Warren Walks the Walk – Er, No

Non-fatcat billionaire Warren Buffett announced last week that he is contributing an additional $3 billion of Berkshire Hathaway stock to charitable trusts set up for his children.  Stock transferred to such trusts avoids gift and estate taxes.

At the 55% marginal estate tax rate favored by his close personal friend Barack H. Obama, the gift means $1.65 billion less in federal tax revenue.  I eagerly await the condemnations from the usual quarters over Buffett’s unwillingness to pay his “fair share,” though I suspect the class warfare critics will keep quiet.  It’s OK when Warren does it; it’s for the children.

About Conrad

Conrad O'Connor is the nom de web of a tax lawyer working in Atlanta, Georgia.
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