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Bernie Sanders to propose dramatic expansion in estate tax on richest Americans, including 77 percent rate on billionaires

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Deleted member 22490

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Sanders's "For the 99.8% Act" would target the wealthiest 0.2 percent of estates.

Sen. Bernie Sanders (I-Vt.) will unveil a plan Thursday to dramatically expand the federal estate tax on the wealthy, including a new 77 percent rate on billionaires' estates, as leading Democratic politicians push new taxes on the richest Americans to combat inequality.

Sanders's bill, the "For the 99.8% Act," would tax the estates of the 0.2 percent of Americans who inherit more than $3.5 million, while the rest of the country "would not see their taxes go up by one penny under this plan," according to aides to the Vermont senator, who is considering a 2020 presidential bid.
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Sanders's plan would reverse the decades-long decline in estate taxes. It would levy a 45 percent estate tax on those with $3.5 million to $10 million; a 50 percent tax on those with $10 million to $50 million; a 55 percent tax on those with $50 million to $1 billion; and a 77 percent tax on those with more than $1 billion.

The legislation also aims to crack down on loopholes that allow fortunes to be passed down with lower taxes, including by preventing wealthy families from avoiding certain taxes through annuity trusts. To prevent the new tax from hitting farmers, the Sanders plan would also allow farmers to reduce the value of their farms by $3 million — up from $1.1 million under current law.
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The law would dramatically affect how much taxes the wealthiest Americans pay when they die. Under current law, Jeffrey P. Bezos's heirs would pay $52 billion in estate tax upon his death, while Bill Gates's heirs would pay $38 billion, according to estimates by Sanders's staff, based on Forbes's wealth data. The GOP proposal would take both of their payments down to $0, while Sanders's would raise them to $101 billion and $74 billion, respectively, according to the estimates by Sanders's staff.
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3bdelilah

3bdelilah

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I can only imagine what it would be like with him as president.
 
jph139

jph139

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Oct 25, 2017
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I figure like 30% of this primary season will be Democrats climbing over each other to attack the mega rich and I just can't wait.
 
Jombie

Jombie

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Oct 27, 2017
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Oh, come the fuck on. How will the super wealthy afford their golden helicopters?
 
shadowsdarknes

shadowsdarknes

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Oct 30, 2017
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But rich people will just stop working if it means they can't transfer billions of dollars, untaxed to their children.
 
AYF 001

AYF 001

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Oct 28, 2017
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23% too low, but at least it's in the right direction.
Shugga said:
A single legged dog would be a better president than fucking trump, what's your point here ?
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He could be referring to midterm gains and increased political/social activism in response to all of the GOP's BS, as opposed to possible apathy and loss of offices that might've occured if Hillary had won.
 
Brandson

Brandson

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Oct 26, 2017
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I understand the rationale, but won't most billionaires just leave the US for a country without an estate tax once retired?
 
Heshinsi

Heshinsi

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Oct 25, 2017
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Isn't Bill Gates (example used) planning on leaving his heirs far, far less than they would normally get even under Bernie's tax proposal?
 

Deleted member 29676

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Why not just tax the income more when they earn it and let them spend, give away, or burn their money if they want.
 
Latvian Hitman

Latvian Hitman

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Norman, OK
FantasticMrFoxdie said:
nice try lol


what are the chances this would ever go through
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Deleted member 4346

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Get them, Bernie! This country has a HUGE problem with inherited wealth. A billionaire's estate should obviously be taxed at a high rate.
 

Deleted member 29676

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Heshinsi said:
They are taxing the income when they earn it. The heirs are being taxed for the earnings they received as part of their inheritance.
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Yea i don't have any objections really just seems weird as the law currently lets you give up to ~10 million in gifts away tax free while you're alive. I imagine they'd have to change gift laws etc as well.
 
Heshinsi

Heshinsi

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Oct 25, 2017
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Carth said:
Yea i don't have any objections really just seems weird as the law currently lets you give up to ~10 million in gifts away tax free while you're alive. I imagine they'd have to change gift laws etc as well.
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For those under the $10M threshold sure. But the heirs who stand to inherit hundreds of millions of not billions of dollars, that tax free gift amount wouldn't make a dent in anything for them.
 
Dingens

Dingens

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I'm looking forward to democrats opposing this, proving that they are clearly not the same
but worse, by acting high and mighty while still supporting the same shitty anti-poor legislation
 
Felt

Felt

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Oct 27, 2017
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Why not. That money is most likely being hoarded and not going back into the economy given the circumstances
 
sirap

sirap

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Oct 25, 2017
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South East Asia
Admirable, but I doubt this will get any traction. Look at how fast the shutdown ended when Trump's tantrum affected flights and upset rich billionaires.
 
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