Billionaire Warren Buffett, an outspoken critic of the move to abolish or reduce the inheritance tax, told lawmakers yesterday that rich guys like him can afford it.
“I think we need to … take a little more out of the hides of guys like me,” Buffett told members of the Senate Finance Committee during a hearing yesterday.
Currently estates of more than $2 million are hit with a 45 percent tax. Supporters of the plan say it is a cruelly burdensome hit on beneficiaries, and unfairly re-taxes assets.
“There is something fundamentally wrong when the government swoops in after a funeral to take a cut of what that person had worked their whole life for, and has already paid taxes on at least once,” said Sen. Chuck Grassley, R-Iowa, at the hearing according to the Associated Press.