Warren Buffett: Curse Those Plutocrats!

By November 14, 2007Taxation

The first news account of today’s Senate Finance Committee hearing relays some outlandish comments from Warren Buffett:

Buffett, the billionaire chairman of Omaha, Nebraska-based Berkshire Hathaway Inc., told the Senate Finance Committee that advocates of repeal were “dead wrong” to call the levy a “death tax.”

It would be more appropriate to call it a “death present,” said Buffett, 77, who is the third-richest person in the world, according to Forbes Magazine. “A meaningful estate tax is needed to prevent our democracy from becoming a dynastic plutocracy.”

Death present? He needs better writers.

Otherwise, Buffett’s comments about dynastic plutocracy would be laughable if they weren’t so representative of the class-warfare rhetoric we hear so often from the left. In this world view, we should use the government’s power of taxation to create social equality by pulling down the successful. How sad that a man who once embraced opportunity now condemns it.

Buffett knows that many people are motivated by the desire to build a legacy in the form of a business, one that creates wealth and opportunity and jobs for more than a single generation — a legacy that lives on as their children guide and grow that business. “Dynastic plutocracy?” How about human nature inspiring economic growth and strengthening our dynamic American society?

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