TAXATION: Beating the Gun

For months rich U. S. citizens have been acutely aware of the fact that sooner or later the New Deal was going to run greedy fingers into their pants' pockets and pick out more of the money they had been saving for their heirs. In June President Roosevelt formally initiated this operation by proposing to Congress his taxation-for-social-reform program. Thereafter even the dullest and most irresponsible millionaire could see that, unless he started passing on his capital under the present estate and gift taxes, his heirs would get considerably less than he intended...

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