As he raised estate tax rates to fund work programs during the Great Depression, Franklin Delano Roosevelt said, "The transmission from generation to generation of vast fortunes by will, inheritance or gift is not consistent with the ideals and sentiments of the American people."
It's plenty consistent with the ideals and sentiments of President Trump, who began lying about the merits of an estate tax repeal on the day he began the tax overhaul effort.
"To protect millions of small businesses and the American farmer, we are finally ending the crushing, the horrible, the unfair estate tax, or as it is often referred to, the death tax," Mr. Trump said in late September.
"You actually create jobs by getting rid of this death tax," said the House speaker, Paul Ryan. "Because you know what kills one family business from passing their business on to the next generation? The estate tax."
"For too long, this tax has threatened family-owned businesses -- including women- and minority-owned businesses -- from being passed down to their children and grandchildren," said Representative Kevin Brady, chairman of the House Ways and Means Committee, which produced the tax legislation.
Wrong, wrong and wrong. So who actually does pay estate tax?
1. The top 0.2 percent. Some 11,300 American estates -- about 0.2 percent -- are estimated to be subject to the estate tax this year. The top tenth of income earners pay nearly 90 percent of estate taxes collected, and about one fourth of that total is paid by the richest 0.1 percent....
2. A few dozen farmers, and even fewer minority business owners. About 80 family farmers or small-business people would be subject to the estate tax this year, according to an analysis by the nonpartisan Tax Policy Center -- a far cry from the "millions" Mr. Trump wrongly claims....
3. Morons. "Only morons pay the estate tax," Gary Cohn, Mr. Trump's chief economic adviser, told Senate Democrats, meaning, it was later explained, "rich people with really bad tax planning."...
An estate tax repeal would provide a tax windfall of more than $3 million apiece for the top 0.2 percent of earners, and more than $20 million for the wealthiest Americans. It would cost $239 billion in revenue over a decade. It offers nothing for middle-class people, except more evidence of Mr. Trump's and Republicans' bad faith.
let's explode these monopolies and let the little ppl create the jobs from the new rising sun. (hendrix reference)
"Only Morons Pay the Estate Tax'"
He's possibly referring to GRATS, the biggest loophole in the tax code.
Regular folks have a $14K gift limit per person, per year.
Meanwhile, GRATS--Grantor Annuity Trusts--allow the Sheldon Adelsons of the world to pass billions--with a "B"--to their heirs, tax-free. They simply place their assets in the GRAT, and then disclaim it. Viola! It goes to the heirs.
And why hasn't this mile-wide loophole not closed? Because, as one wag put it, everyone affected is a member of the political donor class.
Until Congress outlaws GRATS, they're not serious about reforming the Tax Code. Or much else...other than blowing their donors.
Drudge Retort Headlines
Bloomberg: Food Stamps Should Be Spent on Food (173 comments)
Trump Doing Massive Damage to Federal Courts (82 comments)
California Bullet Train Cost $2.8 Billion (73 comments)
$100,000 to Charity If Trump Steps on Accurate Scale (45 comments)
Trump Tweet Blows Up GOP Strategy to Avoid Shutdown (38 comments)
Feds Plot Massive NoCal Immigration Sweep (38 comments)
Bannon Thinks He Can Defy Congress (35 comments)
Trump's Year 1 Approval 18% Below Obama's (30 comments)
Wisconsin's FoxConn Bribe Rises to $4.5 Billion (29 comments)