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U.S. remains equally divided on estate tax issue.

What President-elect Trump and the Republican majority do about the estate tax could indicate what sort of leader Trump plans to be, according to Bloomberg in “Estate Tax Repeal Would Be a Bonanza for Trump and His Cabinet.”

If people are asked whether they favor a tax when someone dies, the majority will say that they do not. However, when they are also told who the estate tax affects, then the majority of people support the estate tax. That pretty much equally divides the country on the issue.

Trump campaigned on the notion that he would bring prosperity to the working class. However, he also favored repealing the estate tax, which no one in the working class pays. His family would also benefit greatly from repealing the tax. One estimate of his net worth, that he has said is too low, would indicate that his estate would save $545 million by not having to pay estate taxes. Several members of his cabinet would also save millions of dollars.

This result is important for people who do want to see the estate tax eliminated. It will be interesting to see how this issue is resolved.

Reference: Bloomberg (Dec. 9, 2016) “Estate Tax Repeal Would Be a Bonanza for Trump and His Cabinet.”

For more information on estate tax, asset preservation and estate planning, please visit my estate planning website.

Mr. Amoruso concentrates his practice on Elder Law, Comprehensive Estate Planning, Asset Preservation, Estate Administration and Guardianship.