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Just the highest profile example of estate tax avoidance?

by Paul C / November 15, 2008 5:40 PM PST

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?

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you mean the "Death Tax"?
by James Denison / November 15, 2008 10:28 PM PST

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?

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It is my understanding that the UK has a very high death tax
by Diana Forum moderator / November 16, 2008 5:56 AM PST

The wealthy that worry about it simply take out a insurance policy that pays the tax upon their death. I don't know why this isn't common here.

Diana

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Because,
by critic411 / November 16, 2008 6:15 AM PST

if the insurance company pays the tax, that's taxable then?

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(NT) Is an insurance payout taxable?
by Diana Forum moderator / November 16, 2008 9:40 AM PST
In reply to: Because,
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(NT) Some are
by critic411 / November 16, 2008 8:09 PM PST
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Obama's got a web site and is reportedly
by Steven Haninger / November 16, 2008 3:53 AM PST

got something of a suggestion box. I've been too lazy to confirm this but the death tax is an important enough issue that it might be worth dropping him a line. He'll have the power (or influence) to keep that one in place. Now, isn't his background that of an activist...one who makes enough noise until they get their way? How about let's give him an earful starting now?

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Because ideologues of ANY political belief...
by Paul C / November 16, 2008 6:58 AM PST

...never listen to other people until reality slaps them hard in the face and kicks them even harder somewhere below the waist - and sometimes not even then.

Barack Obama is an honest to goodness leftist ideologue, convinced of the rightness of his ideas and oblivious to reality. I doubt that he'll heed reality's little slaps, and even its kicks.

Enjoy the next four years, everyone!

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Hmm wonder if he'll be allowed to read it?
by Roger NC / November 16, 2008 10:17 AM PST
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