Photo: Sarah Cascone via Artnet.com
President Trump’s new tax proposal, mainly its overhaul of estate taxes, does not bode well for museums’ art donations and acquisitions, according to The New York Times.
Without the estate tax, heirs will no longer be enticed to sell off or donate art collections in order to appease the IRS. Super rich art loving families can simply pass collections down from generation to generation, away from the eyes from commoners. The NY Times quotes attorney Malcolm Taub, an expert in art law, as saying, “Estate planners and people in the industry are waiting to see how this happens.”
