[EstGift] Transfer Tax Study Committee-Presentation by Ed McCaffrey

[Belcher, Dennis I.]

Joe Dodge gave me this description of Ed's presentation:

Ed's talk (as co-authored by Linda Cohen) is being (or is already)
published as an article by North Carolina Law Review. An abstract and
SSRN download links to a 2004 version appear at:
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=581084
<http://papers.ssrn.com/sol3/papers.cfm?abstract_id=581084> 

Here is the abstract:for the 2004 version:
Abstract: 
Ever since Mancur Olson's 1965 classic The Logic of Collective Action
was published, the dominant view of politics in the academy and the
popular understanding has featured the special interest model. Small
groups with high stakes in legislative outcomes solve their coordination
and free-rider problems and then descend on Washington and other
bastions of power, seeking rents. In this model, the special interests
are the predators, the legislators the prey. In this paper, we argue
that in an important set of cases, the process works in reverse.
Legislators pro-actively solve the coordination and free riding problems
identified by Olson so that they can then shake down the groups so
formed for campaign contributions. We illustrate this model of a reverse
Mancur Olson phenomenon with the extended example of estate tax
repeal/non repeal, and suggest further extensions. The key properties of
the phenomenon are small groups with high stakes that Congress has
helped to frame or set up; plausible action; two or more sides;
plausible longevity for any legislative action. The key predictions are
that, once Congress has found rich territory for the game, it will
string matters along, frequently voting, never really acting, and
avoiding sensible compromises at every turn. 

	-----Original Message-----
	From: estgift-bounces at actec.org
[mailto:estgift-bounces at actec.org] On Behalf Of Belcher, Dennis I.
	Sent: Tuesday, July 04, 2006 9:03 AM
	To: EstGift at actec.org
	Subject: [EstGift] ACTEC - Estate and Gift Tax Committee - One
AdditionalHandout
	
	
	 
	 

	Dennis I. Belcher
	McGuireWoods LLP
	One James Center
	901 East Cary Street
	Richmond, VA  23219-4030
	(804) 775-4304
	Fax:  (804) 698-2012
	dbelcher at mcguirewoods.com
	

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