"The estate tax hardly raises any money-less than 0.5 percent of federal revenue-and yet at the same time makes it seem like the rich pay more in taxes than they do."
"The richest Americans have cultivated a three-step tax-avoidance playbook, starting with not taking a big salary to minimize their tax burden."
"Many wealthy individuals, including Warren Buffett and Jeff Bezos, keep their salaries low to benefit from tax credits and avoid high tax rates."
The current tax system allows the richest Americans to avoid significant taxes by not taking large salaries, while the estate tax raises minimal revenue. Abolishing the estate tax could simplify the tax structure and ensure billionaires contribute fairly to income taxes. The existing progressive income tax, designed to tax the wealthy, is complicated by separate estate taxes, leading to confusion. Wealthy individuals often minimize their taxable income through strategic salary management, resulting in a disproportionate tax burden on average earners.
Read at The Atlantic
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