The Most-Hated Tax?

You know how most people (Messrs. Gates and Buffett excepted) feel about the death tax. Imagine how they feel about the other transfer tax – the one Uncle Sam expects you to pay while you are still above ground.

The subject of federal gift tax came up at Tony Marshall's trial yesterday. Brooke Astor, his mother, had signed a letter in August 2003 authorizing him to receive a $5 million gift from her. In the letter she also agreed to pay gift tax on the $5 million.

As The New York Times reports, the $5 million gift looked a lot smaller by the time it was reported on Mrs. Astor's gift tax return for 2003.