The estate tax laws were enacted in 1916. In 1937, John D. Rockerfeller’s estate paid 70%. In 2010, however, the tax has been repealed – but for 2010 only!
Dan L. Duncan died in March 2010 with an estimated wealth of $9 billion, meaning his four children and four grandchildren will collect billions of dollars that in any other year would have been taxed and added to the United States coffers.
If Mr. Duncan had died in 2009, his estate would have been subject to a tax of at least 45%. If he survived until Jan. 1, 2011, his estate would have paid 55% — because the tax revives as of January 1, 2011.