5 ms·

<rant> How much fucking money does someone need? Seriously. What is the difference between 7.9 billion (what he wants to leave) and 5.1 billion (less the exist

<rant> How much fucking money does someone need? Seriously. What is the difference between 7.9 billion (what he wants to leave) and 5.1 billion (less the existing estate tax of 2.8 billion)? Clearly, his ego is huge given that he watches the ranks of richest people closely. Honestly, what the fuck? Congratulations man, you got really fucking loaded. Good work. Now, please play fair. </rant>

breischl 13y ago
I see your point. The thing is, nobody trusts the government to spend their money well, or at least not as that person thinks it should be spent. Therefore everyone avoids taxes to the extent they can. I take every deduction I can, I bet you do too. Even the rich folks that aren't trying to pass on a huge inheritance, such as Bill Gates and Warren Buffet, still aren't giving it to the government. They're giving it all to charity, which is undoubtedly generous of them but also lets them direct their wealth themselves rather than giving it to the tax man.
- swalkergibson 13y ago
  Warren Buffet has frequently said that he is perfectly willing to pay more taxes, and that his secretary pays a higher percentage of her income than he does. There are numerous reasons for government inefficiency, but how could you run efficiently if there is always a target on your budget's back? EDIT: You are absolutely right that the government spends money on stuff that I don't want, like bombs and wars, and I think it is extraordinarily generous that men like this give so very much to charity. However, I also believe that if we as a society have decided that there should be an estate tax, then there should be an estate tax and that the loophole should be closed.
  - breischl 13y ago
    The IRS does accept voluntary donations, but despite the rhetoric Mr Buffett has not actually given more to the government than he has to. So I'm a little skeptical of his claims. Also, part of the reason his secretary pays more is because he has gone out of his way to avoid paying taxes (euphemistically, to structure his businesses in a tax-efficient manner). I'm not arguing that there shouldn't be an estate tax, or that people shouldn't pay it. Just that I fully understand why they try to avoid it. I would probably do the same thing in their situation, and I suspect many others would as well.
    - swalkergibson 13y ago
      You are right. They are acting economically rationally, but that does not mean that they are playing fair. That is why I am so viscerally opposed to the Byzantine nature of the US tax code and the inability of our lawmakers to level the playing field.

breischl 13y ago

I see your point. The thing is, nobody trusts the government to spend their money well, or at least not as that person thinks it should be spent. Therefore everyone avoids taxes to the extent they can. I take every deduction I can, I bet you do too. Even the rich folks that aren't trying to pass on a huge inheritance, such as Bill Gates and Warren Buffet, still aren't giving it to the government. They're giving it all to charity, which is undoubtedly generous of them but also lets them direct their wealth themselves rather than giving it to the tax man.

swalkergibson 13y ago
Warren Buffet has frequently said that he is perfectly willing to pay more taxes, and that his secretary pays a higher percentage of her income than he does. There are numerous reasons for government inefficiency, but how could you run efficiently if there is always a target on your budget's back? EDIT: You are absolutely right that the government spends money on stuff that I don't want, like bombs and wars, and I think it is extraordinarily generous that men like this give so very much to charity. However, I also believe that if we as a society have decided that there should be an estate tax, then there should be an estate tax and that the loophole should be closed.
- breischl 13y ago
  The IRS does accept voluntary donations, but despite the rhetoric Mr Buffett has not actually given more to the government than he has to. So I'm a little skeptical of his claims. Also, part of the reason his secretary pays more is because he has gone out of his way to avoid paying taxes (euphemistically, to structure his businesses in a tax-efficient manner). I'm not arguing that there shouldn't be an estate tax, or that people shouldn't pay it. Just that I fully understand why they try to avoid it. I would probably do the same thing in their situation, and I suspect many others would as well.
  - swalkergibson 13y ago
    You are right. They are acting economically rationally, but that does not mean that they are playing fair. That is why I am so viscerally opposed to the Byzantine nature of the US tax code and the inability of our lawmakers to level the playing field.