Warren Buffett, the billionaire CEO of Berkshire Hathaway, is known for speaking directly, sometimes bluntly. "Dynastic wealth, the enemy of a meritocracy, is on the rise. Equality of opportunity has been on the decline," Buffett said, as the Senate Finance Committee held a hearing on estate tax reform. "A progressive and meaningful estate tax is needed to curb the movement of a democracy toward plutocracy....In a country that prides itself on equality of opportunity, it's becoming anything but that as the gap between the super-rich and the middle class is widening."
Buffett earned his billions by understanding people and money. If the free market rewards good ideas, then every American with a net worth of less than $52.4 billion needs to listen closely to what Buffett has to say.