Back in 1937, the wealth left by John D. Rockefeller was hit by a 70% federal estate tax.
Redmond, who grew up near the Rockefeller estate in Pocantico Hills, observes that Rockefeller's kids seemed to thrive despite their tax-reduced circumstances. (New Roll Royces for their wives every year? Wow!)
How did they do it? The senior Rockefeller presumably spread a little wealth around the family before his death. And some of the kids, including banker David, did pretty well on their own.
Kykuit, the Rockefeller estate in Pocantico Hills
Photo via Wikimedia Commons
Photo via Wikimedia Commons
Posts
1 comment:
I seriously doubt that 70% of the Rockefeller fortune was remitted to the U.S. Treasury at his death. Most of the fortune was already tied up in irrevocable trusts, many philanthropic, way beyond the reach of death taxes. The ones with private beneficiaries were generation-skipping trusts, beyond the reach of the gift or estate tax. Same is true of the Kennedy fortune.
Post a Comment