Saturday, November 18, 2017

Tax relief for the very, very rich

An elite group that, along with Mnuchin, includes 
  • President Trump
  • education secretary Betsy DeVos
  • commerce secreteary Wilbur Ross
  • Secretary of State Rex Tillerson
  • transportation secretary Elaine Chao (wife of Senate Majority Leader Mitch McConnell) 
  • agriculture secretary Sonny Perdue
  • housing secretary Ben Carson
  • National Economic Council chief Gary Cohn

Mnuchin quoted in Only the Most Wealthy, Including Trump, Gin From Estate Tax's Repeal.  (The New York Times, 11/16/2017)
Republicans want to shrink the numbers further. In the Senate’s proposed tax bill, exempted income would temporarily double to $11 million per person [up from $5.49 million] — $22 million [up from $11 million] for a couple — during the next decade. If those rules had been imposed last year, the number of estates owing money under the tax would have been no more than 2,204 — fewer than 0.1 percent of the total.

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