Measures of the Trump administration generated a massive tax relief that has favored the ultra-rich and less revenue for social reinvestment
By Mary Papenfuss, HuffPost
As Republicans bellyache about Democrats not balancing the budget, a new report reveals that a massive Trump administration estate tax giveaway that particularly served the ultra-rich sparked a 50% plunge in IRS revenue from the taxes.
Estate tax payments dropped from $20 billion to just over $9 billion last year, Bloomberg reported, based on its analysis of IRS data.
American billionaires, meanwhile, have doubled their collective net worth to more than $5 trillion in just over five years.
Recent Posts
Nobel-Winning Economist Calls For Climate Tax On Billionaires
April 29, 2024
Take Action Now And she called for the money to be sent directly to the world’s most climate-vulnerable people. by Arielle Samuelson, Heated……
Backroom Dealing Is Driving Right-Wing Abortion Bans
April 29, 2024
Take Action Now As state supreme courts consolidate power and corporate money, shoddy oversight allows justices to hide their financial conflicts of…
Students Beat The Bold Marauder — Ceasefire Summer, Education Summer, Freedom Summer, Or Liberation Summer?
April 29, 2024
Take Action Now With summer approaching, what will happen to the current encampments that seek an end to ties to genocide? By Michael Albert The…
Debt Dollars – The Unused Leverage
April 29, 2024
Take Action Now U.S. Treasuries are debt securities issued by the U.S. Department of the Treasury (USDT), the national treasury and finance…