The Arkansas Democrat-Gazette this morning reports that no one in Arkansas has signed on to the Bill Gates/ Warren Buffett pledge to give most of their wealth to charity. Among those who have declined are Warren Stephens, an investment banker, and Madison Murphy, son of the founder of Murphy Oil. They both note that Gates and Buffett support keeping the death tax high. And Murphy says, "I don't need governmental or social pressure to be philanthropic..." Also critical of the plan was Johnelle Hunt, widow of trucking magnate J.B. Hunt. The Waltons did not comment. These are all very generous people, and we are indebted to them here in Arkansas.

In fact only 40 individuals or couples have signed the pledge nationwide. Their critics assert that they are just trying to avoid the death tax. I find that argument very persuasive.

The death tax, which goes into effect again in 2011, imposes a rate of 55 percent on estates valued at more than $1 million.