Interesting editorial page commentary in today’s New York Times and Wall Street Journal on what the Buffett and Gates philanthropy can teach us about the estate tax:

• New York Times editorial:  Way to Let Go!

The estate tax spurs giving because gifts to charity are exempt. Several studies, including one by Congress’s own budget agency, have shown that repealing the tax — or drastically lowering the tax rate, as the bill now before Congress would do — would sharply curtail charitable contributions. Philanthropists like Mr. Buffett and Mr. Gates are not up in arms over the estate tax because they voluntarily redistribute much of their wealth. But for the mega-rich who aren’t so inclined, the estate tax is a useful tool to make sure that from those to whom much has been given, something is required.

• Wall Street Journal op-ed:  Families Valued, by Lionel Tiger:

There has been a vigorous whoop of approval for Warren Buffett’s decision to begin turning over nearly all of his staggering fortune to charitable programs. A major tranche is going to the foundation of his friend Bill Gates. Dramatic as his decision is to turn private money to public ends, it also highlights a political issue of great durability and moment — what to do about estate taxes.

See also Reuters:  Buffett Calls for Retention of Estate Tax.