Tags: Donald Trump | democrats | estate tax | donald trump | repeal

Dems Slam Trump Over Plan to Repeal Estate Tax

Image: Dems Slam Trump Over Plan to Repeal Estate Tax
President Donald Trump (AP)

By    |   Tuesday, 12 September 2017 02:23 PM

Top Senate Democrats on Tuesday criticized President Donald Trump's plan to repeal the estate tax as part of his desire to overhaul the tax code, arguing that getting rid of it would benefit the extremely wealthy and harm the middle class, The Hill reported.

"Our bottom line is repealing the estate tax abandons progressivity," Senate Finance Committee ranking member Ron Wyden said.

In a speech in North Dakota last week, Trump defended his proposal to repeal the estate tax by saying it would help farmers.

Senate Minority Leader Charles Schumer rejected that claim, saying "This does not affect the family farmer in North Dakota or anywhere else."

Democrats cited a report from the Center on Budget and Policy Priorities to emphasize their argument that the repeal of the tax would only help the very rich.

According to the report, only about 5,400 of the wealthiest families would benefit from estate tax repeal. Under the law as it stands now, those subject to the tax are estates for married couples worth more than about $11 million.

Many Republicans argue that repealing the tax would not benefit the wealthy, because so few of them pay the tax in any case, CNBC reported.

Among other reasons, this is mainly due to the fact that estate tax planning has become so effective that wealthy families can now easily pass large portions of their estates to their heirs without paying the tax.

However, writing in Forbes, tax lawyer Robert Wood disputed that contention.

He argued that attempts to avoid the tax can be complicated, are expensive, and demand years of planning.

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Top Senate Democrats on Tuesday criticized President Donald Trump's plan to repeal the estate tax as part of his desire to overhaul the tax code, arguing that getting rid of it would benefit the extremely wealthy and harm the middle class, The Hill reported.
democrats, estate tax, donald trump, repeal
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2017-23-12
Tuesday, 12 September 2017 02:23 PM
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