Apparently from an egyptian immigrant who did nothing to try and shield his estate.. them nasty immigrants.... Mysterious $7B estate tax payment spurs questions about source of funds (msn.com) The source told Fernholz that the deceased billionaire hadn't sought to avoid the massive estate tax bill and did so out of gratitude for the opportunity the U.S. afforded them as an immigrant. They went on to identify the Treasury's benefactor as the late Fayez Sarofim, who worked in private investments and accumulated a net worth in excess of $20 billion after immigrating to the U.S. from Egypt. Fernholz later found IRS data pointing to Texas as the source of payment, which is where he had lived and worked. He was unable to confirm Sarofim as the generous billionaire who made the estate tax payment and left open the possibility that a living billionaire made the payments in advance.
$7B is a bit excessive. Totally fair to accept only 1/1,000 of that amount for each immigrant or $7M. Let's make sure everyone pays their fair share, right?
If he was going to lose the funds why give it to a government who has no clue how to spend it? I’d of advised him to gift a large portion of it to charities who can use the funds more economically. Wasteful to give it to this government. Ironic he wanted to “give” to the country that provided him the opportunity when the bulk of his funds will likely go to Ukraine.
What percentage of total government spending to you estimate as going to Ukraine? Also, what percentage of that is the government buying American goods and sending it to them?
Good for that man. He spent it where he wanted. I expect Buffet to forgo loopholes and pay around 75B when he dies. He's also about the rich paying their "fair share".
When he passes Buffet's taxable estate may be very small considering that Buffett has indicated an intent to donate most of his wealth to charity and given that there is an unlimited offset of charitable bequests against the value of an estate there may be relatively little to tax in the end. If I recall Buffett has indicated that he will not leaving anything to his children and instead has already given them gifts of $10 million (based on my recollection the amount may be different) each while a sizable sum to the average person the amount is minuscule in relation to Warren Buffett's net worth. I would add that Buffett has already given billions to his children specifically to donate to charities of their choice and indicated that they will be managing a charitable foundation with an estimated value of $144 billion following his death.
It was sarcasm. Of course he trusts his money to be more prudently spent by private organizations than Uncle Sam. He'll use every tax advantage he can get to leave the very least to the gov. He's a smart man.
