Hamilton County Publisher

Did you see the story in the paper a couple of months ago? Warren Buffett, one of the world’s richest men, testified before a Senate committee , that “Congress should keep the estate tax rather than repeal it and help a few rich Americans like him. ‘I think we need to take a little more out of the hides of guys like me’ Buffett told the panel.” (AP)

Here’s a link to the story http://www.nytimes.com/2007/11/15/business/15buffett.html

It seems out of character for an arch-capitalist like Buffett to come out in favor of a tax but if you think about, it makes a lot of sense. Buffett made his fortune through his own intelligence and hard work, as many capitalists have. Now he is showing his appreciation for the system that permitted him to do that, a system that rewards intelligent investing. The estate tax ensures that the money earned by successful capitalists goes back into the system to reward succeeding generations, not into the private coffers of a few offspring who had nothing to do with earning the money to begin with but were lucky enough to be born into the family.

Of course it is important that we elect good stewards of that money as public servants. That’s a whole different issue but I applaud the thinking of Warren Buffett and the intelligent stance he takes on this issue. When it comes to leaving a legacy he puts his own parochial and familial interests aside and casts a vote for the better good, a system that keeps the entrepreneurial spirit going by pumping the money back into the system.

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