Wednesday, November 14, 2007

Is Warren Buffet a Hypocrite?

Warren Buffet's recent endorsement of the estate tax begs the question of what his own estate taxes might look like when he passes on. Quick research reveals that he is unlikely to pay at the rate he expects others to.

In June of 2006, Mr. Buffet announced that he would donate 85 percent of his $44 billion fortune to private charitable institutions (see http://www.usatoday.com/news/nation/2006-06-25-buffett-charity_x.htm). This action essentially shafts Uncle Sam out of a potential $15 billion estate tax bonanza. If he truly believes the estate tax is such a wonderful institution, why is shielding his own assets away from it? Why not just give all that loot directly to the IRS if the federal government is such a worthy institution?

Apparently Warren is not as big a fan of the estate tax and the federal government as he would have us believe. Does this make Warren Buffet a huge hypocrite? I say yes.

Liberals like Warren Buffet trust big government and believe congressmen will spend your money better than you will. Cursory reviews of federal budgets with dubious items like "bridges to no where" and Woodstock museums would suggest otherwise.