Just bumped into this on aldaily.com. So much for the idea that the wealthiest Americans want to pull their weight.
Paris Hilton syndrome and how to avoid it.
Here's an excerpt:
Up to $15 trillion will be passed down to the children of millionaires between 2002 and 2052, according to a study by the Boston College Social Welfare Institute. Much of that will be passed down from baby boomers (and even younger parents) to their kids. While economists differ on the exact amounts that will be passed down, few doubt that the wealth boom of the past decade will create a cascade of cash flowing to the next generation.
A survey by Prince & Associates, a wealth research firm, found that most millionaires today plan to leave at least 75% of their estates to their children. The number is highest for families with households worth $25m or more, disproving the widely held notion that wealthier families are more likely to leave a greater share to charity.
And yet, the President keeps asking for more tax breaks for Ms. Hilton. Why is that?