Rubin, Robertson Want U.S. Estate Tax Reinstated

Original publication: Reuters.com

Date of publication: July 21, 2010

"Former U.S. Treasury Secretary Robert Rubin and Tiger Management founder Julian Robertson have joined a growing chorus calling for the U.S. estate tax, which expired last year, to be reinstated by Congress before its August recess.

The recent death of New York Yankees boss George Steinbrenner helped shine a spotlight on an unprecedented situation: millionaires and billionaires who die in 2010 can pass on their fortunes to heirs without any estate tax, thanks to the expiration of 2001 Bush tax cuts followed by a year of Congressional inaction.

Now a group that includes formerly Goldman Sachs co-head Rubin, hedge fund pioneer Robertson and Walt Disney heir Abigail Disney are calling on Congress to reinstate the estate tax before the August recess. These three, along with AFL-CIO President Richard Trumka will speak at a Wednesday press conference.

The estate tax, which was reduced in 2001 by the Bush Administration, expired at the end of last year. It has not yet been replaced amid debate over how high the bar should be set for exemption and how steep the rate should be. [...]"

Read the full article by Joseph A. Giannone on Reuters.com