The Billionaire Loophole is a tax avoidance technique exploited by the super wealthy to avoid paying at least $100 billion in estate and gift taxes. Exploiting the Loophole requires a creative and complicated use of trusts, but the impact is simple: the wealthy avoid paying their fair share of taxes. Congress should close the Billionaire Loophole today
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The estate tax was created to raise revenue from those with the greatest ability to pay, and to encourage charitable giving and to put a brake on the concentration of wealth and power.
Loopholes in the federal estate tax have rendered it essentially voluntary. These loopholes are being exploited by billionaires and their estate planners to dodge the tax. Demand Congress close the loopholes and restore fairness to the tax code.
The biggest billionaire’s loophole is known as the Grantor Retained Annuity Trust (GRAT). These specialized trusts allow families like the Waltons and Sheldon Adelson to pay little if any estate and gift taxes on estates worth billions of dollars. This loophole cost the U.S. Treasury $100 billion since 2000.
How you can make a difference:
Contact your representative in Congress to demand action on closing the billionaire loophole