Last week, I posted an entry regarding how George Steinbrenner saved his heirs $500 million by dying in 2010 – when there are no estate taxes.
My intent was a chuckle, but a thoughtful reader reminded that the estate tax hits real people in some harmful ways …
When my last grandparent passed in 2005 she left behind a family farm consisting of 1,000 acres in NC.
In order for my father to receive the land he had to pay ~1 years salary in inheritance taxes.
Not so he could really improve his livelihood, but so he could retain the land that was in the family since the 1800s.
Folks can talk about only taxing the ‘rich’ in society but they’re not the ones having to look my father in the eye while he’s attempting to pull together cash to pay the IRS.
An excellent reminder …. it’s not just the fat cats who get nabbed !
The Homa Files 
July 22, 2010 at 9:51 am |
When people speak of the rich, they don’t only speak of the mega rich. Envy is a part of life, unfortunately.