Billionaire Warren Buffet called on U.S. lawmakers to retain the estate tax in a speech on Monday.

Buffet spoke of the estate tax after agreeing to donate over $30 billion to the Bill and Melinda Gates Foundation and $6.4 billion to foundations on behalf of his late wife and their children.

He spoke of the estate tax as a good thing for America.

"I would hate to see the estate tax gutted," he said. "It is a very equitable tax. It's in keeping with the idea of equality of opportunity in this country, not giving incredible head starts to certain people who were very selective about the womb from which they emerged."

Buffet is the second richest man in the world, after Bill Gates.

The Senate recently fell three votes short of advancing a bill that would permanently repeal the estate tax. The House has passed a compromise bill that would limit the estate tax to the wealthiest of Americans.

The compromise measure would eliminate 99.7% of Americans from the bill. Republicans hope that it can be pushed through the Senate with the 60 votes needed to avoid a Democratic filibuster.

In an effort to push the bill through, a favorable tax provision for the timber industry has been added. Several Democrats have fought for the timber provision for years.

Bush's 2001 tax cuts currently include a phase-out of estate taxes through 2009, with a total repeal in 2010. In 2011, the tax would jump back to its top tax rate of 55% and would apply to all estates valued over $1 million.

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