Robertson Backs Estate-Tax Return

Jul 23 2010 | 12:01pm ET

Julian Robertson’s considerable estate would pass unmolested to his heirs should the Tiger Management founder die by the end of the year. But that doesn’t make the legendary hedge fund manager happy at all.

Robertson, former Treasury Secretary Robert Rubin, Walt Disney heir Abigail Disney and AFL-CIO President Richard Trumka participated in a conference call urging Congress to end its recess and reinstate the estate tax, which took 45% of inherited assets over $3.5 million. The issue has come to the fore following the deaths of New York Yankees owner George Steinbrenner and three other billionaires this year—the estate tax lapsed on Jan. 1.

“You don’t get out of a credit crisis by borrowing more money,” Robertson said. “You get out of a credit crisis by putting your house in order, and in America’s case by bringing its budget deficit down.”

“This implies tax increases,” Robertson added. “The fairest way to increase taxes would be to tax the least deserving recipients of wealth, which are the inheritors.”

The estate tax is due to return—at a 55% rate—next year.


In Depth

Malik: The Science of Deal Sourcing 201

Aug 27 2015 | 5:35pm ET

Deal sourcing is understandably a hot topic among private equity firms because it...

Lifestyle

Rolling Art Advisors Marketing Collectible Car Fund As Uncorrelated Alternative

Aug 27 2015 | 6:47pm ET

A new fund is trying to provide investors with greater access to an emerging asset...

Guest Contributor

Agecroft Partners: Hedge Fund Industry Assets to increase $250B by Summer 2016

Aug 11 2015 | 11:29am ET

Assets will continue to flow into the hedge fund industry despite long-standing...

 

Editor's Note