Authors Zachary Tashman, Senior Research and Policy Associate; William Rice, Senior Writer

They want to • In the middle of the last century the permanently extend the tax cuts in the highest-income Americans—those with 2017 Trump-GOP tax law for people annual incomes over $1 million—were making over $400,000 a year that are paying an effective tax rate twice what due to expire at the end of next year. [...] Millionaire income tax rates continued to slide downward after the passage of the Trump-GOP tax law in 2017 (though the wealthy actually benefited more from the big cut in the corporate tax rate, via their stock holdings). [...] Instituted in 1916, the estate tax for the rest of the 20th century did a good job of targeting Tax to the Future 8 . [...] The biggest blow to the effectiveness of the estate tax came from the Trump-GOP tax law. [...] We must apply the tax principles of the past to the novel conditions of the present: the explosion of untaxed billionaire wealth gains; the epidemic of corporate offshoring; the untold fortunes tumbling down the generations of family dynasties.