Update: This just in--the Senate has postponed the scheduled June 29 vote on reducing the estate tax.

In explaining his decision to give away most of his money through the Gates Foundation, Warren Buffett says his children have had more privileges and advantages than more than 99 percent of the rest of the children in America. His heirs don't need to inherit every last cent of his billions as well. Buffett says he hopes his gift will serve as a model for others.

Contrast that with Buffett's peers who are fighting to reduce the estate tax so their heirs are spared paying taxes on the millions they inherit. Those who oppose the estate tax say it's only fair. I say it's only greed.

The Senate has scheduled a June 29 vote on another ‘motion to proceed’ with alternative estate tax legislation that could cost $800 billion during the first decade in which the cut would be fully in effect--a cost that will be borne by the rest of us who don't qualify for the estate tax, especially our children.