Responding to Paul Ryan’s recent column in the Kenosha News, Cezary Podkul at ProPublica performed an analysis on the true impact of the estate tax, particularly as it applies to Wisconsinites, using IRS data. His findings include:
- Nationally, the estate tax affects only the wealthiest 0.2% of estates, those with over $5 million in assets
- In Wisconsin in 2015, the latest year statistics are available, only 61 estates were wealthy enough to be subject to the estate tax, around 0.1% of all estates
- Podkul estimates that of the small business owners and farmers who died in 2015, over 98% were not subject to the estate tax
This is Republican tax “reform” in a nutshell, massive giveaways to the rich while ignoring the struggles of middle class Americans.