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"If you make large, taxable gifts at the 2010 35% maximum gift tax rate, that could be a whopping savings from incurring the 55% marginal estate tax rate that comes into play in 2011 and later years if Congress does nothing".
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By the end of World War II, the top marginal estate-tax rate reached 75 percent in Britain and 77 percent in the United States.
In their work on wealth inequality over time in the United States, the economists Wojciech Kopczuk and Emmanuel Saez suggest that the 77 percent top marginal estate-tax rate that prevailed after World War II helped ensure that the share of wealth owned by those at the top of the social ladder did not return to its prewar highs.
This was a period in financial history when Japanese banks would finance the most marginal real estate speculator; land prices, and stock prices with them, climbed to exorbitant levels.
They won't have estate agents in marginal Croydon rubbing their hands at the potential effect on house prices.
But Mr. Bush seems instinctively drawn to the classic conservative agenda of trimming high marginal rates, capital gains and estate taxes.
Many Scottish estates have become marginal operations, staying in business only because of lairds who were magnanimous or did not task their properties with making profits.
Mr. Bush has pledged to eliminate the estate tax and cut marginal tax rates.
Democrats and even moderate Republicans resist cuts in marginal rates and elimination of the estate tax in ways that shower most benefits on wealthy Americans, even if they pay the bulk of the taxes.
Also casting a large shadow over small and medium business is the uncertain outlook on estate tax, extenders and marginal tax rates.
The reason is that the higher the taxes are on dividends, capital gains, estate taxes and higher marginal tax rates, the more attractive life insurance annuities become.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com