Forbes recently reviewed how the billion dollar Kennedy family actively avoids the death tax by their cunning use of various accounting gimmicks and family trusts.
The Kennedy hypocrisy is astounding given the average American can’t afford such pricey lawyers and investors to protect their savings. Small business owners and farmers could lose 40% of their life savings by the death tax, on top of additional taxes, crippling their ability to pass on the American Dream to their children and grandchildren.
Despite living large as the very type of family he claimed should be taxed more, the late Senator Ted Kennedy cried out, “The tax system is stacked against the average taxpayer.” He was absolutely right; Ted Kennedy’s votes in the Senate did safeguard a tax system stacked against Americans.
Ted Kennedy ensured this by voting against raising death tax exemptions in March 2007, against the permanence of the Bush years death tax cuts August 2006, against a repeal of the death tax June 2006 and against extending tax cuts on capital gains and dividends November 2005. The list goes on.
Meanwhile through coolly calculated transactions, Forbes concluded, the Kennedy trust could maintain an un-taxable fortune indefinitely.
For the farmer, the small business owner, and the grandparents of America, there remains hope. Representative Kevin Brady (R-Tex) is pushing for H.R. 2429 to repeal the Death Tax. ATR encourages all members of Congress to co-sponsor this legislation.
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