(Breakout) Since Warren Buffett has once again entered the current debate over tax increases by calling for the federal estate tax to go up, it only seems fair to see how his latest round of proposed changes would actually impact him. Buffett is among America’s super rich, and his fortune, at $46 billion, is second only to Microsoft founder Bill Gates’.
Prior to his latest call for the upward revision of the estate tax, the Berkshire Hathaway Chairman has also recently called for income, capital gains and dividend taxes to go up too, explaining in a widely discussed op-ed in The New York Times (“A Minimum Tax For The Wealthy”) that higher tax rates over the years have had no bearing on investors like him.
As much as this may sound like selfless advice from a renowned financier who simply wants what’s best for America, in reality he’s immune from almost all of it. As I discuss with Aaron Brown, Risk Manager at AQR, in the attached video, Buffett’s do-as-I-say, not-as-I-do proposals seem to fit the criteria needed to be a patriotic millionaire.