Monday, March 27, 2023

Play

Mobilizing Georgia voters in a non-election year is crucial for voting rights groups, Philadelphians over 50 will play a major role in the mayoral primary, and the EPA is finalizing a new air quality rule.

Play

Michigan becomes the first state in decades to repeal a "right to work" law, death penalty opponents say President Biden is not keeping campaign promises to halt federal executions, and more states move to weaken child labor protection laws.

Play

Finding childcare is a struggle everywhere, prompting North Carolina's Transylvania County to try a new approach. Maine is slowly building-out broadband access, but disagreements remain over whether local versus national companies should get the contracts, and specialty apps like "Farmers Dating" help those in small communities connect online.

Millionaires to Trump: Keep Estate Tax

Play

Monday, May 1, 2017   

CHEYENNE, Wyo. – More than 50 multi-millionaires have signed a letter urging President Donald Trump and Congress to abandon their attempts to abolish the federal estate tax, the only tax on inherited wealth in the U.S.

Chuck Collins, heir to the Oscar Mayer fortune and author of the book "Born on Third Base," points out the tax only applies to households with assets of more than $11 million.

He adds the tax was put in place 100 years ago to prevent the kind of inherited aristocracy the nation fought a revolutionary war over.

"In that way, the estate tax is a fundamentally American tax,” he states. “It's really the way in which we protect a level playing field and ensure that too much inequality doesn't sort of upend our democratic system."

Collins says starting in the 1990s, a handful of wealthy families – including Mars, Walton, Gallo and others – invested millions lobbying to end the tax, a move that would save their heirs billions.

Trump once called the tax a "burden on the American worker."

But Collins notes that more than 99 percent of Americans will never be subject to the tax, and is confident the estates that will take a hit can afford it.

Supporters of Trump's proposed tax plan argue lowering taxes on corporations and the wealthy will lead to a revived economy and ultimately increase tax revenues.

Collins acknowledges that cutting taxes for the middle class, along with increased wages, can boost the economy, but he says tax breaks for people with millions in the bank don't change their consumer behavior.

"Cutting taxes for multi-millionaires and billionaires actually has very little positive economic impact,” he maintains. “The rest of us have to pick up the slack, and ‘the rest of us’ is the middle class."

Collins says if Trump's claim to a $10 billion net worth is true, eliminating the estate tax would effectively transfer $4 billion from U.S. coffers to his heirs.





get more stories like this via email

More students are seeking apprenticeships to match their career choices and boost employment chances. Indiana hit a milestone in 2020 with its 100th SEAL program for apprentices. (Adobe Stock)

Social Issues

High school graduates have the option before taking their next academic step to choose a gap year - for traveling, relaxing, or researching different …


Environment

A bill designed to fight price-gouging at the gas pump is expected to pass the California State Assembly today and be signed by Gov. Gavin Newsom …

Environment

This week, Hispanic environmental advocates are heading to Washington, D.C., from around the country to engage lawmakers on issues affecting us all…


Americans' total credit card balance is $986 billion in the fourth quarter of 2022, according to consumer debt data from the Federal Reserve Bank of New York. (Adobe Stock)

Social Issues

More than one in three Ohioans are relying on credit cards for spending needs, and nearly a quarter say they've increased their credit-card use in …

Social Issues

Massachusetts, like other states, continues to struggle with a shortage of teachers. But for one English teacher at Martha's Vineyard Regional High …

Cancer care costs are expected to top more than $245 billion by 2030, according to the American Association for Cancer Research. (Adobe Stock)

Health and Wellness

Beginning next year, more Kentuckians will have expanded access to biomarker testing - which helps doctors customize cancer treatment. Advocates of …

Social Issues

The Consumer Financial Protection Bureau has proposed new regulations on credit card late fees, which could save Americans billions of dollars…

Environment

Researchers with the University of New Hampshire are taking to the skies to study the state's increasingly fragmented forests. Urban and …

 

Phone: 303.448.9105 Toll Free: 888.891.9416 Fax: 208.247.1830 Your trusted member- and audience-supported news source since 1996 Copyright 2021