That's what it is, stealing from the family of the dead. When the family head dies, steal what the government can first and then let his children have what's left. A death tax should be a call for revolution. Those who wish to tax death, should get some of the death too, don't you think? After all, why should they only share in the inheritance without the sorrow too?
By doing nothing, Congress will enact a huge tax increase effective Jan 1, 2011; that's when the Bush tax cuts enacted in 2002 will expire. That increase will be in addition to whatever tax hikes the new administration decides to enact.
One of the expiring tax reductions is the reinstitution of the 55% Federal estate tax. Therefore, it's no surprise that many folks are doing what the Rooney family of Pittsburgh are doing:
Steelers chairman Dan Rooney and his son will likely buy a controlling interest in the team from Rooney's four brothers.
``It's not really (that) a deal has been reached, but we're coming along very well,'' Art Rooney Jr., one of the brothers, said Saturday.
``You're dealing with five people who are very private. There are a lot of ideas and nuances. We're moving in the right direction after all,'' he said. ``There's still things that have to be worked out, but it's headed that way...''
At least three of the five Rooney brothers want to sell their equal shares in the team partly to avoid costly future inheritance taxes for their children and grandchildren.
``We're all hanging our hats that we get it done before the change in the administration,'' which could lead to higher taxes, Art Rooney Jr. said.
Want to bet that there aren't a lot of owners of family-owned businesses that are thinking along the same lines?