Buffett and Gates, Jr. on the Estate Tax

Berkshire Hathaway Chairman and CEO Warren Buffet and Microsoft and Gates Foundation Chairman Bill Gates talk about the economy, estate taxes, charitable deductions, fast food, philanthropy and other topics in an entertaining interview with Fox Business News’ Liz Claman.

See the video on Fox Business News, May 4, 2009.

Daniel Farber writes in EconWatch blog on CBSnews.com:

Regarding proposals to repeal estate taxes, Gates and Buffet are in support of maintaining the tax, which delivers about $25 billion a year to government coffers. Every year about 2,450,000 people die in the U.S., and about 12,000 result in an estate tax return, the wily Buffett calculated. “If you go to a funeral per month, it will be on average 17 years before you would attend an estate tax funeral,”� he said. “Where do they want to get the $25 billion from? Do they want to get it from my secretary? She already pays a higher tax rate than I do.”�  

Read the full blog post in EconWatch.

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