Fellow billionaire Warren Buffett agrees. “I don’t think I need a tax cut,” Buffett told CNBC regarding reform efforts.
Buffett, who’s worth an estimated $87.2 billion, specifically spoke out about the estate tax, which will be levied on assets transferred via one person to another at the time of death. He said eliminating which would certainly be a “terrible mistake” because the current system in America vastly favors the rich.
In theory, he could leave billions each to his children in addition to grandchildren, who wouldn’t have to pay taxes to inherit which. “If they were lucky enough to come out of the right womb in addition to contain the right name, Buffett, they could build tombs for themselves like Egyptian pharaohs never dreamed of,” he said.
“I sure don’t think which’s Great for a society where there’s a ton of inequality to start with. I think which’s a terrible mistake,” he added.
inside the end, the estate tax wasn’t fully repealed, nevertheless which was furthered scaled back.