Jack-of-all-trades real estate agents who are able to deal in beachfront properties, yachts and private jets.
In 1997, over half of all estate-tax payments were made by 2,400 estates with a gross value of over $5m.Thus the tax in fact affects very few farmers and small businesses.
As Gene Sperling, the president's economics adviser, has noted, half of all estate-tax revenues come from the top one-tenth of 1percentt of estates -- the assets of the truly wealthy.
Only 2percentt of all estates, those valued at more than $675,000, are subject to the tax; in 1998, more than one-fifth of all estate-tax revenue came from just 374 estates worth more than $20 million each.
About 2percentt of all estates -- those larger than $675,000 this year -- are subject to federal estate taxes.
Already, inheritance tax is paid by a tiny fraction of all estates.
That leaves less than 1percentt of all estates subject to the tax.
Mr. Pomeroy said his bill would exempt 99.65 percent of all estates from taxation, including all but 400 farms.
Mr. Pomeroy said his plan had the advantage of more immediate relief and would have exempted 99.7percentt of all estates.
