The First Time as Tragedy, the Second as …

By November 13, 2007Taxation

“I’d view it as a tragedy if someone whose achievement was issuing the most junk bonds or having the silliest stock price took over the company and all that we’ve built evaporated.”

Those are the words of wisdom from a great businessman, Warren Buffett (quoted in BusinessWeek, July 5, 1999), speaking as to why he made decisions to keep Berkshire-Hathaway in his family’s control.

But, how times have changed. Tomorrow Mr. Buffett will testify before the Senate Finance Committee on why we should keep the estate tax. A tax that forces many families to sell off their businesses at time of death.

I view that as a tragedy.

Join the discussion One Comment

  • Makoshark says:

    It would be a tragedy, if we could ever find a family farmer that’s had to lose the farm in order to pay the tax as described. Sadly though, while it makes a great talking point, it’s really been empty al these years (remember welfare queens? They were largely made up, too – but what wonderful wonders they did to get rid of welfare!)
    The “hurts families” line could do the same for the Estate Tax, that’s why the good people at http://ipdw.org have launched a desperate, yet very public search for a farmer to serve as their spokesman: Check it out – http://ipdw.org/farmer

Leave a Reply