(Bloomberg) Some of the wealthiest families in the U.S. are hoping for a $21 billion benefit from President-elect Donald Trump next year.
Trump is gearing up to embark on the biggest U.S. tax overhaul in three decades. His proposals include cutting income and corporate taxes and eliminating the so-called death tax, which is paid primarily by the richest 10 percent of earners, according to the Tax Policy Center. Advisors to wealthy families and their offices also anticipate that the new administration’s approach to estate and gift taxes could negate rules they were bracing for, which sought to limit tax breaks on transferring wealth.
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