Credit: Tom Brenner / The Washington Post / Getty
Americans for Tax Fairness has crunched the numbers and found that a Republican push to do away with the federal estate tax—a measure that’s been described as an “aristocracy prevention act”—could yield billions for the families of U.S. President Donald Trump and his billionaire adviser Elon Musk, according to a report from the advocacy group published Thursday.
Abolishing the estate tax, a tax on the wealth of the richest Americans when they die, could save Musk’s family up to roughly $132 billion, and could save Trump’s heirs up to around $2 billion, according to ATF, which made its calculation using recent estimates of each man’s net worth. The top federal estate tax rate is 40%.
The group noted that “both the Trump and Musk families have undoubtedly set up elaborate estate-tax-avoidance schemes, as most superwealthy families do. Since we do not know what tax-avoidance schemes they have undertaken, we have calculated the […]
I don’t believe there’s a single oligarch in Congress (and I could be wrong), but they must realize the harm this action would be for everyone except the oligarch’s family. Such greed is just beyond the pale and there must be restraints. These people actually pay so little in taxes that it’s shameful! But they will pull any strings, buy any elected people to get the benefits they believe they have earned! Well, Americans, wake up. Their families didn’t earn the money and the estates must be taxed appropriately! Let’s be real, these oligarchs have benefited all their lives with ways to NOT pay taxes and it has to stop somewhere!!!