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To: 2maclean who wrote (126707)	2/6/2001 11:34:00 AM
From: willcousa	Respond to of 186894

OT - I would add that much gain in property value, particularly over a long holding period, is the result of inflation. After estate taxes, due to their high rate, the economic value of what is left in such a case may be less than the original investment. For example, I have from time to time deflated the current value of my home (which is in a hot real estate market) and found that almost all of the gain was from inflation

To: 2maclean who wrote (126707)	2/6/2001 11:54:10 AM
From: Road Walker	Read Replies (1) \| Respond to of 186894

2maclean, re: "Of course, no tax at all in both cases, would have been far preferable!" I can't argue with that. It's my understanding that estates under $600K are exempt from estate taxes (anyone correct me if I'm wrong on the number). It seems very unfair to me to place a new tax burden on those modest estates. I agree that estate taxes should be lowered. But wouldn't it make more sense to lower the rate to a reasonable level that still meets government revenue goals, rather than lowering it so far that you have to increase taxes on small estates? It's this kind of thing that gives Republicans a bad name. Increasing taxes on the middle class to support tax cuts for the wealthy, I don't think it's good politics or good policy. And the ability to pass equities on to the next generation, intact, adds value to stocks, for both the wealthy and the middle class. Without that feature, estate planners will lower their weighting in equities as an asset class. Less demand, lower stock prices. John