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
Is The Democratic Party Embracing Bernie Sanders-Style Politics?
Take Action Now Maybe. Let’s hope it is not too late for Democrats to win back the working class and WashingtonBy Dustin Guastella, The Guardian…
War On Venezuela Is A Lie
Take Action Now The growing discussion of the responsibility to disobey illegal orders is not unrelated to this threatened war. The UK has reportedly…
The Trump-Mamdani Show Was Amazing. But Downsides For Progressives Could Turn Out To Be Steep
Take Action Now It’s all well and good to laud Mamdani’s extraordinary political talents and inspiring leadership for social justice. At the same…
ICE Sent 600 Immigrant Kids To Detention In Federal Shelters This Year. It’s A New Record.
Take Action Now This year ICE has sent more immigrant children into the federal shelter system than in the previous four years combined. New data…