Bernie Sanders To Intro 77% Estate Tax On Billionaires

The Washington Post reports:

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.

Three top Republican senators this week released a plan to outright abolish the estate tax, which the GOP already significantly weakened with their 2017 tax law to only apply to those passing on more than $11 million (or $22 million for couples).