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"There are going to be 2.6 million people [who] die this year in the United States," but there will be only about 5,000 tax returns that will owe estate taxes, he said in a wide-ranging interview.
Buffett said because the estate tax impacts only a small percentage of Americans, getting rid of it would not cause widespread problems.
"If they pass the bill they're talking about, I could leave $75 billion to a bunch of children and grandchildren and great-grandchildren. And if I left it to 35 of them, they'd each have a couple billion dollars," Buffett said. He then asked rhetorically, "Is that a great way to allocate resources in the United States?"
World's second richest man Warren Buffett thinks it's a mistake to eliminate the estate tax
$S-E-V-E-N-T-Y F-I-V-E- B-I-L-L-I-O-N ...
Buffett said because the estate tax impacts only a small percentage of Americans, getting rid of it would not cause widespread problems.
"If they pass the bill they're talking about, I could leave $75 billion to a bunch of children and grandchildren and great-grandchildren. And if I left it to 35 of them, they'd each have a couple billion dollars," Buffett said. He then asked rhetorically, "Is that a great way to allocate resources in the United States?"
World's second richest man Warren Buffett thinks it's a mistake to eliminate the estate tax
$S-E-V-E-N-T-Y F-I-V-E- B-I-L-L-I-O-N ...