Estate Tax Repeal Would Be a Bonanza for Trump and His Cabinet [View all]
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Source: Bloomberg
President-elect Donald Trump, who won the hearts and minds of millions of working-class voters, may help deliver a multibillion-dollar bonanza to America’s wealthiest families.
The Manhattan businessman’s election offers congressional Republicans their best chance in years to eliminate the estate tax, which he and others call the “death tax.” Abolishing it would save more than $20 billion a year for the millionaires and billionaires the tax applies to -- including the Trump family and several of the people he has chosen for his administration.
“A lot of families go through hell over the death tax,” Trump said during his presidential run. The tax’s opponents say it forces some families to sell their farms or small businesses in order to pay up. Studies suggest that only a small percentage of estates fall into those categories.
Wiping out the estate tax has been a longstanding goal for Republican lawmakers, and the party’s sweeping victories in the 2016 election have brought them thrillingly close to achieving it. But there are potential stumbling blocks. Their narrow margin in the Senate leaves few votes to spare. And Trump may have a hard time reconciling his populist campaign themes with a tax break for America’s richest.
Read more: https://www.bloomberg.com/politics/articles/2016-12-09/estate-tax-repeal-under-trump-would-benefit-president-cabinet
Repealing the Inheritance Tax will help ZERO Middle and Lower Classes, what fools!
Fact Sheet: The Estate (Inheritance) Tax
http://americansfortaxfairness.org/tax-fairness-briefing-booklet/fact-sheet-the-estate-inheritance-tax/
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