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
Why Are Democratic Lawmakers Still Meeting With Netanyahu?
July 12, 2025
Take Action Now Pictures show Democrats like Chuck Schumer standing next to Netanyahu, smiling.By Sharon Zhang, Truthout A bipartisan group of…
Stop Israel’s Dystopian “Humanitarian City” Plan—Before It’s Too Late
July 11, 2025
Take Action Now For the past 20 months, the world has watched—and largely enabled—a genocidal campaign in Gaza. Over 55,000 Palestinians have been…
The “Liberal” International Order Is Criminalizing Palestine Protests
July 11, 2025
Take Action Now As Western governments repress Palestine solidarity and enable Israel’s impunity, the “liberal international order” is no longer…
Politicians Are Betraying Gen Z On Climate
July 10, 2025
Take Action Now While Gen-Zers thrift, knit, crochet, and find other ways to reduce our footprints, Trump and the GOP are greenlighting more climate…