The Boss and the Estate Tax

Gerard Magliocca

Gerard N. Magliocca is the Samuel R. Rosen Professor at the Indiana University Robert H. McKinney School of Law. Professor Magliocca is the author of three books and over twenty articles on constitutional law and intellectual property. He received his undergraduate degree from Stanford, his law degree from Yale, and joined the faculty after two years as an attorney at Covington and Burling and one year as a law clerk for Judge Guido Calabresi on the United States Court of Appeals for the Second Circuit. Professor Magliocca has received the Best New Professor Award and the Black Cane (Most Outstanding Professor) from the student body, and in 2008 held the Fulbright-Dow Distinguished Research Chair of the Roosevelt Study Center in Middelburg, The Netherlands. He was elected to the American Law Institute (ALI) in 2013.

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4 Responses

  1. Ken Rhodes says:

    I’m confused — maybe — or maybe it’s just terminology.

    “If Congress brings back the estate tax with a prospective resumption date (for example, on January 1, 2011), etc…”

    I think if Congress takes NO action on that subject, the estate tax DOES come back, precisely on January 1, 2011, due to the sunset provision of the Economic Growth and Tax Relief Reconciliation Act of 2001.

    Am I behind the times on this subject?

  2. Gerard Magliocca says:

    Ah, yes. My mistake. I will change that example.

  3. tf says:

    “As a result, Steinbrenner’s heirs may reap a huge windfall.”

    I do not see how keeping what is rightfully yours and will be taxed when recognized as a windfall.

    Unless you mean in the sense that the robber barons chose not to steal their money.

    I am not rich but I do not see maximum tax rate of 55% or whatever it will revert to next year as anything but legalized robbery. Paying normal capital gains when realized is fine but this is way more than that.

  4. dfb says:

    “I do not see how keeping what is rightfully yours and will be taxed when recognized as a windfall.”

    Because it is not yours, yet. 😉