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Warren Buffet

Submitted by cLovis on Wed, 2006-07-12 21:40.

Not near enough has been said about Warren buffets unprecedented giving of his fortune to the Bill and Melinda Gates foundation.MR. Buffet #2 in the world in money gave his fortune to the foundation run by the #1 fortune in the world. His rational unlike most setting up his own foundation.. they are better at it than I am. click here.
one of the reason i bring this up is here you have the wealthiest man in the world..and the second wealthiest man in the world talking about why the estate tax is good for america. the death tax as republicans like to talk about.cough. it affects less than one percent of americans . :LO and behold there are 18 of americas wealthiest families behind the push to abolish it click here
We are so surprized that the Waltons of Walmart fame are part of it.
Here are a few quotes from Warren Bufet the oracle of Omaha on the estate tax wrangle.
Warren Buffett, the world’s second-richest man, announced this week that he plans to give away 85 percent of his $44 billion fortune to charity. Buffett explained his motivation in today’s New York Times:

“I love it when I’m around the country club, and I hear people talking about the debilitating effects of a welfare society,” he said. “At the same time, they leave their kids a lifetime and beyond of food stamps. Instead of having a welfare officer, they have a trust officer. And instead of food stamps, they have stocks and bonds.”

It’s hardly a suprise, then, that Buffett also opposes repealing the Estate Tax (aka the Paris Hilton Tax), a “graduated inheritance tax on big fortunes“:

Mr. Buffett said repealing the estate tax “would be a terrible mistake,” the equivalent of “choosing the 2020 Olympic team by picking the eldest sons of the gold-medal winners in the 2000 Olympics.” …

“We have come closer to a true meritocracy than anywhere else around the world,” he said. “You have mobility so people with talents can be put to the best use. Without the estate tax, you in effect will have an aristocracy of wealth, which means you pass down the ability to command the resources of the nation based on heredity rather than merit.” [NYT, 2/14/01]

Buffett was also opposed to President Bush’s dividend and income tax cuts for the wealthy. “If class warfare is being waged in America,” he wrote, “my class is clearly winning.” Congress ought to listen.

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Charlie Rose

Submitted by cLovis on Wed, 2006-07-12 22:21.

part of what fuels this i am in day 2 of a two or 3 part interview with not only Buffet but Bill gates on charlie rose and to see people who are of the same political spectrum as I am and as sucessful as they are.. they could be the Waltons if that was their bent but to say you know what ..we are sucessful because of what America has allowed us to do and our system and what america has given us and we have an obligation to give back . .. and our money follows our beliefs ..well at #1 and # 2 in the world , it validates a lot of what i believe. That and their total opposition to the practice of an aristocracy of money in America from their position . clovis

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What?

Submitted by Clipper on Thu, 2006-07-13 16:22.

Come on you know darn well I could not that slide by! Sam Walton would be rolling over in his grave if knew how Wall Mart is fkin folks over!

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far be it from me to......

Submitted by Tripshaft on Thu, 2006-07-13 19:13.

... argue with Warren Buffett. But his logic comparing poor welfare folk with rich "welfare" folk escapes me.

“I love it when I’m around the country club, and I hear people talking about the debilitating effects of a welfare society,” he said. “At the same time, they leave their kids a lifetime and beyond of food stamps. Instead of having a welfare officer, they have a trust officer. And instead of food stamps, they have stocks and bonds.”

What do food stamps get the poor...... food. What do stocks and bonds get the rich heirs... investment opportunities. Investments in high quality education, business creation, high level job opportunities, investments that benefit the American economy, just to name a few.

Warren himself was a product of a high income family. His father was a stockbroker-turned-congressman. Warren went to the best schools, including Columbia. Where he met his mentor, famed investor Ben Graham. Sure Warren was bright, he worked hard, but he definitely had some advantages that poor welfare folk will never see.

How he can equate income generating and tax generating folk with tax guzzling folk, and refer to them as equally debilitating.... mystifying to this little yellow dude.

