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December 8, 2017

GOP tax plans have rich rewards for rich families

  • But aides to President Trump argue that lower tax rates for companies and the wealthy would trickle into pay raises for middle-income workers.
    • By JOSH BOAK
    AP Economics Writer

    WASHINGTON — Life may be about to get easier for people with rich parents. They can thank the Republicans' tax plans.

    Part of their prep school tuition could be shielded from taxes. A larger chunk of their inheritances would be free of estate tax. Family-owned businesses they have a stake in could be taxed at a discount. Stock portfolios gifted to them by their parents may keep climbing because of lower corporate tax rates. And their parents could enjoy a bigger child tax credit than poor working families would.


     
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