Attorney Malcom Taub, an expert in law dealing with art, noted that the abrogation of the estate tax might be bad news for universities, museums, and other institutions that benefit from the federal government vandalizing the estates of individuals passing away with large art collections. Though art collectors would certainly benefit, President Trump has painted the plan as a boon for family businesses, especially family farms. A harsh critic of the estate tax, Trump brushed it aside as a “tax that has destroyed so many businesses and kept those businesses out of your family, your children, your grandchildren.”
See Catherine Lucey, Trump Tax Plan Paints Pretty Picture for Art Collectors, ABC News, October 16, 2017.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.) for bringing this article to my attention.
