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Thread: Buffett Gives Kids Foundations $3 billion

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    Buffett Gives Kids Foundations $3 billion

    Buffett gives $3 billion to his kids' foundations - Aug. 30, 2012

    Found this interesting. Warren Buffett of the Buffett rule just passed along $3 billion to his kids through trusts he set up. Now this person who wants folks like himself to pay at least 30% of their income in taxes never paid a penny of taxes on this money. Now that the money is in trust, his kids will be able to live off the money while running their charities and avoided the inheritance tax.

    I find it interesting that someone who have gotten filthy rich by avoiding taxes for decades, both personally and at his company wants others to pay more.

    Just seems like another amoral person eager to spend other people's money.

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    Re: Buffett Gives Kids Foundations $3 billion

    Quote Originally Posted by washunut View Post
    Buffett gives $3 billion to his kids' foundations - Aug. 30, 2012

    Found this interesting. Warren Buffett of the Buffett rule just passed along $3 billion to his kids through trusts he set up. Now this person who wants folks like himself to pay at least 30% of their income in taxes never paid a penny of taxes on this money. Now that the money is in trust, his kids will be able to live off the money while running their charities and avoided the inheritance tax.

    I find it interesting that someone who have gotten filthy rich by avoiding taxes for decades, both personally and at his company wants others to pay more.

    Just seems like another amoral person eager to spend other people's money.
    I find that interesting because I heard him interviewed several years ago, and he indicated his children would not be receiving any more of his wealth. Flip. Flop.

    Perhaps he's doing that in anticipation of the inheritance tax being re-instated for, at least, people in his stratosphere.

    Everybody lies...
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    Re: Buffett Gives Kids Foundations $3 billion

    Yea, he is only giving away what...37 Billion in charity?
    Men do what they have to when they want to, Great men do what they have to, even when they don't want to.

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    Re: Buffett Gives Kids Foundations $3 billion

    Quote Originally Posted by washunut View Post
    Buffett gives $3 billion to his kids' foundations - Aug. 30, 2012

    Found this interesting. Warren Buffett of the Buffett rule just passed along $3 billion to his kids through trusts he set up.
    Umm, do y'all have a reading problem? Buffett passd the money to CHARITIES that his kids have set up. He did not pass the money to his KIDS -- unlike Mitt Romney, who did in fact use a complicated legal maneuver to pass $100 million to his kids tax free.
    "The necessaries of life occasion the great expense of the poor. They find it difficult to get food, and the greater part of their little revenue is spent in getting it. The luxuries and vanities of life occasion the principal expense of the rich, and a magnificent house embellishes and sets off to the best advantage all the other luxuries and vanities which they possess. ... It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion."

    -- Adam Smith

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    Re: Buffett Gives Kids Foundations $3 billion

    sorry op, but you have stepped in it or on it with this thread
    Warren Buffett has done exactly what he has long pronounced he would do
    distribute the bulk of his wealth to accomplish those things government is not well positioned to do
    this is just his latest distribution, recognizing his kids are spending it in a manner he approves
    his actions deserve praise and none of the ridicule you attempted to heap upon him
    which causes you to now have to wear it instead
    we are negotiating about dividing a pizza and in the meantime israel is eating it
    once you're over the hill you begin to pick up speed

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    Re: Buffett Gives Kids Foundations $3 billion

    Quote Originally Posted by AdamT View Post
    Umm, do y'all have a reading problem? Buffett passd the money to CHARITIES that his kids have set up. He did not pass the money to his KIDS -- unlike Mitt Romney, who did in fact use a complicated legal maneuver to pass $100 million to his kids tax free.
    Yeah, I missed that. So you think he hasn't used our perfectly legal tax code to shift money then? I think you would be wrong. Blame Congress. Do not blame the people who take advantage of the ridiculousness that is our current tax code.

