Warren Buffett: Estate Tax Good

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.