Right now, millionaires and billionaires who die in 2010 can pass on their fortunes to heirs without any estate tax.So, thanks to the expiration of 2001 Bush tax cuts and the year of Congress not doing anything about it, many somewhat cruel heirs have, maybe, a reason to hope their parents die this year.
Two guys that are now saying they want the estate tax reinstated ASAP, hopefully before August when Congress recesses, are Julian Robertson and Robert Rubin.
It’s funny because both men are (relatively) older-ish guys who you might think would like the non-existent estate tax to remain as-is, just in case. Then, if by chance this was the unfortunate year their lives came to an end, they would pass an incredible fortune onto their sons (Robertson has three, Rubin has two).
But nope, these guys want the law back. Which is hilarious because it begs the question, why do they care?
Maybe because they’re good guys who just want to give money to the government, but maybe they’ve heard one too many jokes about dying this year.
The current state tax is a (dark humour) funny reminder: There are only two certainties in life, death and taxes.