Billionaire Warren Buffett has called the Republican proposal for repealing the Estate tax a terrible idea according to CNBC.
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?"Using a sports metaphor to argue against that kind of dynasty building, Buffett said, "I don't think we should have our 'Olympic team' 20 years from now be the eldest sons of the 'Olympic team' currently."
"The wealthy now are so much wealthier than they were 25 years ago," he said. "We're talking about the 400 [richest] now having $2.4 trillion ... 25 times as much money."