Warren Buffett on the Estate Tax

Warren Buffett is a hero of mine, not only because he is the icon of American capitalism, but because I consider him to be a good guy.

So while I disagree with him on the estate tax, a.k.a. "the death tax"--I don't think there should be any because over one or two generations a rich person's fortune will likely be squandered by his/her descendants anyway and the private sector is better at allocating resources than the government--it was sad to see a man of his stature and integrity to be interrupted and questioned unfairly by the honorable members of our government.

Specifically, during the Senate hearings, he was cut off by Ron Wyden (D-Oregon)when he was discussing why the vast majority of charitable organizations only spend the required minimum (5%) of their endowments; Jon Kyl (R-Arizona) who was making the assumption that Buffett was for the estate-tax because his holdings include insurance companies who have been lobbying hard not to have the estate tax repealed; and Maria Cantwell (D-Washington), who thanked Buffett for his contributions to the Gates Foundation, but said a few times something along the lines of, "whenever you do make the contribution."

Do your homework people! Buffett is the good guy here!