Buffett, After Defending the Death Tax, Admits He’d Rather His Kids Control His Assets over the Feds

EXCERPT:

QUICK: "What do you think about it?" 
BUFFET: “I don’t think I need a tax cut but ... For example, the current proposal eliminates the estate tax, and it’s not a death tax. There will be 2. 6 million people die this year in the United States and there will be 5.000 tax returns that people -- states that pay taxes.  If you start going to a funeral every month, it’s going to be 40 years on average before you go to one where there’s any estate tax to do it with, and it’s a very pejorative term. The truth is if they passed the bill that 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 would each have a couple of billion dollars. They could put it out at 5% and have $100 million. Is that a great way to allocate resources in the United States because that’s what you are doing through the Tax Code is you are affecting the allocation of resources. If they were lucky enough to come out of the room room and have the right name, Buffett, they could build tombs for themselves like Egyptians, pharaohs never dreamt of, they could do anything. And capitalism was all about intelligent allocation of resources. Now, some people say, well, you don’t have to worry about that because they’ll blow it all. But this they blow it all, that means that they’ve done some dumb things with some important resources. That’s not good for capitalism I don’t think it’s good for the children I sure don’t think it’s good for a society where there’s a ton of inequality to start with. So I think that's a terrible mistake for example."