Why Liberal Foundations Fear Losing the Estate Tax
Holcombe, Randall G., Insight on the News
As the debate on the estate tax heats up again, its opponents argue that its most negative impacts are on family farms and small businesses. This may be true, but its effects reach much further than that. One area in which estate taxes have a major impact is on America's nonprofit sector, yet its impact in this area rarely is considered.
Experience has shown that foundations tend to support left-leaning causes after a period of time, regardless of the intentions of the donors when the foundations were established. For decades the so-called superrich have attempted to shield some of their property from the estate tax by creating nonprofit foundations. The foundation can engage in a wide range of activities, following the direction of its founder, and can continue those activities long after the person who …
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Publication information: Article title: Why Liberal Foundations Fear Losing the Estate Tax. Contributors: Holcombe, Randall G. - Author. Magazine title: Insight on the News. Volume: 17. Issue: 15 Publication date: April 23, 2001. Page number: 44. © 1999 News World Communications, Inc. COPYRIGHT 2001 Gale Group.
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