“The idea behind the estate tax is to prevent the very wealthy among us from accumulating vast fortunes that they can pass along to the next generation,” said Patrick Lester, director of Federal Fiscal Policy with the progressive think tank — OMB Watch. “The poster child for the estate tax is Paris Hilton — the celebrity and hotel heiress. That’s who this is targeted at, not ordinary Americans.”[emp added]
This is just one problem with that little story:
Conrad Nicholson Hilton (December 25, 1887 – January 3, 1979) was an American hotelier. He is well known for being the founder of the Hilton Hotels chain.
In 1979, Hilton died of natural causes at the age of 91. He is interred at Calvary Hill Cemetery, a Catholic cemetery in Dallas, Texas. He left $500,000 to each of his two surviving siblings and $10,000 to each of his nieces, nephews and to his daughter Francesca. The bulk of his estate was left to the Conrad N. Hilton Foundation, which he established in 1944. His son, Barron Hilton, who spent much of his career helping build the Hilton Hotels Corporation, contested the will, despite being left the company as acting President, Chief Executive Officer, and Chairman of the Board of Directors. A settlement was reached and, as a result, Barron Hilton received 4 million shares of the hotel enterprise, the Conrad N. Hilton Foundation received 3.5 million shares, and the remaining 6 million shares were placed in the W. Barron Hilton Charitable Remainder Unitrust. Upon Barron Hilton’s death, Unitrust assets will be transferred to the Hilton Foundation, of which Barron sits on the Board of Directors as Chairman.
On December 25, 2007, Barron Hilton announced that he would leave about 97% of his fortune (estimated at $2.3 billion), to a charitable unitrust which would eventually be merged with the Conrad N. Hilton Foundation. By leaving his estate to the Foundation, Barron not only donated the fortune he had amassed on his own, but also returned to the Conrad N. Hilton Foundation the Hilton family fortune amassed by his father, which otherwise would have been gone to the Conrad N. Hilton Foundation 30 years previously had Barron not contested his father’s will.[emp added]
So, not only has Paris Hilton not inherited anything yet, because her grandfather is still alive, she won’t inherit anything major ever. It all goes to charity. Paris Hilton is a sleazoid, but she is a largely a self-made sleazoid. Her personal financial assets are almost entirely the result of her leveraging her, uh, other assets via secret sex tape into a bizarre celebrity career. She’s worth several hundred million now, none of it inherited.
Paris Hilton has been trotted out by Leftists for years as an example of the need for the death tax and yet apparently none of them bothered to actually check if she was actually an heiress. The elite Democrats who carefully construct the party’s talking points, don’t seem to even bother to check Wikipedia. (Or they do and just assume that the average Leftist voter won’t.)
The real point of interest here is not the inanity of the death tax, but rather the studied indifference of the Democrats and Leftists in general to actually studying the wealthy and telling the truth about them.