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Louisiana teachers' union concerned about educators' future; Supreme Court hears arguments in Trump immunity case; court issues restraining order against fracking waste-storage facility; landmark NE agreement takes a proactive approach to CO2 pipeline risks.

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Speaker Johnson accuses demonstrating students of getting support from Hamas. TikTok says it'll challenge the ban. And the Supreme Court dives into the gray area between abortion and pregnancy healthcare, and into former President Trump's broad immunity claims.

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The urban-rural death divide is widening for working-age Americans, many home internet connections established for rural students during COVID have been broken, and a new federal rule aims to put the "public" back in public lands.

Wealthy Lobby to Keep Estate Tax, Citing Fairness

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Wednesday, May 3, 2017   

RICHMOND, Va. – More than 50 multimillionaires 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 United States.

Chuck Collins, heir to the Oscar Mayer fortune and author of the book "Born on Third Base," said the tax only applies to households with assets of more than $11 million. According to Collins, the tax was put in place 100 years ago to prevent the kind of inherited aristocracy over which the nation fought a revolutionary war.

"In that way, the estate tax is a fundamentally American tax," Collins explained. "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."

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

Trump once called the tax a "burden on the American worker." But Collins noted 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 that lowering taxes on corporations and the wealthy will lead to a revived economy and ultimately increase tax revenues.

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

"Cutting taxes for multimillionaires and billionaires actually has very little positive economic impact," he stated. "The rest of us have to pick up the slack, and 'the rest of us' is the middle class."

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




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