On May 9, a group of billionaires led by William H. Gates Sr., father of Microsoft Chairman Bill Gates, descended on Washington. They came to fight against repeal of the death tax. They aren't bothered by this massive tax that allows the IRS to confiscate up to 55 percent of the property that a family has built over decades of hard work.
Assets are strategically divided and cloaked.
Foundations and trusts are established. Taxation at its highest level is avoided handily. These wealthiest of families stay wealthy, their businesses survive, their children, grandchildren and great-grandchildren go to private schools, colleges and top graduate schools. They vacation in Bali. The death tax does not change their lives.