1/ (THREAD) Very interesting new study from researchers at Penn Wharton @BudgetModel on the decimation of the US estate tax: budgetmodel.wharton.upenn.edu/issues/2022/7/… @richpriz @riccoja
2/ Here's the history: the dramatic rollback of the estate tax – a tax solely levied multimillionaires – began in 2001 and then kicked up a notch in 2017.
3/ If the 2000 law had stayed the same and collections merely kept pace with increasing wealth, the US would have collected $85 billion in estate taxes during 2019 (the most recent year for the data), the Wharton researchers found. But ...
4/ ... the US instead collected a mere $9 billion from the estate tax that year – so a nearly 90 percent drop.
5/ In total, the wealthiest Americans have avoided $649 billion over the past two decades thanks to the 2001 and 2017 estate tax law changes, the Wharton folks estimate.
6/ A few other interesting pieces of recent research on these issues. Here’s one from the IRS: irs.gov/pub/irs-soi/ni…
7/ This report by the OECD last year compares wealth taxes in the US to other countries:
oecd.org/tax/tax-policy… @oecd
oecd.org/tax/tax-policy… @oecd
8/ Also, this piece by Owen Zidar and others on soaring US wealth inequality:
economics.princeton.edu/working-papers… @omzidar
economics.princeton.edu/working-papers… @omzidar
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