Death of Death Tax Repeal?
Yesterday’s Senate Finance Committee hearing on the estate tax resulted in some good theatrics, but little in the way of comfort to those family businesses attempting to plan their way past the tax.
Berkshire Hathaway’s Warren Buffett, the world’s third wealthiest man, was on hand to lend his support to the tax. Mr. Buffett argued that “dynastic wealth” is on the rise, putting lower income Americans at a great disadvantage. The estate tax is necessary, he observed, to help break up these large concentrations of wealth.
Mr. Buffett failed to recognize the impact the tax has on family-owned businesses. Nor did he …