A member of Congress expressed outrage that "some rich folks are foregoing leaving their wealth to their children. Instead, they give their wealth straight to their grandchildren. They do this to avoid the estate tax that would eventually be imposed at the time of their children's deaths when these assets transfer from the child generation to the grandchildren generation." This Congressman has proposed a generation-skipping tax. Under this proposal, if a rich person's will leaves his wealth directly to his grandchildren, two estate taxes will be imposed: One on the deceased's estate and then a second one as if these asset hypothetically had been left to his kids and then they hypothetically died. For example, if the estate tax rate is 60% and a person's will leaves $10 million to his grandchildren, the deceased will lose $6 million in estate taxes and the remaining $4 million will be taxed at 60% upon the "hypothetical death" of his children, leaving only $1.6 million for the grandchildren. Do you think that this crazy-sounding generation-skipping tax could ever be enacted in America?