Monday, December 07, 2009

Let's Hear It for “Old Money”

Check out Forbes' America's Richest Families for evidence that Old Money can be surprisingly durable. Although the list starts with New Money, the Waltons, you'll encounter the families of 19th-century media tycoons Hearst and Scripps, the Mellons and various Johnsons – and the du Ponts, whose wealth dates from a gunpowder mill opened in 1802.

The Dorrances of Campbell's Soup also make the list, despite the unhappy tax fate of John Dorrance. He died in 1929, leaving an estate that paid a federal estate tax of $9.5 million and, famously, wound up being taxed by both Pennsylvania and New Jersey as well.


Soup Can by Andy Warhol

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