Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

Wednesday, September 28, 2011

The Buffett Tax

Warren buffetDenis Kleinfeld recently posted an article on the Newsmax website that addresses Warren Buffet and his credibility on estate and income tax issues. Kleinfeld argues that Buffett’s proposal of raising the estate tax for Americans who have retained enough wealth will not benefit taxpayers or the Treasury and does not serve a positive fiscal purpose.

Kleinfeld also argues that Buffet has vested interests in the tax plan going into effect and opines that Americans can plan for the so-called “Buffet Tax” by following tax structures given by Buffet.

SeeDenis Kleinfeld, How to Plan for the Buffett Tax, Newsmax.com, Sept. 26, 2011.

Special thanks to Jim Hillhouse (WealthCounsel) for bringing this article to my attention.

https://lawprofessors.typepad.com/trusts_estates_prof/2011/09/the-buffet-tax.html

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Comments

Because the estate tax affects only wealthy individuals, I don't think the majority of the voters will have much concern over this issue. Those who do give it any thought will probably assume that if the estate tax does get raised, the rich will just find a new shell game to play to avoid paying their fair share. After all, how do people get rich enough to owe estate taxes in the first place if they aren't slick enough to beat the system?

Posted by: Dana Altman, Esq. | Sep 29, 2011 9:00:50 AM

It's "Buffett" for both Warren and Jimmy. Mr. Buffett could have sent extra money to the IRS if he thought he didn't pay enough.

Posted by: Brad | Sep 29, 2011 7:45:48 PM

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