More Than Half of America’s 100 Richest People Exploit Special Trusts to Avoid Estate Taxes

Posted on AllSides September 28th, 2021
From The Left
Credit:Lisa Larson-Walker/ProPublica. Photos: Nikki Kahn/The Washington Post via Getty Images, Michael Ciaglo/Getty Images, Jamie Rector/Bloomberg News via Getty Images, Michael Cohen/Getty Images for The New York Times.

It’s well known, at least among tax lawyers and accountants for the ultrawealthy: The estate tax can be easily avoided by exploiting a loophole unwittingly created by Congress three decades ago. By using special trusts, a rarefied group of Americans has taken advantage of this loophole, reducing government revenues and fueling inequality.

There is no way for the public to know who uses these special trusts aside from when they’ve been disclosed in lawsuits or securities filings. There’s also been no way to quantify just how much in estate tax...

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