Donald Trump,Populism,Tax Policy Center,Inheritance,Tax cut

Donald Trump’s ‘populism’ includes a huge tax cut for his kids

December 15, 2016
in Kids

Donald Trump has cast himself as the tribune of the "forgotten man," which apparently includes his children. That, after all, is who stands to benefit if Trump and congressional Republicans really do eliminate the estate tax like they say they will. Now, to be fair, Trump does want to start taxing capital gains that haven't been taxed before when someone inherits at least $10 million of them. But even this would tax only a portion of estates at only a fraction of what they are now. In other words, it'd still be a big, fat tax cut for America's next top heirs. Republicans, of course, insist that this is really about protecting family farms and small businesses from Uncle Sam's allegedly rapacious grasp, but some facts are in order. According to the nonpartisan Tax Policy Center, only 30 such farms and businesses owed any estate tax in 2015, and they only paid 0.05 percent of the estate tax's total revenue. The reality is that you have to be pretty rich to leave behind more than a $10.9 million estate, which is how much a married couple can give their kids tax-free. And you have to be super rich for the 40 percent tax on...

Read the full article here

Comments