Warren Buffett: Superrich Have Enough, So Don't Repeal Estate Tax
The superrich have already made out like bandits under current tax law during the past 20 years. So the last thing Congress should do is further enhance their financial good fortune by repealing the current estate tax, the world’s third-richest man told legislators at a hearing today.
As the average American has been on a financial treadmill struggling to keep up over the past two decades, the superrich, including himself, “have been on a spaceship” launched, at least in large part, by hugely favorable changes in tax law during that period, Buffett told the Senate Finance Committee. Hence, he urged members not to repeal the estate tax, as some are advocating, contending that heirs to vast fortunes have already won the “ovarian lottery” and don’t need further financial help, reports Bloomberg.
“A meaningful estate tax is needed to prevent our democracy from becoming a dynastic plutocracy,” said Buffett, 77, a billionaire investor who is chairman of Berkshire Hathaway Inc.