Tuesday, June 27, 2006
Market Decision by the Market Master
While watching yesterday's press conference by Warren Buffett and Bill and Melinda Gates regarding Mr. Buffett's decision to give nearly $37 billion of his current $44 billion fortune to five private charities I was overwhelmed by optimism. Knowing that $37 billion was being donated to worthy private sector charities (Mr. Buffett's "market decision" made by spending his money just like consumers do when they choose which grocery store to shop in) versus the dark prospect of Mr. Buffett passing away leaving his fortune to be attacked by our nation's inheritance ("death") tax. This is simply AMAZING news since both Mr. Buffett and Mr. Bill Gates, Senior (Bill's dad) have been historic advocates of death taxes as noted here --
The bulk of Mr. Buffett's donation will go to the Bill and Melinda Gates Foundation which is primarily focused on reforming schools and improving health care delivery systems and resources. I would much rather see such enlightened billionaires expending these massive cash resources versus ANY government program at any level of government.
Unfortunately I could not watch the entire press conference so if Mr. Buffett commented on the concept of "death taxes" I missed it but let me call on him to not only drop his support of death taxes but to come full circle by declaring his opposition to all income taxes. Why should a welfare recipient who starts a small business to better their life have to pay a portion of their wages -- probably earning $20,000 to $40,000 initially as they get started -- to the government? Why not let this entrepreneur choose to hire more employees to help others get off welfare or simply save their hard earned dollars for an earlier retirement?
Congratulations on your personal choice Mr. Buffett -- let's expand the range of choices for more citizens.