Many economists oppose wealth taxes like the estate tax on the grounds that they penalize savings, but intergenerational transmission of wealth also has huge negative externalities (heirs less willing to work, less equal politics, etc.) that cutting the estate tax dramatically would worsen. (vox.com)
He also wants to cut the estate tax since he says that is persuading rich people to take their residences and their investments out - of - state, hurting New York. (news.wbfo.org)
Gov. Andrew Cuomo's plan to cut the estate tax is drawing praise from fiscally conservative groups and condemnation from advocates for the poor. (wrvo.org)