skip to main content
skip to newscasts

Tuesday, April 23, 2024

Public News Service Logo
facebook instagram linkedin reddit youtube twitter
view newscast page
play newscast audioPlay

Biden administration moves to protect Alaska wilderness; opening statements and first witness in NY trial; SCOTUS hears Starbucks case, with implications for unions on the line; rural North Carolina town gets pathway to home ownership.

view newscast page
play newscast audioPlay

The Supreme Court weighs cities ability to manage a growing homelessness crisis, anti-Israeli protests spread to college campuses nationwide, and more states consider legislation to ban firearms at voting sites and ballot drop boxes.

view newscast page
play newscast audioPlay

Wyoming needs more educators who can teach kids trade skills, a proposal to open 40-thousand acres of an Ohio forest to fracking has environmental advocates alarmed and rural communities lure bicyclists with state-of-the-art bike trail systems.

President Asked to Keep Federal Estate Tax

play audio
Play

Monday, May 1, 2017   

DES MOINES, Iowa – 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 stories
Several Mississippi correctional facilities offer both short-term (12 weeks) and long-term (six months) alcohol and drug programs with individual and group counseling for treating alcohol and drug addictions. (Wesley JvR/peopleimages.com)

Social Issues

play sound

Mississippi prisons often lack resources to treat people who are incarcerated with substance-use disorders adequately but a nonprofit organization is …


Social Issues

play sound

April is Second Chance Month and many Nebraskans are celebrating passage of a bipartisan voting rights restoration bill and its focus on second chance…

Health and Wellness

play sound

New Mexico saw record enrollment numbers for the Affordable Care Act this year and is now setting its sights on lowering out-of-pocket costs - those n…


Migrants are put on buses from Texas to other states, often without knowing where they are going. (afishman64/Adobe Stock)

Social Issues

play sound

The future of Senate Bill 4 is still tangled in court challenges. It's the Texas law that would allow police to arrest people for illegally crossing …

Social Issues

play sound

Residents in a rural North Carolina town grappling with economic challenges are getting a pathway to homeownership. In Enfield, the average annual …

Social Issues

play sound

A new poll finds a near 20-year low in the number of voters who say they have a high interest in the 2024 election, with a majority saying they hold …

Social Issues

play sound

A case before the U.S. Supreme Court could have implications for the country's growing labor movement. Justices will hear oral arguments in Starbucks …

 

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