Warren Buffett Just Destroyed the Myth of the “Death Tax” and Exposed the Real Welfare Queens—The Billionaire Class
By Justin Jest – Gonzo Journalist, Reluctant Realist, Connoisseur of Chaos
Warren Buffett is a capitalist—one of the most successful in history. But unlike his billionaire peers, he’s not full of shit when it comes to taxes.
And when he spoke to Congress about why the estate tax is necessary and how America is sliding into a full-blown plutocracy, it was the most honest thing a billionaire has ever said in public.
He ripped apart the “death tax” myth, exposed how the richest Americans have rigged the system for dynastic wealth, and even offered a simple fix to lift millions out of poverty—which, of course, Congress ignored.
Myth #1: The “Death Tax” is Screwing Average Americans
You’ve heard it before—Republicans shrieking about the “death tax” like it’s the IRS kicking down Granny’s door and prying her wedding ring off her corpse.
Buffett called it out for what it is: bullshit marketing.
“More than 2.4 million Americans will die this year. About 12,000 of them will leave estates that will be taxed. That means 99.5% of estates will be tax-free. You would have to attend 200 funerals to be at one where the estate owed a tax.”
Read that again:
99.5% of estates are NOT taxed.
The only people actually paying the estate tax? The ultra-wealthy.
And yet, Fox News has spent decades brainwashing middle-class people into believing that their modest homes, savings, and family businesses are at risk—when in reality, unless you’re inheriting tens of millions of dollars, you’ll never pay a dime in estate tax.
What’s actually happening? Billionaires don’t want to pay taxes. So they tricked working-class people into thinking the estate tax affects them, too.
And the scam worked. Republicans slashed the estate tax multiple times, letting generational wealth explode while funding cuts to schools, healthcare, and public infrastructure.
Myth #2: America is a Land of Equal Opportunity
Buffett laughed in Congress’s face at the idea that America is still a place where hard work determines success.
Because while everyday Americans are stuck in stagnant wages and skyrocketing costs, the ultra-rich are hoarding obscene amounts of wealth—not because they earned it, but because the system is rigged to funnel money upward.
Some numbers to ruin your day:
- In 1987, it took $220 million to make the Forbes 400 list.
- In 2025, it takes $1.3 BILLION.
- The total wealth of the Forbes 400 has jumped from $220 billion to $1.54 TRILLION in 30 years.
- Meanwhile, the median American worker’s income has barely moved—rising only with inflation.
In other words, the rich aren’t just getting richer—they’re leaving everyone else behind.
Buffett calls this what it is: a threat to democracy.
“Dynastic wealth—the enemy of a meritocracy—is on the rise. Equality of opportunity is on the decline. A progressive and meaningful estate tax is needed to curb the movement of a democracy toward a plutocracy.”
This is coming from a billionaire who benefited from the system.
He’s telling you the game is rigged.
And yet, instead of fixing it, Congress keeps slashing taxes for the ultra-rich—all while lecturing Americans about “fiscal responsibility.”
Myth #3: Cutting the Estate Tax Helps Everyone
So what happens if we eliminate the estate tax?
Well, that money still has to come from somewhere.
And if billionaires don’t pay, you will.
Buffett put it bluntly:
“Estate taxes now raise about $24 billion a year. That $24 billion will come from about 12,000 estates. Indeed, half of that sum will come from only about 1,500 estates.”
Think about that.
Just 1,500 of the wealthiest families in America are being asked to contribute $12 billion to the country that made them rich.
Instead, they want YOU to pay for it.
“One point you never hear from proponents of estate tax elimination is whom they would get the $24 billion from if they didn’t get it from the 12,000 largest estates. They just say, ‘Free us!’ They don’t say who to further shackle.”
Spoiler: The answer is YOU.
Buffett’s Simple Fix: Tax the Rich, Help 50 Million People
Buffett didn’t just expose the problem—he proposed a solution.
Instead of giving another $24 billion tax break to the richest families on Earth, what if we:
✅ Kept the estate tax
✅ Used the $24 billion to give the poorest 23 million households a $1,000 credit?
That’s $1,000 per year to 50 million struggling Americans—which could actually make a difference.
To put it in perspective:
- Leona Helmsley’s dog inherited $12 million when she died.
- If we kept the estate tax, that $12 million could have helped 10,000 struggling families instead of going to a literal dog.
And yet, Republicans fought tooth and nail to cut estate taxes so billionaire dogs could inherit more—while telling Americans there’s no money for food assistance, child tax credits, or student debt relief.
It’s naked corruption.
The Real Scam: The Poor Pay More While the Rich Get Away With It
Here’s the most enraging part:
The poorest Americans pay a HIGHER tax rate than billionaires.
Buffett highlighted this insane reality:
- The bottom 20% of American households pay 15.3% in payroll taxes.
- That’s MORE than the tax rate on dividends, capital gains, or carried interest—the way rich people make their money.
So if you work a job, you’re paying more in taxes than someone who makes money by sitting on their ass and collecting stock gains.
And Congress is fine with that.
They’d rather squeeze another $100 from your paycheck than make billionaires pay their fair share.
Final Thoughts: The Rich Are Laughing at You
Buffett is one of the few billionaires willing to say the quiet part out loud:
The estate tax isn’t a burden on average Americans—it’s the only thing preventing a full-blown aristocracy.
The ultra-rich have convinced people to fight against their own economic interests while hoarding trillions in tax-free wealth.
And every time you hear a politician whining about the “death tax,” just remember:
- 99.5% of people don’t pay it.
- The 12,000 richest families just don’t want to contribute.
- If they don’t pay, YOU will.
This isn’t an economic debate.
It’s a heist.
And unless people wake up, the billionaire class is going to get away with it—again.
