Bernie Sanders Says Trump Proposal Would Save Walton Family $53 Billion

Bernie Sanders Says Trump Proposal Would Save Walton Family $53 Billion

In early October, Bernie Sanders took another swipe at Republican presidential candidate Donald Trump, attacking Trump’s plan to axe the federal estate tax.

Sanders claimed that this action would save the Walton family (heirs to the Walmart fortune) as much as $53 billion.

Politifact found that the Walton heirs could potentially save $53 billion, but the figure is based on estimates and takes into account no details of family members’ tax planning. Another Trump proposal, however, could see the Waltons face capital gains taxes amounting to tens of billions of dollars.

As a reminder, under current federal law, estate taxes are due on estates of $5.45 million or more. According to the Forbes list of the 400 wealthiest Americans, Trump is worth around $3.7 billion rather than the $10 billion he regularly claims. Hillary Clinton, who jointly with her husband has a net worth of around $60 million, has proposed increasing the estate tax for the wealthiest Amerians to as high as 65%.

When looking at the Walton family’s tremendous wealth and estimating potential taxes, it should be noted that there are factors which could reduce the tax due considerably. Charitable donations, for example, would reduce the size of a taxable estate, and other tax avoidance strategies exist as well.

For more information, please read:
Bernie Sanders says Donald Trump plan to end estate tax would give $53 billion break to Walton heirs | Politifact

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