The estate tax expired on January 1, 2010. It remains to be seen whether Congress will reinstate it before it returns in 2011...Read more
Report Exposes Wealthy Families Behind Estate Tax Repeal Effort
- April 28th, 2006
A new report by the advocacy groups Public Citizen and United for a Fair Economy reveals that the lobbying effort to repeal the estate tax has been led by 18 super-wealthy families. The families behind Wal-Mart, Gallo Winery, Campbell Soup Company, and Mars Inc., among others, have funded a multi-million dollar campaign to repeal the federal estate tax. According to the 58-page report, titled "Spending Millions to Save Billions," the families stand to collectively gain $71.6 billion if the tax is repealed, but have kept their involvement anonymous by using associations to represent them.
The report also claims the families have misled the public on the importance of the estate tax to most Americans. In 2006, only estates worth more than $2 million will be taxed. According to the report, 99.7 percent of people who die this year will not be subject to the estate tax. The report states that if the estate tax is repealed, it will cost the U.S. Treasury a trillion dollars in the first decade.
According to the report, the families have used their own wealth and company resources to fund the lobbying effort, which has included attacks against Republican and Democratic senators, including former Senate Minority Leader Tom Daschle (D-S.D.) and Sens. Max Baucus (D-Mont.), Olympia Snow (R-Maine), Blanche Lincoln (D-Ark.), Mark Pryor (D-Ark.), Lincoln Chaffee (R-R.I.), and Kent Conrad (D-N.D.)
To read the full report, click here.
Local Elder Law Attorneys in Ashburn, VA
Margaret A. O'Reilly, PC
Margaret A. O’Reilly is an estate planning and elder law attorney with over thirty-five years of legal experience. Attorney O’Reilly graduated from Duke University with a degree in psychology, and received her law degree from Northeastern University School of Law in Boston, Massachusetts. For over 15 y...
Hale Ball Carlson Baumgartner Murphy PLC
Jean Galloway Ball is certified in Elder Law by the National Elder Law Foundation. She is a 1977 honors graduate of the National Law Center, George Washington University, and she did her undergraduate work at the University of California at Berkeley, graduating Phi Beta Kappa in 1971. She is admitted to practice in Vir...
Hammond and Associates, LLC, Elder Law, Estate Planning, Wills, Trusts, Probate
For Jeffrey Hammond, the practice of Elder Law is personal. Jeff’s many years of experience in law and in business did not prepare him for the crisis he faced in 2005 and 2006 when his father suffered a stroke and both of his parents suffered from dementia and other medical problems. At that time, Jeff began an i...