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(For these updated wealth estates we did not factor in valuations of the tycoons' privately held assets — land, art collections, yachts, Gulfstreams and the like. A fuller accounting will appear in the survey of the Global 200 Elite in FORBES GLOBAL's July 6 issue).
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In their letter the senators also pointed out that the estate tax lapse is allowing the family of the late Dan L. Duncan, the Texan who died in March with a net worth Forbes estimates at $9.8 billion to inherit his wealth estate tax free.
Their institution costs, even wastes, public money, though it controls huge wealth and estates of its own.
A member of the Reichsritterschaft, or class of free imperial knights, Sickingen acquired considerable wealth and estates in the Rhineland as the result of campaigns against private individuals and against cities, including Worms (1513) and Metz (1518).
Andrew Carnegie believed (as do Warren Buffett and Bill Gates) that wealth in estates should be taxed rather than be passed along from one generation to the next.
In a reflection of the new wealth, real estate values grew even faster.
The last decade has seen the abolition of wealth tax, estate duty and gift tax and a consolidation of tax rates with no adverse effect on tax revenues.
A far less risky course to reduce wealth for estate-tax purposes is to transfer to children nonprimary residence assets such as stocks and bonds.
One of the biggest drivers of income inequality is the fact that so much of the nation's wealth — real estate, stocks, bonds, and physical capital — is concentrated in so few hands.
Now that I'm 72 years old, I can look forward to paying a significant portion of my accumulated wealth in estate taxes to the federal government and, depending on the state I live in at the time, to that state government as well.
Source of Wealth: Real estate.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com