The black business leaders' ad is also notable for being far more substantive than that of the white heirs and heiresses. Whereas the latter made their case with a lot of platitudes and unsupported statements, the former relied on logic and evidence to justify their position. Actually, this understates the point. In reality, for most people, the estate tax is a triple tax and for many a fourth level of taxation. Consider this example.
Someone works to earn wages, from which taxes are paid.
From what is left, this person saves a bit and buys a share of stock. The company of which he has now become part-owner earns a profit. That profit is taxed by the federal government at rates up to 35 percent. Suppose that this company does a good job at what it does and increases its profits, causing its stock to rise. If our friend sells his stock and realizes a capital gain, there will be another tax on that sale.