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.
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