W. Buffet, a democrap and a big time scoundrel, this is why.......
He has said repeatably that Americans should pay an estate tax when they die. However, when Buffet dies he will pay zero estates taxes on his wealth because it will go (most of it) to the Bill Gates charity, etc... The trustees of that charity (there are many, friends, relatives) draw huge salaries.
Anyway, Buffet is all for the estate tax because he owns large chunks of Life Insurance companies, who's bread and butter is selling life insurance to Irrevocable life Insurance Trusts. People (trustees) then use the life insurance benefit (when the insured dies) to pay the estate tax on his estate.
So know you know why Buffet is a circlejerk lib scoundrel. He wants the estate tax because he makes big bucks on the whole deal......But of course he has his estate plan that will allow him to pay ZERO estate taxes when he dies....... Amazing, buffet is a big time hypocrite!
The person who dies does NOT pay the inheritance tax, stringy (there is no such thing as a death tax). The lucky heirs pay the estate tax.
You wouldn't know, stringy, because you're part of the at least 98% who will never have to pay an estate tax. Also, you don't know because you're being misinformed by your religious leaders on talk radio.
Actually mr.cheyn the heirs do not pay the estate tax. The estate tax is paid out of the estate and not by the heirs. What the heirs receive is after the inheritance taxes have been paid by the estate.