Buffett testified to Congress on Monday. Why isn’t the blogosphere talking about this?
Short story, Buffett is foursquare behind the estate tax.
He points out that the basis step-up at death (cap gains taxes just go away) is a huge gift to survivors, 99.5% of whom pay no estate taxes. “If people insist on renaming the estate tax, it would be more appropriately labeled the ‘death present.’â€
His prepared remarks (they’re short; read them) are here.