Texas billionaire's legacy: Death, but no taxes

[Contrary1]

"A Texas pipeline tycoon who died two months ago may become the first American billionaire allowed to pass his fortune to his children and grandchildren tax-free.

Dan L. Duncan, a soft-spoken farm boy who started with $10,000 and two propane trucks, and built a network of natural gas processing plants and pipelines that made him the richest person in Houston, died in late March of a brain hemorrhage at 77.

Had his life ended three months earlier, Mr. Duncan’s riches — Forbes magazine estimated his worth at $9 billion, ranking him as the 74th wealthiest in the world — would have been subject to a federal tax of at least 45 percent. If he had lived past Jan. 1, 2011, the rate would be even higher — 55 percent.

Instead, because Congress allowed the tax to lapse for one year and gave all estates a free pass in 2010, Mr. Duncan’s four children and four grandchildren stand to collect billions that in any other year would have gone to the Treasury.

<snip>

The one-year lapse in the estate tax was signed into law by President George W. Bush in 2001, an accounting quirk in his package of tax cuts. Although Democrats pledged to close that gap and reinstate a tax for 2010 when they took control of Congress, they failed to reach an agreement last December. The Senate Finance Committee is now trying to forge a compromise that would reinstate the tax, but even if that effort succeeds, it is unclear whether any changes might be retroactive and applied to those who have died so far in 2010..."

http://www.msnbc.msn.com/id/37588278/ns/business-personal_finance/

[charlie]

1. Houston PD should quietly open a death investigation

Y'know, to be sure.

[EC]

2. So much for deficit reduction... n/t

[leveymg]

3. Here's more bad news: the tax bill carries over $28.5 billion in "expiring" tax subsidies

“The American Jobs and Closing Tax Loopholes Act" (AJACTLA) has little to create jobs or closing loopholes—and would in reality continue so many special interest tax breaks—would be so hideously mislabeled. The bill would extend, count ‘em, 70 expiring subsidies at a cost of $28.5 billion over the next two years. There is little or no evidence that any of these goodies have ever created jobs, and thus it is unreasonable to believe they will produce any in the future—or that their long-postponed deaths would cost jobs.

[Confusious]

4. Horray!

A new nobility/ landed group.

Didn't we fight some war to get rid of that?

I for one will enjoy being a serf. :sarcasm:

Though considering the state of America, I'm sure 49.1% would. NOT sarcasm.

[TexasObserver]

5. Now that's what I call good estate planning!