Senate Republican caucus united last week to introduce a bill that would permanently repeal the estate tax, targeting one of the few provisions in the U.S. tax code that solely affects the richest 0.1 percent of Americans.
Perhaps not coincidentally, repealing the estate tax would complete the loop of tax avoidance for the wealthiest Americans. The bill targets the “die” part of “buy borrow die,” a common tax dodging scheme used by the wealthy to avoid paying taxes; it is part of the reason that the wealthiest Americans are able toIn the practice of buying, borrowing, and dying, the rich first pour their wealth into assets like stocks, building up a large portfolio.
At very few points do taxes come into the buy, borrow, die equation. Buying and keeping stocks doesn’t incur a tax bill. Taking out loans allows the wealthy to claim very low incomes to skirt income taxes. The estate tax is essentially the only guarantee, and even then, the to dodge the estate tax, too. Republicans, then, are hoping to make tax avoidance even easier by legalizing it entirely; Lord has pointedly labeled the bill the “Billionaires Pay Zero Tax Act.”
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