warren Buffett.
Asked Wednesday by Sen. Bernie Sanders of Vermont, “How are you getting along with your dad?” Gates said he agreed with many of his father’s arguments. Gates said he hadn’t spoken much about the issue publicly, choosing instead to focus on issues such as competitiveness and global health. Gates said of his father’s efforts, “I think what he’s doing has a lot of merit.”
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Tax Advice: How to Avoid Getting Audited (April 8, 2007)
IRS audits for high income households are on the rise, and WSJ's Tom Herman has some advices for us. To be honest, producing accurate tax returns is a growing pain now. My last year's tax return adds up to 45 pages, and I couldn't do ...
Should You Perform Roth IRA Conversion AFTER Retirement? (March 10, 2007)
Fairmark brought a good case about when to convert your IRA to Roth IRA for several tax benefits even after you retire. Among them, you can reap extra tax-advantaged growth provided by Roth IRA, avoid required distributions in IRA and potentially save on tax. Still ...
Unpaid Tax Per Household: $2,680 (March 5, 2007)
Isn't it a surprisingly high number? It is estimated that the tax gap, or the difference between what taxpayers owe and what they pay, is $300 billion, or $2,680 per household now. But is there any quick fix? Our tax system is too complicated to ...
Funniest Tax Writeoff (Attempts) (February 22, 2007)
Bankrate compiled some super-funny attempts to write off more expenses. Of the 9 stories, I love the following the best:
That's why they have a foundation. The estate tax - I'm a big fan. A big argument can be made that minimizing large transfers of wealth from generation can promote greater competiveness. No way dong ... the bottom line is the high worth individual should be able to direct his own pile of cash after death without governmental intrusion. The government got their share and then some while the person was alive, why should the transfer of that already-taxed wealth trigger an additional penalty? Now, if the argument was to offer the individual some form of tax breaks in his lifetime should he elect to tax the transfer of his estate upon death, that I could get behind. But I soppose I'm a bit of a libertarian when it comes to limiting personal freedom (including the freedom to will my personal wealth as I choose). No way dong ... the bottom line is the high worth individual should be able to direct his own pile of cash after death without governmental intrusion. The government got their share and then some while the person was alive, why should the transfer of that already-taxed wealth trigger an additional penalty? Now, if the argument was to offer the individual some form of tax breaks in his lifetime should he elect to tax the transfer of his estate upon death, that I could get behind. But I soppose I'm a bit of a libertarian when it comes to limiting personal freedom (including the freedom to will my personal wealth as I choose). No way dong ... the bottom line is the high worth individual should be able to direct his own pile of cash after death without governmental intrusion. The government got their share and then some while the person was alive, why should the transfer of that already-taxed wealth trigger an additional penalty? Now, if the argument was to offer the individual some form of tax breaks in his lifetime should he elect to tax the transfer of his estate upon death, that I could get behind. But I soppose I'm a bit of a libertarian when it comes to limiting personal freedom (including the freedom to will my personal wealth as I choose). |
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