John,
This month, the billionaire casino mogul and Republican mega donor, Sheldon Adelson passed away. And his $35 billion fortune will likely be passed along to his heirs virtually tax free.[1] How’s that possible?
Adelson and others, including the Koch brothers, the Waltons (the heirs to the Walmart fortune), and even Donald Trump’s late father, have used tax dodging schemes for decades to avoid paying their fair share in taxes.
A major loophole millionaires and billionaires have used to dodge the estate and gift taxes is called a grantor retained annuity trust―or GRAT. GRATs are how the notorious child sex trafficker Jeffrey Epstein saved his clients millions of dollars. And, in at least one case, he saved the private equity billionaire Leon Black “about $1 billion for a single GRAT,” according to a new report by the New York Times.[1]
Americans for Tax Fairness recently launched a major effort to close the GRAT loophole, and others that let the heirs of billionaires build dynasties by dodging taxes. We think we can succeed this year, but it won’t be easy because of a Wealth Protection Industry that exists here in Washington to protect these fortunes.
Help us shine a spotlight on how the richest 0.1% of Americans use tax loopholes to avoid paying millions―and in some cases even billions―of dollars in taxes. Help us bring the infographic below to millions of people and build the momentum necessary to hold the rich accountable for decades of tax dodging. Donate to Americans for Tax Fairness Today!
The ultra-rich think the normal rules don’t apply to them. And with the assistance of high-priced accountants, attorneys and lobbyists, they’ve been able to hoard their wealth while the rest of us pay our fair share toward our schools, roads, healthcare and more.
With Democrats in control of Congress and the White House, it’s time that we demand the change that the American people voted for. It’s up to us to remind them what they were sent to Washington to do.
Donate to Americans for Tax Fairness today to fund our campaign to close the GRAT loophole and others that billionaires exploit to avoid paying estate taxes. Help us bring the infographic above to millions of people and demand Congress act to close tax loopholes abused by the richest 0.1%.
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Thank you for fighting for a tax system and economy that works for everyone, not just the wealthy few.
Andrea Haverdink
Digital Director
Americans for Tax Fairness
[1] “Sheldon Adelson—Casino Magnate And Major GOP Donor—Dead At 87,” Forbes, Jan. 12, 2021; and “Accidental Tax Break Saves Wealthiest Americans $100 Billion,” Bloomberg, Dec. 17, 2013
[2] “What Jeffrey Epstein Did to Earn $158 Million From Leon Black,” New York Times, Jan. 26, 2021
