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.
News and information you need, from a source you trust.
In a world where it’s easier to find disinformation than real information, trustworthy journalism is critical to our democracy and our everyday lives. And you rely on Marketplace to be that objective, credible source, each and every day.
This vital work isn’t possible without you. Marketplace is sustained by our community of Investors—listeners, readers, and donors like you who believe that a free press is essential – and worth supporting.