Professor Elam

Warren Buffett is known for making a lot of money over a long period of time.  He is also known for avoiding taxes whenever possible.  I find it odd that he is a liberal, in favor of more government interference in our lives.  He claims the estate tax is a good thing.  The idea is to break up ruling families, ala the French Revolution.  Yet the testimony of the rancher and farmer in the same article reflects the reality.  One can only escape the death tax by giving away the estate or buying a LOT of life insurance. The reality is that one must pay a substantial sum to acocutants and lawyers to find a way around all this. I don’t see that the death tax has slowed the Kennedys or the Rockefellers, let’s let that tax die a deserved death.  This is not  a way to break up wealth but a blockade to family businesses growing decaded after decade.

Frank Ryan CPA replies to Mr. Buffet in this very well written article from Investor Business Daily.  As a former tax practicting CPA I quite agree with Mr. Ryan.