While he may have won the hearts of middle class America, Donald Trump stands to deliver a multibillion-dollar bonanza with the elimination of the estate tax to the nation’s wealthiest families, including his own family and several families of his administration. Surprisingly, last year, only 0.2% of estates were subject to the estate tax with its high exemption limit. Ultimately, the repeal may depend on the description of the tax that reaches the public. When told that it is a tax paid upon a person’s death, 54% of Americans were in favor of eliminating it. On the other hand, researchers noted that when told who the tax affects, Americans were more likely to support the estate tax and its increase.
See Sahil Kapur, Estate Tax Repeal Would Be a Bonanza for Trump and His Cabinet, Bloomberg, December 9, 2016.
Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.
