The Estate Tax

One of the richest men in the world, Warren Buffett (as of 2010), suggests that repealing the estate tax will benefit only the richest Americans. In 2010, this is the top 2% of the United States population. To put this in more common terms, 98 of every 100 people who die face no estate tax whatsoever. Nevertheless, many younger Americans assume that the group of richest Americans will eventually include them.

Listen to the short Warren Buffet on the Estate Tax sound clip at the link below and then answer the following questions.

1. According to the sound clip, Warren Buffett, and proponents FOR an estate tax, what are the compelling arguments for having an estate tax?
3. Do you agree with these arguments? If so, why? If not, why not?