Warren Buffett and George Soros want higher estate taxes. Why? Because they’ve invested in Agro Processors and cash in if it’s no longer worth it to pass your farm down through generations, says Andrew Wilkow on TheBlaze TV Wednesday.
Joined by Ed Butowksy of Chapwood Investments and Dan Cofall of ‘The Wall Street Shuffle,’ Wilkow discussed why progressives are pushing for a higher estate tax, and how it falls in line with the previous shady campaigns from the likes of Soros and Buffett for government action that ended up padding their pockets.
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Zach2orJack
Dec. 13, 2012 at 3:43pmJROOK a million dollars doesn’t make one wealthy. 55% is absurd at any dollar amount but at a million $’s it is down right disgusting. Let me give you an example of what could have happened to my family. My grandfather passed away a few years ago leaving a lot of property to his 3 daughters. If the tax rate at the time was 55% we would be poor because of it. The property was valued probably in the neighborhood of 3 million but the actual worth if they sold it would be less than a million because of the economy. On top of that it is now almost impossible to sell. Now we would owe the government over 1.5 million without any way of paying it. Not only would everything that he worked for be gone but it would also take everything from 3 families. How is that fair in any way? The farm thing is totally rational because the story I told is real, it’s my life. My grandfather and thousands like him did the same thing. They farmed and worked other jobs to acquire what you call wealth. They invested in land to make sure that wealth was passed down. Maybe I’m missing something. Maybe you can tell me how this would be fair to us. Maybe you can tell me how this wouldn’t affect my family. As far as I can see it’s the most ridiculous tax ever on the American people. Families like mine will be reduced to ruin. We are not rich, we are just average people who have been smart with our money.
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CASDEE10
Dec. 13, 2012 at 8:25amThis is possible. But I suspect it’s just another way to take from the haves and giving to the have nots who haven’t earned it. And will they will keep not earning as long as they can get what they want for free.
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thebadwhisky
Dec. 13, 2012 at 2:30pmPlease keep in mind that communism is about a few haves ruling over the serfs. I the USA one of the very principles our founding fathers based freedom and liberty on was private ownership of property, without it no man can truely be free. If a group wants to inslave a population the first thing they must do is disarm the population then they much reduce them to absolute dependancy; you cannot reduce anyone with the ability to control their destiny and support themselves and their family to a serf. As long as people can grow a garden and raise chickens and livestock to feed themselves without permission they are not a serf, the government cannot cut off their livelyhood and force them into submission; but, raise taxes and confiscate the land, trash good jobs then lease the homes to the serfs after forclosure….. that is the ticket…… that is where these folks want to go…..
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dont-care-anymore
Dec. 13, 2012 at 6:20amyou didnt earn that …gimmee gimmee gimmee
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Elena2010
Dec. 13, 2012 at 12:55amThey are thieves at the core!
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Twobyfour
Dec. 13, 2012 at 2:04amNothing more to add. You’ve nailed it 100%.
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JRook
Dec. 13, 2012 at 10:03amOk the farm thing is not the rational behind the estate tax. It is establishing a reasonable limit to the concentration of wealth. If you can possibly step away from you ideology for a minute you will recognize that the 2 primary factors behind the decline in the US economy has been the steady decline in real middle class wages since the 1980′s and the increasing concentration of wealth. Both have direct negative effect on the level of consumption and thus economic activity. And it is demand, consumption and economic activity which creates jobs. Not the wealthy. They merely invest like mutual funds, union pension plans, individual investors and of course BANKS so that companies can meet increased demand.
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