Paul L. Caron
Dean



Friday, July 22, 2016

Trump Family Would Get $7 Billion Windfall From Estate Tax Plan

Trump (2016)The Hill, Trump Family Would Get $7B Windfall From Estate-Tax Plan: Analyst:

Donald Trump's family would get a $7.1 billion tax cut under the Republican presidential nominee's proposal to eliminate the federal estate tax, a centrist think tank estimated.

"The staggeringly high value of the tax cut for the Trump dynasty alone carries the same price tag as multiple high-value national priorities," Third Way said in an analysis Wednesday.

Trump proposed repealing the estate tax in a tax plan he released last year. The nonpartisan Urban-Brookings Tax Policy Center has estimated that Trump's plan as a whole would cost almost $10 trillion over a decade and disproportionately benefit the wealthy. ...

The think tank came up with the $7.1 billion figure by estimating that Trump's estate would be valued at $17.7 billion in 2030, the year actuarial tables estimate that Trump's family would inherit the money.

Third Way calculated that Trump's estate, minus an exemption for $15 million of it, would be subject to a 40-percent tax if the estate tax is not repealed.

https://taxprof.typepad.com/taxprof_blog/2016/07/trump-family-would-get-7-billion-windfall-from-estate-tax-plan.html

Political News, Tax | Permalink

Comments

By "windfall" do they mean getting to keep the money left over after a life of paying taxes and generating all manner of tax revenue, at the federal, state, and local levels, both directly and indirectly? The horror.

Posted by: Skipp | Jul 22, 2016 12:26:33 PM

I sincerely belief that anyone as wealthy as Trump -- and Gates, Buffet, Soros, etc -- has not already ensured that they will never have to give up meaningful possession and control over any meaningful portion of the “windfall” the Confiscators have already penciled them in for. Their fortune and connections already make Estate Planning a part of life they have adapted to, and have mastered.

I am more concerned, and consider more unfair, Hillary’s and Bernie’s plans will seriously make the mere affluent (if mostly, at the finish line) among us to have to seriously jump through hoops (and probably trip in the process) not to give up what would be a meaningful portion of (earned and taxed) our wealth, and significantly force us to fund smaller bequests, to fewer people and organizations, at times and circumstances not of our choosing, all to enrich of professionals and the IRS.

Posted by: MG | Jul 23, 2016 5:01:21 AM

It is probably less as he is probably worth far less than he says.

Posted by: Sterling | Jul 23, 2016 5:25:01 AM

Right on, Skipp.

Posted by: Dale Spradling | Jul 23, 2016 8:12:52 AM

And all of the depreciation (deferred taxes) on his vast real estate portfolio that will be lost due to the step-up in basis would not be recaptured in the form of estate taxes.

Posted by: lc | Jul 25, 2016 7:08:00 AM