Along with the estate of billionaire Bacon, numerous smaller fortunes could shrivel if a new, retroactive federal estate tax is enacted. Estates consisting mainly of illiquid or hard to value assets could be hit particularly hard. The estate of reclusive author J. D. Salinger, who died last January, is a case in point. See Salinger's Estate: a Tax Quandary?
From Los Angeles this month, The Telegraph reports movie-makers see new hope for gaining the film rights to "The Catcher in the Rye." Their theory: a retroactive estate tax might force Salinger's estate to sell the rights to raise cash.
Could it happen?