Richest of Rich Support Saving Estate Tax | WMKY

 

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.

Richest of Rich Support Saving Estate Tax | WMKY

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