Sheldon Pollack

Sheldon D. Pollack

Recent Articles

It's Alive!

O n June 10, amid much hoopla, the House of Representatives voted by a margin of 279-136 to repeal the federal estate tax--along with the federal gift tax and the so-called generation-skipping transfer tax. While the legislative initiative was orchestrated by the House Republican leadership, 50 Democrats joined as co-sponsors, and 65 voted for the bill. A few even attended a pep rally held prior to the vote to kill what Republicans derisively refer to (on the advice of their pollster, Frank Luntz) as the "death tax." The legislation HR 8 (the Death Tax Elimination Act of 2000) phases out the estate tax over 10 years and carries an estimated price tag of $20 billion over five years, $105 billion over 10 years, and about $50 billion a year thereafter. The Senate Finance Committee, chaired by William Roth of Delaware, is expected to take up consideration of the proposal sometime later this year. The...