October, 05 2017, 12:30pm EDT
Public Citizen Report Highlights Who Would Benefit From Trump's Proposed Estate Tax Repeal
Public Citizen Report, ‘For the Few, Not the Many’ Puts Trump’s Plan in Perspective.
WASHINGTON
The savings that President Donald Trump's heirs would realize from repealing the estate tax would equal the combined net worth of thousands of U.S. families, according to a new Public Citizen report that puts Trump's tax plan in perspective.
The estate tax repeal in Trump's tax plan would save his heirs about $593 million, an amount equal to the combined net worth of 6,000 U.S. families of median net worth, the report shows. The data contradicts Trump's claim that his tax plan would "protect low-income and middle-income households, not the wealthy."
The report, "For the Few, Not the Many," also estimates how much 14 of the wealthiest Trump administration officials would save if the estate tax were repealed. It also compares that amount to newly released data on the median net worth of U.S. families. The U.S. House of Representatives is expected to pass a resolution today that directs lawmakers to include an estate tax repeal in tax legislation.
"The significant savings that the president wants to bestow upon his family and jet-setting top officials is outrageous when so many U.S. families are struggling to make ends meet," said Michael Tanglis, senior researcher for Public Citizen's Congress Watch division and author of the report. "At the same time, his administration is pushing for cuts to programs that help the most vulnerable U.S. families. It's morally - and economically - unjustifiable."
Among Public Citizen's findings:
* Trump's heirs' estimated savings from an estate tax repeal would likely be about $593 million - equal to the combined net worth of 6,000 U.S. families of a median net worth - and could be as much as $1.4 billion (assuming his net wealth is $3.5 billion, as Forbes estimates). The savings would be equal to the combined net worth of 29,000 Hispanic or Latino U.S. families of a median net worth or 34,000 African-American U.S. families of a median net worth.
* The combined savings for Trump's heirs plus those of 14 of the wealthiest Trump administration officials - including U.S. Education Secretary Betsy DeVos, U.S. Commerce Secretary Wilbur Ross, U.S. National Economic Council Director Gary Cohn and U.S. Treasury Secretary Steven Mnuchin - would be about $1.7 billion - equal to the combined net worth of 18,000 U.S. families of a median net worth. The $593 million in savings would be equal to the combined net worth of 83,000 Hispanic or Latino U.S. families of a median net worth or 98,000 African-American U.S. families of a median net worth.
"It's patently false that the Trump-Ryan tax plan does not benefit the rich," said Susan Harley, deputy director of Public Citizen's Congress Watch division. "The proposed repeal of the estate tax is Exhibit A when it comes to evidence of who stands to win if this tax plan were to be passed."
Read the report (PDF). View the video.
Public Citizen is a nonprofit consumer advocacy organization that champions the public interest in the halls of power. We defend democracy, resist corporate power and work to ensure that government works for the people - not for big corporations. Founded in 1971, we now have 500,000 members and supporters throughout the country.
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