"Death Tax" May Cause Deaths

I read an artical in the Wall Street Journal about a subject that won't affect most of you. The estate tax is a tax on wealth at the time of death. It only affects millionares.

http://online.wsj.com/article/SB123172020818472279.html

What this writer did not touch upon is a little talked about effect of the Bush Tax Cuts. Say Grandpa has $150 million. Next year, the estate tax aka the death tax, will be entirely repealed. As part of the early Bush tax cuts, it has been gradually cut back with a complete repeal in 2010 BUT then the law expires and the estate tax returns to its prior sting. This would result in a 55% tax on wealth over $1 million. So if Grandpa dies in 2010 with $150 million, no tax is levied and the heirs inherit all of his money. If Grandpa dies on January 15, 2011, the heirs lose $81.95 million. Crime shows and journalists will get a lot of juicy tales to report on as wealthy people die in December 2010. Ironically, if Obama does nothing, it will actually result in a higher tax on the rich. Yes, Obama is proposing a tax cut for the rich.