If the Estate Tax is So Bad, Why Do the Super Rich Support it?

Tweet

Super Rich Dude, Warren Buffett (2nd Richest Man in the U.S.) spoke before Congress. He was there to speak on the merits of the Estate Tax. If he is for it, and his family would be among those hit the hardest by it, I guess it's a fair tax... Not so fast Mr. Buffett! Sure, the super rich can afford a 50% tax on their estate. But what about the medium sized business owner, farmer or rancher? Most of the net worth of the owner of a medium sized business, farm or ranch is tied up in assets. However, when the value of the estate is assessed and taxed, the IRS requires payment in money. So, what happens when the heirs are hit with estate taxes? They have to sell assets. Who buys those assets? Ask Warren Buffett how he acquired Dairy Queen, Jordan's Jewelers and other businesses. Ask the Joe Robbie Family why they had to sell Joe Robbie Stadium. Warren Buffet welcomes estate taxes because they are the best thing that ever happened to his bottom line.