The problem is that there is no way to track what flows into his bank account. Evidence says that he can avoid being taxed on any dollars flowing to his bank account.
This wasn't a huge problem a century ago due to the Estate tax ensuring that estates would shrink over time and eventually be taxed. In stark contrast to European laws that required estates to be maintained in their entirety to preserve the aristocracy. If Buffett can avoid tax during life and death and pass on a preserved estate then there is no guardrail against a gentle class. Fundamentally it also means that we've setup a tax system more akin to a feudal system where workers pay taxes and aristocrats receive benefits.
The modern equivalent (though it is not often encountered either) is “genteel”, which I think roughly mimics the French pronunciation of the original word, but with a hard “g”. Sure looks like a cognate to me.
What are you talking about? You think Warren Buffet can covertly sell his holdings and not have anybody find out? If he executes any sales the brokers will have the records; if he transfer the funds to any bank in the world, there will be plethora of records for regulators to access. There's no way he can secretly hide large transfers.
The estate tax wasn't even enacted until 1916 so there wasn't a period of time where "estates would shrink over time" (for tax reasons, at least; the two World Wars plus inflation actually existing did lead to huge changes in the wealth distribution). And by the early 20th century land was no longer the single dominant form of capital in the portfolios of the wealthiest individuals.
This wasn't a huge problem a century ago due to the Estate tax ensuring that estates would shrink over time and eventually be taxed. In stark contrast to European laws that required estates to be maintained in their entirety to preserve the aristocracy. If Buffett can avoid tax during life and death and pass on a preserved estate then there is no guardrail against a gentle class. Fundamentally it also means that we've setup a tax system more akin to a feudal system where workers pay taxes and aristocrats receive benefits.