General Discussion

babylonsister

(172,804 posts) Sun Nov 21, 2021, 08:30 AM Nov 2021

Trump's Estate Tax Giveaway To Rich Triggered 50% Drop In The IRS Revenue: Report [View all]

Trump's Estate Tax Giveaway To Rich Triggered 50% Drop In The IRS Revenue: Report
Billionaires, meanwhile. have doubled their collective net worth to more than $5 trillion in just 5 years.
Mary Papenfuss
By
Mary Papenfuss
11/20/2021 11:24pm EST | Updated 2 hours ago

As Republicans bellyache about Democrats not balancing the budget, a new report reveals that a massive Trump administration estate tax giveaway that particularly served the ultra-rich sparked a 50% plunge in IRS revenue from the taxes.

Estate tax payments dropped from $20 billion to just over $9 billion last year, Bloomberg reported, based on its analysis of IRS data.

American billionaires, meanwhile, have doubled their collective net worth to more than $5 trillion in just over five years.

The “dramatic decline” in estate tax revenue is largely the result of the Republicans’ 2017 tax overhaul, which doubled the amount the wealthy can pass to heirs without paying any estate tax, Bloomberg noted.

more...

https://www.huffpost.com/entry/estate-tax-rich-irs-revenue-plunge_n_6199bb06e4b07fe2010cb159

32 replies

= new reply since forum marked as read

Highlight:

Trump's Estate Tax Giveaway To Rich Triggered 50% Drop In The IRS Revenue: Report [View all] babylonsister Nov 2021 OP

Joe Manchin needs to get up to speed on this. nt oasis Nov 2021 #1

Maybe he and or his family benefits from this law???? riversedge Nov 2021 #5

Joe Manchin doesn't care about facts. paleotn Nov 2021 #15

Republicans do this to us over and over at federal, state and local levels. KY_EnviroGuy Nov 2021 #2

Why are we not reversing this?? Scrivener7 Nov 2021 #3

Maybe a fight not worth having since it expires after 2025 anyway...? (n/t) thesquanderer Nov 2021 #13

Good point. Pick your hills. paleotn Nov 2021 #16

So we transfer another 70 billion (rounding the math here of 10 billion/year from 2018 to 2025) Scrivener7 Nov 2021 #25

We couldn't do anything about 2018, 2019, 2020, or 2021 no matter what. So... half that? (n./t) thesquanderer Nov 2021 #29

Well. Only thirty five billion (and we COULD try for a claw back, but OK, let's not consider it) Scrivener7 Nov 2021 #30

It got labeled "The Death Tax" and unfair to poor farmers trying to pass their farms on to heirs. TigressDem Nov 2021 #20

Another republiQan PR success that we did not effectively counter. Scrivener7 Nov 2021 #26

The Bush family was one of them, weren't they? Frustratedlady Nov 2021 #4

Theft by any other name is still theft bucolic_frolic Nov 2021 #6

Would a V.A.T. (Value added tax) solve some of this? 3Hotdogs Nov 2021 #7

VAT would tax everyone more rather than target the wealthiest that can afford more taxes wishstar Nov 2021 #9

Yes, it is regressive but if accompanied by refund credits based on income....Or 3Hotdogs Nov 2021 #10

Every time the tax code becomes more complex it tends to become more unfair. jaxexpat Nov 2021 #24

Why? Why not just tax the tenth billion in income (whatever kind of income) at 90%? Scrivener7 Nov 2021 #27

We want EU style programs but refuse to fund it with EU-style taxes oldsoftie Nov 2021 #11

That's regressive taxation.... paleotn Nov 2021 #21

Just more worthless trust fund babies. The Jungle 1 Nov 2021 #8

Free lunch for the rich dlk Nov 2021 #12

The people who want us to believe taxation is theft are also the biggest looters of our government. Efilroft Sul Nov 2021 #14

Am I surprised? Nope. paleotn Nov 2021 #17

Extreme Viewpoints Jazz Jon Nov 2021 #18

Northeast Jazz Jon Nov 2021 #23

The estate tax kicks in at 12 million. If you can't pay the estate tax on your Scrivener7 Nov 2021 #28

No, Dems don't want to tax 50% of estates moose65 Nov 2021 #31

Then the republicans claim Democratic policy caused it liberal N proud Nov 2021 #19

...K&R... spanone Nov 2021 #22

K&R ck4829 Nov 2021 #32