Wednesday, August 30, 2017

Trump Adviser Gary Cohn: 'Only morons pay the estate tax'



White House economic adviser and former Goldman Sachs president Gary Cohn reportedly quipped in a meeting this year with Senate Democrats that "only morons pay the estate tax," according to the The New York Times:
In a meeting with a group of Senate Democrats this year, according to people who were present, Mr. Cohn jokingly dismissed concerns about the wisdom and cost of repealing the estate tax, remarking, “Only morons pay the estate tax.
So this is what the elites think of the common people success stories who don't have slick lawyers that will be able to get them out of the tax.

According to Americans for Tax Fairness,  the estate tax raised $8.5 billion in 2012.

The estate tax is only paid on assets greater than $5.3 million per individual. One out of every 700 deaths results in paying the federal estate tax today.

On the other hand, the Walton family — which owns half of Walmart — has exploited a loophole in the estate tax to avoid paying $3 billion in estate taxes.

-RW

4 comments:

  1. "On the other hand, the Walton family — which owns half of Walmart — has exploited a loophole in the estate tax to avoid paying $3 billion in estate taxes."

    You say that like it's a bad thing.

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    1. I don't see how you got that conclusion... especially if you read any of RW's work. Of course it's a good thing for more private capital to be out of govts hands! More loopholes for everything and everyone!

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    2. The bad thing is that it takes the ability and forethought to hire various experts to get around the taxes. I believe RW's point is that the taxes shouldn't exist. That the so-called "elite" created the taxes purely as a penalty on people who aren't into playing these sort of games.

      Today a business that provides merely a middle class income for its ownner(s) can easily have more than 5.3 million dollars in capital equipment, land, buildings, etc. Now these simple businesses have to engage in levels of lawyering and accounting of the Waltons just not to end up being forced to sell to a large corporation or liquidate to pay uncle sam.

      If the Waltons can avoid the tax, if all the so-called "elite" can avoid the tax, what is its purpose other than to cut off independent competition at the knees? It's becomes a racket on the level of mafia forcing business owners to sell out.

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