Rationale for Estate Tax

While I don't necessarily agree with the rationale proposed in this article for an estate tax on the wealthy, it does do a good job of laying the rationale used by the democrats in Congress. Albeit, with a slanted view.

OMB Watch Article

It is debatable whether or not the reasons used to pass the first estate tax in 1916 are still in place. Similar arguments were used to implement income tax during the Gilded Age in American history.

If you are interested in this area, there is an excellent book called The Great Tax Wars - The Fierce Battles Over Money and Power That Transformed the Nation; by Steven R. Weisman.

"The Boss" wins again

With every passing of a wealthy individual this year, the lapse in the federal estate tax is in the news again. The most recent example being George Steinbrenner. With an estimated estate of $1.1 billion, Mr. Steinbrenner does not top the list of billions taking advantage of the lack of estate tax, he does achieve one last victory for himself and his family.

To view Steinbrenner heirs save millions click here

Mr. Dan Duncan passed away in March of this year with an estimated estate of $9.0 billion. The Houston, TX native is listed on Forbes list of wealthiest people at number 74.

For more information on Dan Duncan click here