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 current Republican crusade to repeal the federal estate and gift taxes (which in 1976...