4 ms·

My understanding of Buffett's tax plan is that it is an income tax. Buffett and Gates both don't need much income proportionate to their wealth, they don't inte

My understanding of Buffett's tax plan is that it is an income tax. Buffett and Gates both don't need much income proportionate to their wealth, they don't intend to spend/consume their fortune or pass it on to their children. Buffett's plan calls for a lot of other wealthy people to be taxed, but I don't see him doing a taxable transaction on his main holdings, I believe the effect on himself would be minuscule.

deleted 9y ago
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icebraining 9y ago
I don't see him doing a taxable transaction on his main holdings How so? Either he passes it on to his heirs or he uses it (selling the stock and realizing gains), both of which are taxable events. Since he has called for an increase on both the capital gains tax and on the estate tax, he'd be affected in any case.
- elevensies 9y ago
  He will contribute the majority of his wealth to charitable foundations. ( https://en.wikipedia.org/wiki/Bill_%26_Melinda_Gates_Foundation#Warren_Buffett_donation https://en.wikipedia.org/wiki/Bill_%26_Melinda_Gates_Foundat... ). I believe this will allow him to avoid the taxes. I don't have any objection to Bill and Warren choosing strenuously avoid giving their money to the government, and I don't object to what they are doing. What I really object to is Warren advocating for other people's money to pay these taxes and presenting it as if it will affect him but he is such a great guy that he is all for it anyway. To me, he is the kid that is about to get in trouble and is frantically pointing at the other kid and mouthing he did it.
  - deleted 9y ago
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  - icebraining 9y ago
    Right, but this clever tax loophole called "giving all your money away" is not in any way limited to Buffett, and in fact he's been pushing others to do the same. He's advocating for increasing the tax rate on realized income, including the part that he and his heirs will be realizing.
    - sqeaky 9y ago
      When these people "Give all their money away" it goes to groups like the Sherwood foundation or the Bill and Melinda Gates foundation and does massive good for science, education, fighting malaria.... That is not a loophole, that is a good thing. Taxing wealth or income none of it matters. The tax schemes both proposed by either of them would be beneficial for society. Stop trying to find fault because you already knew it was there (by some means I cannot fathom) and just look at the real results of taking their advice.
      - icebraining 9y ago
        That is not a loophole, that is a good thing. Yeah, sorry, I was being sarcastic.

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icebraining 9y ago

I don't see him doing a taxable transaction on his main holdings How so? Either he passes it on to his heirs or he uses it (selling the stock and realizing gains), both of which are taxable events. Since he has called for an increase on both the capital gains tax and on the estate tax, he'd be affected in any case.

elevensies 9y ago
He will contribute the majority of his wealth to charitable foundations. ( https://en.wikipedia.org/wiki/Bill_%26_Melinda_Gates_Foundation#Warren_Buffett_donation https://en.wikipedia.org/wiki/Bill_%26_Melinda_Gates_Foundat... ). I believe this will allow him to avoid the taxes. I don't have any objection to Bill and Warren choosing strenuously avoid giving their money to the government, and I don't object to what they are doing. What I really object to is Warren advocating for other people's money to pay these taxes and presenting it as if it will affect him but he is such a great guy that he is all for it anyway. To me, he is the kid that is about to get in trouble and is frantically pointing at the other kid and mouthing he did it.
- deleted 9y ago
  [deleted]
- icebraining 9y ago
  Right, but this clever tax loophole called "giving all your money away" is not in any way limited to Buffett, and in fact he's been pushing others to do the same. He's advocating for increasing the tax rate on realized income, including the part that he and his heirs will be realizing.
  - sqeaky 9y ago
    When these people "Give all their money away" it goes to groups like the Sherwood foundation or the Bill and Melinda Gates foundation and does massive good for science, education, fighting malaria.... That is not a loophole, that is a good thing. Taxing wealth or income none of it matters. The tax schemes both proposed by either of them would be beneficial for society. Stop trying to find fault because you already knew it was there (by some means I cannot fathom) and just look at the real results of taking their advice.
    - icebraining 9y ago
      That is not a loophole, that is a good thing. Yeah, sorry, I was being sarcastic.