‘Only morons pay the estate tax,’ says White House’s Gary Cohn

 

  • The estate tax is a 40 percent levy applied to the portion of an estate valued at over $5.49 million for individuals or $10.98 million for couples.
  • It’s a tax that applies only to the very wealthy, with only one out of every 500 taxpayers paying the tax.

Gary Cohn‘s comment that “only morons” pay the estate tax may seem like a Leona Helmsley moment for the White House economic czar. But a close look at tax data suggests that very few of today’s rich are actually paying the so-called death tax

‘Only morons pay the estate tax,’ says White House’s Gary Cohn

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