"Gates and other truly wealthy people hire attorneys to protect their assets from the estate tax."
Well, that isn't what Gates said, but maybe that's what he meant.
True story regarding estate taxes. The guy who founded Campbells soup died in the 1920's or '30's. He had estates all over the place, and so the States went to work to figure out where he had his primary legal residency so as to establish who got to collect the State estate tax. I think it was Ohio and Pennsylvania, or New Jersey, but it was a long time ago when I read this. One State could collect on the order of 28 million by their formula, the other about 35. The family tried to prove residency in the State with the lower tax.
After much wrangling between the two of them, both States collected their full amount, and got away with it!!
And, since we don't seem to be able to take it with us, I'm not sure how an estate tax deprives one of the fruit of their labors. Makes sense to a lot of people, though.
Arf
Current Events » in reply to Gates doesn't worry about the estate tax
Well,
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