Why Warren Buffett Supports The Estate Tax

December 07, 2010
Warren Buffett, Robber Baron?
By Christopher Chantrill

I know that we are all supposed to love Warren Buffett as the Sage of Omaha, businessman and all-around good guy, but I keep reading stories that make me wonder. Here's a story about Warren Buffett, the estate tax, and the life insurance industry.

Did you know that the life insurance lobby is actively lobbying to restore the estate tax?

Why would the life insurance industry care about that? It turns out that ten percent of life insurance industry revenue is related to the estate tax. Wealthy people take out life insurance in order to reduce estate taxes because when you die, your life insurance payout doesn't count as part of your estate.

Did you know that Warren Buffett owns six life insurance companies? Did you know he supports the estate tax? You do now.
READ MORE HERE  h/t The American Thinker

Related articles

• What Industry Benefits The Most From Preserving The Estate Tax? (businessinsider.com)
• Life Insurance Industry Is Spending Millions Lobbying For The Estate Tax: AFBF's Latest Issue Brief (blogs.forbes.com)
• A short note on Warren Buffett and the estate tax (tigerhawk.blogspot.com)