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.
Image Credit: By AFGE (AFGE Participates in #StopFastTrack Rallies) [CC BY 2.0 (http://creativecommons.org/licenses/by/2.0)], via Wikimedia Commons
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75% why not 100% tax on the Wealthy Bernie you MORON…. This way the wealthy can’t build any factories, create any jobs, they can’t buy anything, & they can move their wealth to a different Country. Go tell that to Soros, Buffet, Koch Bros. Another utopia clownazz..
I see more Flakes got out of the Cereal Box. Talk about stealing from the public.
!!!!! GOOD COMMENT !!!!!!
Does this include him in the tax? He is trying to pretend Alexandra idea was his? He wants to fund the illegals so tax the rich that make jobs?
For a guy who never had a real job until he got elected to Congress [except for political fluff], Bernie knows how to use other people’s money [in his pocket]; but has no idea what it takes to survive in life outside of government. Remember the last president bailed out the very banks and bankers that caused the Recession and spent more money [trillions of dollars] to save those bums when it would have been smarter to just let it run its course. We would have been out of that mess sooner and saved all that money too. The only reason people with the big bucks back the Democrats is that they can count on their stupid economic ideas, and consequently make more money for themselves. But even Bernie would flunk the test here. Chuck
I am asking this ARE YOU BETTER OFF UNDER PRESIDENT TRUMP OR WHEN OBAMA WAS IN OFFICE?
This reminds me of a time the Reagan taxed unemployment ins.. Prior to that it was tax free. I got 258.00 a month and had to put away 70.00 for taxes.
And aoc came from little preto rico in nyc.. MADE her living in/on a bar..
Why is it all Liberals seem to think they have the knowledge to tell every one else how to live their lives? And why is it that those same Liberals cant earn a living in an honest profession the only thing they seem to be good at is living off the labor of others!