Gentle Readers, Dear John, Bullseye! You hit it dead center! Would you like, - a Kewpie Doll, or - a Cigar? Mr. Buffet has organized his financial life, his income & assets, in such as way, as to avoid all of the tax increases he proposes other people should pay. It's very simple: OPM, Other Peoples Money. Other people should pay taxes, and his firms are organized so that he always earns money even if some investors lose theirs! ( and he avoids taxes on his earnings ) Sincerely, John Lepant Brighton CO ps: Would this be a ' Dear John ' letter? ;)