Article from Reason by Joe Setyon.

Sen. Bernie Sanders (I–Vt.) today introduced a bill that would greatly expand the estate tax, allowing the federal government to take up to 77 percent of a billionaire’s net worth after they die.

The avowed democratic socialist and possible 2020 presidential candidate is calling his bill the “For the 99.8% Act.” A summary of the legislation claims that “99.8 percent of Americans would not see their taxes go up by one penny under this plan.”

“At a time of massive wealth and income inequality, when the three richest Americans own more wealth than 160 million Americans, it is literally beyond belief that the Republican leadership wants to provide hundreds of billions of dollars in tax breaks to the top 0.2 percent,” Sanders said in a press release. “Our bill does what the American people want by substantially increasing the estate tax on the wealthiest families in this country and dramatically reducing wealth inequality. From a moral, economic, and political perspective our nation will not thrive when so few have so much and so many have so little.”

Sanders’ plan would represent a significant overhaul of the way the government determines how much of a person’s estate to take before the remainder can be transferred to surviving parties. Under the Tax Cuts and Jobs Act, signed into law by President Donald Trump in late 2017, the estate tax applies to those passing down more than $11.2 million, according to Tax Policy Center. The estate tax rate for all sums above that amount is a flat 40 percent.

Read the entire article at Reason.

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