Valuing The Man In The MirrorFebruary 15, 2017 – Media Mention
At last weekend’s Grammy Awards, the music industry recognized the late David Bowie’s artistic worth by presenting him with five posthumous awards for his final album, “Blackstar.”
Meanwhile, the Internal Revenue Service has recognized Michael Jackson’s worth by presenting his estate with a bill for over $500 million in taxes, and an additional $200 million in penalties.
The dispute over Jackson’s estate is exhibit A in the case for repealing the federal estate tax. The four-year legal fight between the King of Pop’s executors and the IRS illustrates the arbitrary and unfair outcomes that are almost inevitable when a high-rate tax is applied to property without an easily measured value.
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