Legacy for One Billionaire: Death, but No Taxes

[onehandle]

Source: New York Times



(Dan L. Duncan, in 2006. He was an avid big-game hunter.)

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. If he had lived past Jan. 1, 2011, the rate would be even higher — 55 percent.

Instead, because Congress allowed the tax to lapse for one year and gave all estates a free pass in 2010, Mr. Duncan’s four children and four grandchildren stand to collect billions that in any other year would have gone to the Treasury.

Read more: http://www.nytimes.com/2010/06/09/business/09estate.html

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Wonderful job, Congress.

[GreenPartyVoter]

1. Brilliant

[RKP5637]

2. This is a sad F'ed place to try to live. n/t

[girl gone mad]

3. What a despicable..

piece of human garbage this guy was.

Hope the kids have better values. I know some kids who stand to inherit billions and essentially despise their rw parents, so it can happen..

[Gormy Cuss]

4. Who could have foreseen such an event

other than any half-way decent actuary.

[Zoeisright]

5. Too bad the lions couldn't have finished him off. What a piece of shit.

He thinks he's a big man because he shot animals? He's a sorry little wuss.

[Maraya1969]

6. They should make it illegal to have big game heads that are less than

10 years old to be brought into this country. How anyone can kill these beautiful AND endangered animals is beyond me. But serial killers and psychopaths kill animals when they are kids so what exactly is the difference?

I wish someone would compile a list of all people they know who shoot in these game facilities and send it around the internet.

[1620rock]

7. Asshole...murders inoffensive animals for "thrill Killing.", and has billions while people starve.

[Lorien]

8. Hopefully his kids aren't as selfish and asinine as he was

the world lost NOTHING with his passing. Evil fuck. Thrill killers are some of the worst creatures on the planet.

[Scuba]

9. The Paris Hilton Tax Relief Act

[joe black]

10. Wherever he's at heven or hell.

I hope the lions are holding the guns now and chasing his sorry ass through the bush.