Tuesday, November 20, 2012
The Volokh Conspiracy: A “Buffet Tax” Resolution, by David Bernstein (George Mason):
- Whereas, the U.S. government is in desperate need of revenue.
- 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.
- Whereas, Warren Buffet has publicly proclaimed that he is undertaxed.
- 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.