“I could introduce you to a lot of wealthy heirs who spend on a lot of women and booze, and who basically haven’t worked in their lifetimes, who would benefit from repealing the estate tax,” Chuck Collins told HuffPost on Tuesday. Collins, who belongs to a group called Patriotic Millionaires that advocates for higher taxes on the wealthy, knows a thing or two about the good life. Even at those levels, only 0.2 percent of Americans pay estate tax. Just 61 people in Iowa — 0.004 percent of all the state’s taxpayers — owed estate taxes in 2015, according to the Register. He said wealthy people ought to be paying more in taxes ― including the estate tax Republicans seek to slash.

Source: Huffington Post December 05, 2017 19:46 UTC