Death, but No Taxes
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From: Cliff on 10 Jun 2010 10:44 http://www.nytimes.com/2010/06/09/business/09estate.html?src=busln "Legacy for One Billionaire: Death, but No Taxes" [ A Texas pipeline tycoon who died two months ago may become the first American billionaire allowed to pass his fortune to his children and grandchildren tax-free. Dan L. Duncan, a soft-spoken farm boy who started with $10,000 and two propane trucks, and built a network of natural gas processing plants and pipelines that made him the richest person in Houston, died in late March of a brain hemorrhage at 77. Had his life ended three months earlier, Mr. Duncan�s riches � Forbes magazine estimated his worth at $9 billion, ranking him as the 74th wealthiest in the world � would have been subject to a federal tax of at least 45 percent. ..... ]
From: FatterDumber& Happier Moe on 10 Jun 2010 11:38 Cliff wrote: > http://www.nytimes.com/2010/06/09/business/09estate.html?src=busln > "Legacy for One Billionaire: Death, but No Taxes" > [ > A Texas pipeline tycoon who died two months ago may become the first American > billionaire allowed to pass his fortune to his children and grandchildren > tax-free. > > Dan L. Duncan, a soft-spoken farm boy who started with $10,000 and two propane > trucks, and built a network of natural gas processing plants and pipelines that > made him the richest person in Houston, died in late March of a brain hemorrhage > at 77. > > Had his life ended three months earlier, Mr. Duncan�s riches � Forbes magazine > estimated his worth at $9 billion, ranking him as the 74th wealthiest in the > world � would have been subject to a federal tax of at least 45 percent. > .... > ] Timing is everything.
From: Mark on 10 Jun 2010 13:17 Awwwww... too bad... I guess the Dims were too busy stealing more trillions from the taxpayers to worry about a few billion from good ol' Dan. Good for him and his family, smart guy. On Jun 10, 10:44 am, Cliff <Clhuprichguessw...(a)aoltmovetheperiodc.om> wrote: > http://www.nytimes.com/2010/06/09/business/09estate.html?src=busln > "Legacy for One Billionaire: Death, but No Taxes" > [ > A Texas pipeline tycoon who died two months ago may become the first American > billionaire allowed to pass his fortune to his children and grandchildren > tax-free. > > Dan L. Duncan, a soft-spoken farm boy who started with $10,000 and two propane > trucks, and built a network of natural gas processing plants and pipelines that > made him the richest person in Houston, died in late March of a brain hemorrhage > at 77. > > Had his life ended three months earlier, Mr. Duncan s riches Forbes magazine > estimated his worth at $9 billion, ranking him as the 74th wealthiest in the > world would have been subject to a federal tax of at least 45 percent. > .... > ]
From: edspyhill01 on 10 Jun 2010 15:05 On Jun 10, 1:17 pm, Mark <bogusmailm...(a)yahoo.com> wrote: > Awwwww... too bad... I guess the Dims were too busy stealing more > trillions from the taxpayers to worry about a few billion from good > ol' Dan. > > Good for him and his family, smart guy. > > On Jun 10, 10:44 am, Cliff <Clhuprichguessw...(a)aoltmovetheperiodc.om> > wrote: > > > http://www.nytimes.com/2010/06/09/business/09estate.html?src=busln > > "Legacy for One Billionaire: Death, but No Taxes" > > [ > > A Texas pipeline tycoon who died two months ago may become the first American > > billionaire allowed to pass his fortune to his children and grandchildren > > tax-free. > > > Dan L. Duncan, a soft-spoken farm boy who started with $10,000 and two propane > > trucks, and built a network of natural gas processing plants and pipelines that > > made him the richest person in Houston, died in late March of a brain hemorrhage > > at 77. > > > Had his life ended three months earlier, Mr. Duncan s riches Forbes magazine > > estimated his worth at $9 billion, ranking him as the 74th wealthiest in the > > world would have been subject to a federal tax of at least 45 percent. > > .... > > ] Boy George signed into law that people don't have to pay estate taxes if the estate value is over $5m. I guess us low wage shlubs have to subsidize these poor rich people.
From: Mike Hunter on 10 Jun 2010 16:00
The reduced inheritance death tax does not expire until the end of the year. To say he died tax free is ridiculous. He paid taxes, at the highest tax rate, every year that he was earning those billions and providing jobs for probably thousands of workers, accountants, lawyers etc., who also paid taxes. In adding his stockholders paid income and capital gains taxes as well. "Cliff" <Clhuprichguesswhat(a)aoltmovetheperiodc.om> wrote in message news:0fu116tgol8ad8t7v36o0ta9n2esot3tu0(a)4ax.com... > http://www.nytimes.com/2010/06/09/business/09estate.html?src=busln > "Legacy for One Billionaire: Death, but No Taxes" > [ > A Texas pipeline tycoon who died two months ago may become the first > American > billionaire allowed to pass his fortune to his children and grandchildren > tax-free. > > Dan L. Duncan, a soft-spoken farm boy who started with $10,000 and two > propane > trucks, and built a network of natural gas processing plants and pipelines > that > made him the richest person in Houston, died in late March of a brain > hemorrhage > at 77. > > Had his life ended three months earlier, Mr. Duncan's riches - Forbes > magazine > estimated his worth at $9 billion, ranking him as the 74th wealthiest in > the > world - would have been subject to a federal tax of at least 45 percent. > .... > ] |