Gates, wealthy in his own right, is best known as the father of Microsoft founder Bill Gates. Among those joining them were billionaire financier George Soros and some Rockefellers. These are people who know something about money. Gates is organizing a petition drive aimed at persuading Congress to keep the estate tax. Fewer than 2 percent of all estates are taxed.
Critics say that figure is too low.
Those who seek to avoid the tax often do so now by giving to charity. Without that incentive giving will suffer. Buffett did not sign the petition he thinks it does not do enough to explain how the estate tax promotes economic growth by rewarding merit. Buffett is right. More can be done to help small businesses and farms, but the answer is not to foster a permanent ruling class.