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Politics : Formerly About Advanced Micro Devices
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To: combjelly who wrote (575580)7/27/2010 2:29:08 PM
From: TimF2 Recommendations  Read Replies (1) of 1570323
 
There is no effective tax until the value of the estate gets over about $3.5 million.

For 2011 the exemption is only $1mil, and the rate is 55 percent.

"The wealthy have their assets in trusts and other instruments that shield them from taxation."

Yeah, right. Which is why the Walton heirs have been bankrolling the opposition to estate taxes for decades....

Assuming you're correctly describing them, Walton's actions provide essentially no support for arguing Bill's claim is incorrect. Having to structure your estate to avoid heavy taxation, itself costs money and reduces flexibility. Assuming the heirs care nothing except their inheritance and perhaps that of their later heirs, opposing the estate tax or trying to get it reduced, still makes sense.

And its also possible that they might have other reasons to be against it. I'm not likely to be subject to it, but I oppose it, and if I had billions (but still would somehow not be subject to it), I likely would contribute to the effort against it.
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