Paul L. Caron

Friday, December 10, 2010

John du Pont Dies, Wins Estate Tax Lottery

Du Pont John Eleuthère du Pont, an heir to the du Pont chemical fortune, is the latest plutocrat to hit the estate tax lottery by dying yesterday at the age of 72 (in prison where he was serving his sentence imposed for his conviction of third degree murder in the 1996 shooting death of Olympic wrestler Dave Schultz). His estate thus will avoid the tax (55% after a $1 million exemption as currently scheduled, or 35% after a $5 million exemption under the Obama tax compromise) that would have been incurred had he lived another 22 days.

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But what about the Pennsylvania estate tax -- is that tied to the federal tax, or is that independent of the federal estate tax?

Posted by: Andy Patterson | Dec 13, 2010 8:21:57 AM

Do you think there will be some type of retroactive ruling or legislation to recoup some of the estate tax from the estates of persons who died in 2010?

Posted by: S. F. | Dec 13, 2010 7:26:35 AM

A slight correction. DuPont's HEIRS win the estate tax lottery prize. He's just dead.

Posted by: Ed D | Dec 10, 2010 10:04:40 AM