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"Warren Buffett, Robber Baron?" - Estate Tax Article
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WhiskeyGirl
Monkey All Star Jr.
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Posts: 7754
"Warren Buffett, Robber Baron?" - Estate Tax Article
«
on:
December 09, 2010, 02:27:10 PM »
Quote
I know that we are all supposed to love Warren Buffett as the Sage of Omaha, businessman and all-around good guy, but I keep reading stories that make me wonder. Here's a story about Warren Buffett, the estate tax, and the life insurance industry.
How much do his business connects get in free or low cost money from the Federal Reserve?
Quote
Did you know that Warren Buffett owns six life insurance companies? Did you know he supports the estate tax? You do now.
Warren Buffett isn't just noted as an owner of life insurance companies and a supporter of the estate tax. He's also noted as a buyer of family businesses. As Dick Patten shows, these two business strategies support each other.
A family business owner or farmer takes out a large life insurance policy which he sinks tens or hundreds of thousands of dollars into each year. When he finally passes away, the life insurance pays out his policy to his family--tax free...
Even as Mr. Buffett's insurance companies are "protecting" family businesses from the IRS, he is buying companies that are forced to sell themselves to pay the death tax. Mr. Buffett's ability to buy family businesses at bargain basement prices depends on families being desperate to sell-and nothing produces family businesses desperate to sell quickly like a 55% bill from the IRS on all of the businesses' assets.
Estate taxes must be paid to the U.S. Treasury within a year of the testator's death. In cash.
Quote
It's hard to think of Warren Buffett as a robber baron. He's a jolly chap who just seems to be along for the ride.
But the ugly truth is that his businesses benefit from one of the major big-government redistributive programs by which the ruling class makes government big and families small. He's a leader of a "redistributive combine" that wants to keep what it got from the government favor factory. He's one of the chaps sitting by the side of the road taking their cut, courtesy of Uncle Sam.
It would be nice if our liberal friends would be as hard on their green-energy crony capitalists and their high-speed rail robber barons as they would like to be on the white working-class striver trying to buy a small construction business.
But at least Warren Buffett is a nice robber baron. We all like life insurance companies. They are different from health insurance companies.
Buffet's Goldman Sachs is now advising gas pipeline companies that plan to take advantage of shale oil. Where are those vast deposits of shale? Who owns them?
Putting Main Street out of business?
read more here -
http://www.americanthinker.com/2010/12/warren_buffett_robber_baron.html
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All my posts are just my humble opinions. Please take with a grain of salt.
It doesn't do any good to hate anyone,
they'll end up in your family anyway...
WhiskeyGirl
Monkey All Star Jr.
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Posts: 7754
Estate Tax - Destroying America's Life Insurance?
«
Reply #1 on:
December 09, 2010, 03:18:26 PM »
How many former investment banks, big banks, global banks, and Wall Street types own life insurance companies? How many bought them?
At one time, banks were not allowed to sell insurance products. Some thought there were conflicts of interest, intimidation, etc. Decades ago, financial 'reform' changed all that.
Are the same folks that took brought the financial industry and nation to it's knees in 2008 now planning to take down the insurance industry?
AIG didn't seem to have any watchdog, too big for the states, and Washington seems to have been asleep. Yet, American taxpayers got the bill, and will be paying for generations.
Anyone monitoring the financials? Questioning the accounting? Was everyone in Washington and on Wall Street asleep? All those foreign nations too?
What of the insurance industry? Who's going to be sleeping the coming years?
Who's going to be monitoring all the wheeling and dealing?
The accounting?
How much will the life insurance industry cost tomorrow?
When does it end?
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All my posts are just my humble opinions. Please take with a grain of salt.
It doesn't do any good to hate anyone,
they'll end up in your family anyway...
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