Ross calls estate tax a ‘fine’ for those trying to rest in peace
Bloomberg|
Updated: Oct 25, 2017, 12.45 AM IST
It wasn’t quite Hamlet’s soliloquy on mortality, but Commerce Secretary Wilbur Ross got philosophical in his opposition to the federal estate tax the Trump administration wants to repeal. “It’s bad enough that you have to die,” Ross, 79, said on Tuesday in an interview on Bloomberg Television. “You shouldn’t be fined for doing so.”
The tax framework released by the White House and Republican leaders last month calls for repealing the estate tax — a 40% levy applied to estates worth more than $5.49 million for individuals or $10.98 million for couples. Although Republicans say it penalises small businesses and farmers, data from 2013 show that just 3% of estates subject to the tax were businesses and farms, according to the Tax Policy Center.
The tax framework released by the White House and Republican leaders last month calls for repealing the estate tax — a 40% levy applied to estates worth more than $5.49 million for individuals or $10.98 million for couples. Although Republicans say it penalises small businesses and farmers, data from 2013 show that just 3% of estates subject to the tax were businesses and farms, according to the Tax Policy Center.
