Asymptosis

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.’”

His prepared remarks (they’re short; read them) are here.

Related posts:

1. Why Doesn’t Warren Buffett Give All His Money to the Government?
2. Want Prosperity? Tax the Rich
3. Am I Channelling David Stockman, or Is He Channelling Me?
4. Ratings Agencies and Real-Estate Appraisers: How Do You Keep ‘em Honest?
5. Conservative “Intellectual” “Ascendancy”