Closing the loophole on a tax advantage
On Tuesday, President Barack Obama will urge what is now a Republican senate and a Republican house to dump what the President sees as a loophole that allows the wealthiest of American families to pass on a big tax advantage to their heirs.
Along with raising capital gains taxes for some in the higher brackets, the idea is to use the money to let low income people keep $500 a year of their money when both spouses work, and among other things, to help families with under five years olds pay for child care. But let’s start with a closer look at this trust fund business.
Click the media player above to hear finance reporter David Cay Johnston in conversation with Marketplace Morning Report host David Brancaccio.
There’s a lot happening in the world. Through it all, Marketplace is here for you.
You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible.
Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.
