Wyden, King Introduce Bill to Curtail GRATS

Senate Finance Committee Chair Ron Wyden, D-Oregon and Senator Angus King, I-Maine introduce a bill to effectively kill the use of a GRAT

Photo by Dan Meyers on Unsplash

Senate Finance Committee Chair Ron Wyden, D-Oregon and Senator Angus King, I-Maine introduce the Getting Rid of Abusive Trusts (GRAT)Act on March 20, 2024.

This is not the first time that “Progressives” have tried to curtail the use of GRATs. They continue to complain about these trusts even though people who use the trusts are simply following the law. Senator Wyden said: “This is a garden-variety tax dodge in which a billionaire signs some papers and moves some money around, and suddenly they have to pay little or no tax on appreciating assets worth tens of millions of dollars. This abuse of GRATs skates by because it’s an incredibly complicated subject with a jargon-heavy name, but the bottom line is it’s fundamentally unfair and it’s past time for Congress to put a stop to it.”