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Author: telegraph Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 59804  
Subject: Re: Obama: don't look now Date: 12/5/2009 10:20 AM
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Funny, really really funny, that you mention Gates and Buffet, estate taxes and tax rates.

Buffet and Gates have donated 95% of their assets to their TAX exempt foundations, taking , naturally, a gigantic tax write off for charitable donations.

Gate's kids and relatives will be happily employed by the Melinda and Gates foundation, at VP salaries, for life, and their kids and their kids will all work for the foundation.

Hee hee...

Both of them did not pay tax rates at 'employment' levels since they both took advantage of the tax code on cap gains. They received compensation in stock, or their 'wealth' increased because of stock holdings.

You know, some of the richest folks I ever knew were secretaries at MCI. Way back in the early 1970s, when MCI was battling AT&T to break up the expensive long distance monopoly of AT&T (When LD cost dollars per minute to call across the country).....MCI was in financial trouble. SOme secretaries and employees volunteered to take their pay in stock. It got down to well under a dollar a share.

Years later, with splits and the stock up to the 20s, a half dozen secretaries were now multi-millionaires. (so were the founders and engineers and others who had invested in the company).

Now, you blab about Buffet noting he paid a 'lower tax rate'. True..cap gains is less than income tax on salary. However, his secretary probably paid $5000/yr in taxes, and he paid 5 million a year in taxes. Wow.....

Typical lib slander.

YUou realize that 99% of money from estate taxes is from middle class folks who don't have the where withall to avoid the tax man? Those with 10 mil or more in assets hire family planning estate lawyers, set up trust funds, bypass funds, generation skipping trust funds, life insurance trust funds, and pay, basically ZERO estate taxes?

You better get out your copy of the Millionaire Next Door and read it again.

It is only the poor middle class that gets zapped with estate taxes - family farms, small business that are destroyed by estate taxes, etc.

Neither Gates or Buffet will owe the government a dime regardless of the level at which estate taxes kick in.

Why can't libs ever learn?

t.
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