Wouldn’t It Be Wonderful?

“I’m not an enthusiast for dynastic wealth, particularly when 6 billion others have much poorer hands than we do in life.”  This was reportedly said by Mr. Warren Buffett today at the New York Public Library, where he was appearing with Bill and Melinda Gates, the only Americans richer than he is. You can read the whole story in the Business section of the New York Times FULL STORY.

At a time when many in Congress are trying to do away with the Estate, AKA “death” Tax permanently, some of the wealthiest among us are demonstrating a much better model of behavior.   At least I think so.   But wouldn’t it be wonderful to be able to give most of your wealth away and still have more than you could ever possibly need?  See this FactCheck article on distortions put out by the Free Enterprise Foundation, a lobby group spending 4.1 million dollars this year in an attempt to do away with the Estate Tax for good FULL STORY.

In truth, the Estate Tax affects fewer than one percent of Americans.  So, surely a government that represents ALL the people won’t succumb to the will of so few.  Hmmm… or would it?  What’s in your wallet?

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Published in: on June 27, 2006 at 3:01 am  Comments (2)  

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2 CommentsLeave a comment

  1. I personally applaud Buffet for investing the way he did. This is partly because the Gates Foundation is perhaps the most successful of its kind helping to fund privatization, education and the fight against poverty and AIDS in sub Saharan Africa. But the other reason is because its shows just how dang smart Buffet really is! He’s ultimately created the greatest tax shelter of its kind.. and the kicker is that it pays long-term dividends to his company Berkshire Hathaway. Score 1 for the Gates Foundation and Berkshire shareholders.. Score another for the private citizen.. too bad, too sad for the IRS that would have taxed his riches and then given the money to the GSA that would’ve spent his hard earned wealth on pork barrel politics.

  2. Amen, Tom. Government truly governs best when it governs least. However, just bowing out of its Constitutional obligation to “establish justice and promote general welfare” isn’t the whole answer either.  Few industrialists (is that even the right word anymore in a post-industrial society?) are as smart or as altruistic as Buffet, the Gateses, you and me.


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