The Detroit News. A few weeks ago, a group of white millionaires, most of whom inherited their wealth, placed a small advertisement in the New York Times imploring Congress not to repeal the estate tax. Now, fast forward to April 4. A group of black millionaires, most of whom made it themselves, place a full-page ad in the New York Times supporting abolition of the estate tax. This time the paper chose not to mention it in advance in its news pages.
Estate taxes are especially costly to family-run businesses.
My family would win big from an estate tax repeal. Despite all the moaning about fire sales to pay the tax man, only six in 10,000 people who die leave a taxable estate in which a family farm or firm makes up most of the estate's value.