Warren Buffet: The A-Hole Of Omaha
Adam of the WealthStore.com really has it out for Warren Buffett. Adam went as far as saying "The sooner the A-Hole of Omaha is toes up, the better off the worlds rich will be, and so will you."
Why all of the animosity? Well, I think Adam inherited some money and is pissed that he had to pay taxes and blames Warren Buffett. His entire posting was how Warren Buffett is out to screw the rich and that he is a hypocrite. "He does not believe ANYONE should be rich, not even him."
"In 2007 Warren Buffett went before the Senate and BEGGED them to keep the estate tax. The estate tax is currently 45% in the United States. So if you inherit $1,000,000 in cash, and a $1,000,000 house you’re going to be rich, right?? WRONG!! Thanks to Warren Buffett and political slime like him. First, you are going to give Uncle Sam 45% which is $450K out of that $1MM in cash. But wait, there’s more! You’re now also automatically in the highest tax bracket. Get ready to hand over another 33%+!!!! Out of that $1,000,000 in cash your family worked so hard for and hope to hand down to you, you will be LUCKY to walk away with $350K in cash."
It goes on, but most of it is pretty vulgar.
What are your opinions on this article or on Warren Buffett supporting the Estate Tax?
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Don't know much about estate
Don't know much about estate taxes, but he mentions that you inherit $1 million in cash and $1 million in a house. You pay 45% on the cash? Then 33% on the house? Is that how it works? Eitherway, yes, your cash position will dwindle quickly, but you still own a $1 million house you never really worked for. That would seem like a pretty good deal.
Being rich implies the responsibility of giving back to society. I hope I someday have the money to complain about paying $450k in taxes. Until then, I'm fine with high taxes.