Sen. Bernie Sanders plans to introduce an expanded estate tax plan with rates up to 77 percent as he explores another run for the presidency. Sanders touted the plan on Twitter after The Washington Post first reported it Thursday morning.
Estate tax plan with rates up to 77 percent.
The “For the 99.8% Act,” as the bill is known, would tax the estates of those who inherit more than $3.5 million.
The proposal comes after Republican senators called for eliminating the estate tax, and as the 2020 presidential campaign gets going.
The fairest way to reduce wealth inequality, invest in the disappearing middle class and preserve our democracy is to enact a progressive estate tax on the inherited wealth of multi-millionaires and billionaires.
Today I’m introducing a bill to do that:https://t.co/dDaCCgC2z5
— Bernie Sanders (@SenSanders) January 31, 2019
The “For the 99.8% Act” would tax the estates of those who inherit more than $3.5 million, which Sanders estimates is 0.2 percent of the country. Currently, the estate tax only applies to individuals who inherit more than $11 million, as a result of the 2017 Tax Cuts and Jobs Act passed by Republicans.
Even though similar tax rates proved to be a disaster in France, Bernie seems hell bent on taxing the rich instead of cutting spending. While the higher tax rates in the 1950’s and 60’s has been proven to be misleading and mostly a fallacy, a majority of Americans favor taxing the rich.
Bernie saying “Millionaires” and “Billionaires”