Warren Buffett once called derivatives "financial weapons of mass destruction". Well, even my 2 year old is almost fully potty trained now.
UPDATE: More of the same, James Taranto on Buffett on taxes:
But does Buffett really want to pay more in taxes, or does he want the rest of us to pay more in taxes? If what troubles him really is his own meager contribution to the federal government, he could easily remedy that without being compelled to by law. Call it an act of civil obedience. Blogger Mark Perry leads us to this page on the U.S. Treasury Web site, which explains how to do it:
Citizens who wish to make a general donation to the U.S. government may send contributions to a specific account called "Gifts to the United States."Buffett would be a far more effective advocate of higher taxes if he put his money where his mouth is. But in fact he has done just the opposite. Fortune reported last year on what he planned to do with his money:
"Brace yourself," Buffett warned with a grin. He then described a momentous change in his thinking. Within months, he said, he would begin to give away his Berkshire Hathaway fortune, then and now worth well over $40 billion.
This news was indeed stunning. Buffett, 75, has for decades said his wealth would go to philanthropy but has just as steadily indicated the handoff would be made at his death. Now he was revising the timetable. . . .
By giving his assets to charity, Buffett shields them from the death tax, which, under current law, his estate will have to pay unless he dies in 2010. As we noted in 2006, Buffett is also a supporter of the death tax. He just intends not to pay it.
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