The Manhattan businessman’s election offers congressional Republicans their best chance in years to eliminate the estate tax, which he and others call the “death tax.” Abolishing it would save more than $20 billion a year for the millionaires and billionaires the tax applies to -- including the Trump family and several of the people he has chosen for his administration. Trump has said he wants to put H&R Block "out of business." Heirs to large estates: The plan eliminates the so-called death tax, or estate tax. The decades-old alternative minimum tax is meant to prevent America’s wealthiest from using deductions to pay very low or no federal income tax. Repealing the federal estate tax could save his family about $1.1 billion, though it could still be subject to New York estate taxes. The plan collapses the number of brackets from seven to as little as three. The same year, estates valued above $20 million paid an average tax rate of 18.8 percent -- many achieve a lower effective rate through tax-planning strategies, including giving some of their fortune away to charity. Depending on his effective tax rate under the proposal, Mr. Trump could pay roughly $3 million to $5 million more in taxes. Savings of about $1.1 billion from repealing the estate tax 
 
 Though it would not be reflected on his income tax return, Mr. Trump’s proposal to eliminate the estate tax would generate the largest tax savings. Trump’s transition team didn’t respond to a request for comment for this story. The Times’s figure also relies on an estimate of Mr. Trump’s net worth, calculated by the Bloomberg Billionaire’s Index to be $2.86 billion. If his assets — reportedly valued at $2.86 billion — were transferred after his death under today’s rules, his estate would be taxed at about 40 percent.
– It's hard to know for sure, but President Trump may save a pretty penny if his administration's "once in a generation" tax proposal goes into effect, despite Trump insisting earlier this week the plan is "not good for me." The New York Times put Trump's estimated net worth of $2.86 billion and his 2005 federal tax return—one of the few publicly available pieces of detailed info on the president's finances—up against the current tax law and the new plan. Its findings: The president and his estate could save more than $1 billion. Experts commissioned by the Times postulate the benefits would mostly come from the elimination of the estate tax and the alternative minimum tax. Under the current estate tax, Trump's estate would take a 40% hit following an assets transfer after his death. In what it called a potential "bonanza" for Trump and his Cabinet members, Bloomberg last year estimated Trump's family would save $564 million by dumping the estate tax; the Times figures it closer to $1.1 billion, minus New York state taxes. Getting rid of the AMT, which made up about 80% of Trump's income tax payment in the 2005 return, could save him more than $31 million. Writing for the Washington Post, Philip Bump notes Trump's "vague articulation" on how he's looking out for the little guy, not the ones with fat wallets, "is not borne out by the details." Fox News offers the winners and losers under the tax proposal.