Most Read
    Image 01 Image 02 Image 03

    Cold Collect

    Cold Collect


    Two parents lost their child in Queens earlier this week. She lived only an hour, but was still taxed $50 under the so-called “death tax” in New York. I suppose some people will do anything to close that New York state deficit…

    Earlier this year, a tycoon died “conveniently” before an estate tax was returned, saving his heirs a fortune:
    Textile tycoon Roger Milliken avoided the taxman upon his death almost a century after his grandfather lost a landmark legal fight with the U.S. government over sheltering a fortune from the estate tax.

    The 95-year-old Milliken, chairman of Milliken & Co., one of the world’s largest closely held textile, chemical, and floor-covering manufacturers, died in a Spartanburg, South Carolina, hospice on Dec. 30, less than 48 hours before a temporarily lapsed federal tax on multimillion-dollar estates was to be reinstated.

    The tragedies here are both very sad – one family will have to pay pittance for a child they never got to know, and another man made a choice to sacrifice himself because the timing of his taxes would be burdensome. (Either way, the death tax repulses me.)

    —————-

    Follow me on Twitter, Facebook, and YouTube

    Visit the Legal Insurrection Shop on CafePress!

    Bookmark and Share

    DONATE

    Donations tax deductible
    to the full extent allowed by law.

    Comments


    The story took place in King County, Washington, not Kings County, New York and it was a $50 fee charged by the M.E., not a "death tax" as that term has come to be used interchangeably with "estate tax" or "inheritance tax".

    A question about the death tax? since congress exempts themselves from most laws they push upon its citizens, are they and their families also exempt from such a tax? Considering all the tax cheats we have in Washington, such as Charlie Chuckie Rangel who was responsible for writing our tax laws, I'm going to guess that many of them will try to cheat their way out of paying as they have done with paying most taxes. JMOP

    Every day and in every way, government shows its nuanced appreciation for the complexity of life. It adapts to all of us as individuals, and is knowledgeable, caring, and thoughtful in applying its absolute power. (sarc)

    Garland's law:  The government eventually charges a fee for everything useful which it does for the people. All other functions are paid for out of general tax revenues.

    I'm all for a 100% Estate Tax. If we could get away with that in lieu of any income taxes (a tax on production) this would be the best situation. In situations involving the untimely demise of parents, this is what life insurance is for. I can't understand why some people think their entitled to their parent's wealth simply by the fortune of their birth, and I don't understand why some conservatives call for the elimination of the Estate Tax as a signature issue.

    Listening to certain people going on about how some rich people had to sell off portions of inherited businesses fails to elicit any sympathy with me. Besides, we wouldn't be stuck with the Kennedies if we had a 100% death tax.

    @quiznilo. although I'm not at the income level where estate taxes are an issue, one of the things that I work for is a nest egg to leave for my children. That's something that *I* want, shouldn't I be able to direct the money I earn where I want it to go?


    Leave a Comment

    Leave a Reply

    You must be logged in to post a comment.

    Notify me of followup comments via e-mail (or subscribe without commenting.)

    Font Resize
    Contrast Mode
    Send this to a friend