Email L. Henry Platt, Jr.
I recommend reducing but not eliminating inheritance taxes. They provide incentives for charitable giving as well as encouraging industry growth among the beneficiaries of the inheritance.
I recommend full exemption for agricultural, commercial or industrial enterprises where the legator and the legatees own and operate at least 70'% of the venture. This would certainly include family farms and businesses -- but not Bill Gates' 30% position in Microsoft.
I recommend that Charitable Remainder Trusts be fully excluded, and that the income be fully taxed -- for new Trusts only. Old Trusts would still be accorded discounts as the Trusts paid some taxes already. Full deductibility of Charitable Remainder Trusts would greatly reduce the Bureaucracy which must currently examine each and every trust being created to calculate tax considerations.
© L. Henry Platt, Jr.