    And here are the enormous benefits of charitable foundations:

    Nonetheless, a billion dollars, even when held by a charitable foundation and managed in accordance with laws governing such foundations, is an extremely powerful tool. Any private foundation holding $1 billion worth of securities, for example, is required by law every year to give away a minimum of five percent of that total sum, which comes out to $50 million. Anyone who makes annual donations of that size is guaranteed to wield immense influence. And it should also be noted that there is nothing preventing the trustees, or governors, of any foundation from making contributions to not-for-profit projects of their own creation. An art lover could start an art institute, a nature lover could build a wildlife sanctuary—the possibilities for personal gratification [Maggie: and personal financial enrichment] through foundation work are abundant.
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    Re: Buffett Gives Kids Foundations $3 billion

    Quote Originally Posted by MaggieD View Post
    Yeah, I missed that. So you think he hasn't used our perfectly legal tax code to shift money then? I think you would be wrong. Blame Congress. Do not blame the people who take advantage of the ridiculousness that is our current tax code.
    I have no reason to believe that he's used the tax code to shift money to them. And blaming Congress is exactly what Buffett is doing. Generally speaking I don't blame people for taking advantage of tax breaks, but I do hold presidential candidates to a higher standard than most people.
    "The necessaries of life occasion the great expense of the poor. They find it difficult to get food, and the greater part of their little revenue is spent in getting it. The luxuries and vanities of life occasion the principal expense of the rich, and a magnificent house embellishes and sets off to the best advantage all the other luxuries and vanities which they possess. ... It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion."

    -- Adam Smith

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    Re: Buffett Gives Kids Foundations $3 billion

    Quote Originally Posted by AdamT View Post
    I have no reason to believe that he's used the tax code to shift money to them. And blaming Congress is exactly what Buffett is doing. Generally speaking I don't blame people for taking advantage of tax breaks, but I do hold presidential candidates to a higher standard than most people.
    Only the other party's. Please don't even pretend to be knowledgeable about Buffett's finances, Romney's finances, or our complicated inside-out-zig-zag tax code. You know only what the media spews. Industry icons have much to offer our country when it comes to economics and creating jobs. Industry icons are not poor people.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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    Re: Buffett Gives Kids Foundations $3 billion

    Quote Originally Posted by MaggieD View Post
    Only the other party's. Please don't even pretend to be knowledgeable about Buffett's finances, Romney's finances, or our complicated inside-out-zig-zag tax code. You know only what the media spews. Industry icons have much to offer our country when it comes to economics and creating jobs. Industry icons are not poor people.
    I'm not pretending to know about Buffett's finances; I believe you have that all sewn up: "So you think he hasn't used our perfectly legal tax code to shift money then? I think you would be wrong."
    "The necessaries of life occasion the great expense of the poor. They find it difficult to get food, and the greater part of their little revenue is spent in getting it. The luxuries and vanities of life occasion the principal expense of the rich, and a magnificent house embellishes and sets off to the best advantage all the other luxuries and vanities which they possess. ... It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion."

    -- Adam Smith

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    Re: Buffett Gives Kids Foundations $3 billion

    Quote Originally Posted by AdamT View Post
    Umm, do y'all have a reading problem? Buffett passd the money to CHARITIES that his kids have set up. He did not pass the money to his KIDS -- unlike Mitt Romney, who did in fact use a complicated legal maneuver to pass $100 million to his kids tax free.
    Please learn to read a little more thoroughly. I said that he gave the money to the trusts run by his children. They are allowed to get paid by the trusts. A simple way to avoid the inheritance tax rules.

    I think you know this, and is a little slimy to try and parse what he did. Look, nothing illegal. Generation skipping is a topic for lawyers and accountants who have a tax practice.

    It just seems ironic that someone who says the rich need to pay their "fair share" does everything he can to avoid paying any taxes. Let's remember that he has paid no income tax on the rise of value of the shares he is passing to the trust. Now, no one ever will.

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