WASHINGTON – Senate Minority Leader Chuck Schumer (D-N.Y.) on Tuesday said President’s Donald Trump’s proposal to repeal the estate tax would only benefit the ultra-wealthy.
“The Republican plan to repeal the estate tax would provide a tax cut for about 5,000 of the richest families in America,” Schumer said during a press call in which he referenced a newly released study from the nonpartisan Center on Budget and Policy Priorities (CBPP).
Schumer reiterated that Democrats are willing to work with Republicans to pass tax reform legislation but that such plans must not disproportionally favor the wealthy nor increase the deficit.
Senators Ron Wyden (D-Ore.) and Bernie Sanders (I-Vt.) also spoke.
During a speech in North Dakota last week, Trump said: “We are not going to allow the death tax or the inheritance tax or the whatever-you-want-to-call-it crush the American Dream.”
Trump in the speech said the estate tax is a “tremendous burden for the family farmer.”
But the U.S. Department of Agriculture estimates that less than two percent of family farms meet the $5.45 million threshold in which estate transfers are taxed.
Treasury Secretary Steven Mnuchin and White House chief economic adviser Gary Cohn later are expected to meet behind closed doors on Capitol Hill with Senate Republican leaders later today to discuss the administration’s tax-reform package.
If fully implemented, the proposal would constitute the most dramatic overhaul of the Internal Revenue Code since 1986.