Who’d Gain From an Estate Tax Rollback: The 0.2 Percenters
- 7 years ago
Who’d Gain From an Estate Tax Rollback: The 0.2 Percenters
The kind of households that could potentially owe money, however, include Mr. Trump’s, Mr. Mnuchin’s,
and those of several cabinet members and advisers, including Education Secretary Betsy DeVos, Commerce Secretary Wilbur Ross, Secretary of State Rex W. Tillerson, Transportation Secretary Elaine Chao, Agriculture Secretary Sonny Perdue, Housing Secretary Ben Carson and Gary Cohn, chief of the National Economic Council.
As Steven Mnuchin, President Trump’s Treasury secretary, bluntly declared last month,
“Obviously, the estate tax, I will concede, disproportionately helps rich people.”
As it is now, the estate tax affects a small set of wealthy Americans, applying
only when someone leaves assets worth more than $5.49 million to heirs.
(An analysis by the left-leaning Center for American Progress Action Fund concluded
that the estate tax repeal could save Mr. Trump’s estate more than $1 billion, and those of his cabinet members $3.5 billion.)
In the Senate’s proposed tax bill, exempted income would temporarily double to
$11 million per person — $22 million for a couple — during the next decade.
The kind of households that could potentially owe money, however, include Mr. Trump’s, Mr. Mnuchin’s,
and those of several cabinet members and advisers, including Education Secretary Betsy DeVos, Commerce Secretary Wilbur Ross, Secretary of State Rex W. Tillerson, Transportation Secretary Elaine Chao, Agriculture Secretary Sonny Perdue, Housing Secretary Ben Carson and Gary Cohn, chief of the National Economic Council.
As Steven Mnuchin, President Trump’s Treasury secretary, bluntly declared last month,
“Obviously, the estate tax, I will concede, disproportionately helps rich people.”
As it is now, the estate tax affects a small set of wealthy Americans, applying
only when someone leaves assets worth more than $5.49 million to heirs.
(An analysis by the left-leaning Center for American Progress Action Fund concluded
that the estate tax repeal could save Mr. Trump’s estate more than $1 billion, and those of his cabinet members $3.5 billion.)
In the Senate’s proposed tax bill, exempted income would temporarily double to
$11 million per person — $22 million for a couple — during the next decade.