TaxProf Blog

Editor: Paul L. Caron
Pepperdine University School of Law

Tuesday, November 20, 2012

A 'Buffett Tax' Resolution

BuffettThe Volokh Conspiracy:  A “Buffet Tax” Resolution, by David Bernstein (George Mason):

  1. Whereas, the U.S. government is in desperate need of revenue.
  2. Whereas, Warren Buffet is worth tens of billions of dollars, almost all of which is destined for private foundations and thus will completely escape federal tax.
  3. Whereas, Warren Buffet has publicly proclaimed that he is undertaxed.
  4. Resolved, the U.S. government should pass legislation that gifts to foundations in excess of a $20 billion lifetime exemption will hereinafter be taxed at 55%, the normal inheritance tax rate.

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It is really comforting to see a Conservative site like the Volokh Conspiracy admit that the normal estate tax rate should be 55%.

Posted by: David R. | Nov 20, 2012 6:37:44 PM

There should be a punitive tax on people who misspell Buffett.

Posted by: SethH | Nov 21, 2012 10:31:30 AM