GOP Says Repeal the Estate Tax: They Always Label it as an "Onerous and Unfair Death Tax"

 

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(States None: AL, AK NM, ND, VT, NH, RI, DE)

GOP wants to repeal the *estate tax (LA Times). So, who benefits if that were to happen?

Five well-known family:

– $88 billion to the Walton family

– $71 billion to the Jeff Bezos family

– $65 billion to the Elon Musk family

– $50 billion to the Bill Gates family

– $40 billion to the Mark Zuckerberg family

*How much of an estate is taxable? The vast majority of estates — 99.9% — do not pay any federal estate taxes at all, none, nada, nil, zero, zilch, zip, goose egg.

While the top estate tax rate is 40%, the average tax rate actually paid is just about 17%. Plus, the estate tax is only paid on assets greater than $5.3 million per individual and only $10.6 million per couple.

Now look at those ultra-billionaires listed above.

Note: There are more – those are the biggies. The combined net worth of the 2020 class of the 400 richest Americans was $3.2 trillion, up from $2.7 trillion in 2017.

My 2 cents: The contents of this post speaks for itself… what does it show? Simple as always: The GOP stands with and for the ultra-rich, plain and simple just like they did in 2017 with the GOP-only huge tax bill with big tax cuts across the board for the top.

Truly old-fashioned “Trickle Down” but with a twist: “You pad my campaign PAC, and I’ll stuff your bank account.” Easy-Peasy.

In reality how “Trickle Down” works (as if we didn't already know):

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