Under Donald Trump’s tax plan, this would NOT have happened.
He had achieved great success and amassed great wealth, but unfortunately, Prince’s six siblings will not inherit much of it. Over half of Prince’s estate – estimated value at between $300 to $500 million – will go to the government. It’s because of a little thing called the “death tax.” Both the federal government and the State of Minnesota will get their share.
The DEATH TAX – where the government gets one final stab at you and your loved ones. Donald Trump has stated for years – both in his books, and on his website – that part of his plan is to ELIMINATE the death tax. Trump says, you worked hard for that money and paid taxes on it when you earned it – your heirs shouldn’t have to pay taxes on it again.
Senior policy analyst Rachel Greszler said in a blog post that if Prince had been married, his spouse would have inherited the entire estate tax-free. However, since he was not married, only $1.6 million of Prince’s estate will be tax-free for Minnesota state taxes, and only $5.45 million will be exempt from the federal death tax. The government will get over 50% of his entire estate, says Greszler.
In addition to just feeling plain wrong, the death tax is a job killer. Greszler explains when the owner of a family business dies, the family often has to sell the business just to pay the death tax, and says the effects on savings, investment and capital kills 18,000 jobs each year.
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