If Mr. Buffett wants to make sure the 2020 Olympic team is not picked by the eldest sons of the 2000 team winners, he best be working to get the poor off of welfare, get them a good education, good mentors, and a real chance at the kind of opportunities he had. The same opportunities his heirs will have.


"Old Age Is Not For Sissies"

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re: mystifying

Submitted by cLovis on Thu, 2006-07-13 23:11.

dont be mystified ..look at the walmart heirs ..and they are one genreration removed from sam. they are worthess as tits on wall paper to society ... but keep the checks rolling .. as for why he is for the estate tax we are talking fortunes as in the walton fortune where its guaranteed control for generations snf rivals some small countries .. Money for nothing corrupts wherther its poor or wealthy .. Republicans mouth about a meritocracy where you earn your way and bitch about shit like affirmative action .. what are legacy programs like at yale.. where you go cause your old man did .. skull and bones and all. youtalk about income generating folks as compared to welfare recipients,,, You inheriting 36 billion dollars from winning the ovarian lottery as Mr Buffet calls it..doesnt mean that just because by it nature that much money makes money that You have earned it by being born to one of those folks .. just like if you are born poor .. of course if you believe in privelige and noble birth its a right ,, I look at Bill Gates and Warren Buffet who did earn their way to where they are at and their take on things on what is right and also what it takes to maintain us as a society for the opportunity to succeed and the estate tax helps do that by keeping the playing field a little more level.I agree with them because its always been the reason i have advocated for it, and to have it validated by the people who have heirs that would most benefit from it but who obviously think they owe a higher obligation to not only US society and government but also the planet is heartening to me. you inheriting a fortune of 36 billion dollars set up in a trust fund growing year by year cause your Daddy was a smart man ..is not testing you .. letting you compete in the meritocracy ..unless of course this opportunity society is only for the disadvantaged because your great great grandfather already took care of your ass .. the ovarian lottery ..I am sorry you dont get that one tripleshaft... oh well

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As for what Mr buffet is doing about it

Submitted by cLovis on Thu, 2006-07-13 23:15.

Putting 36 billion dollars to a private charity to improve the world instead of leaving it to your heirs is a balls wide statement in my opinion.clovis

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15% of a ton....

Submitted by Tripshaft on Fri, 2006-07-14 09:46.

.... is a lot more than 15% of a pound.

Yeah, I wouldn't want to give away 85% of my net worth....wouldn't leave a whole hell of a lot left. But once you're a billionaire, what's the big deal if your keeping $150 million of the billion for yourself.

I'm certainly glad that Mr. Buffett saw fit to return much of the monies he earned, back to the little people of society. But I'm not terribly impressed by his "balls wide statement".


"Old Age Is Not For Sissies"

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yeah... I feel sorry for.....

Submitted by Tripshaft on Fri, 2006-07-14 09:27.

....Buffett's heirs. Their only going to get $8 billion. And according to Warren's logic, I'm sure they'll be totally screwed up and debilitated with their "food stamps".

If the new generation Wal-Mart family is so bad for society, I wonder why 1.7 million people bother to work there. And why is society flocking there to spend $74.5 billion every year? They must be just awful!


"Old Age Is Not For Sissies"

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anyway

Submitted by biteme101 on Fri, 2006-07-14 22:06.

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the only thing not mentioned that i care to add is this:
personally, how would you feel about giving up everything you've worked for to the government instead of to your kids, if you thought the brats deserved it, clovis?
and you still haven't done your homework. big money is behind the push to repeal the tax, but they didn't originate it.

p.s. some morons will never have enough on the ball than to work at wally world the rest of their lives. and god bless 'em, at least they work, and at least wally world will hire 'em--again and again and again--no matter how many times they fuck up. is that un-american, too? bite my ass if it is. you live in a small town where walmart came in? nope, you live in fucking austin-home of the pampered crybaby college boys. we can bitch about what they've done to the mom n pops, but most of those towns were plain ass dying to start with, at least in this part of the country. folks who can't get a job any damn where else, because the whole town knows what slackers they are can still get a job at wal-mart whenever they happen to apply.

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