Senator Proposes 65% Estate Tax

As Republicans work to reduce federal estate tax rates, Senator Bernie Saunders counters with a completely opposite approach: an estate tax with rates ranging from 40 percent (for estates of $3.5-$10 million) to 65% (for estates over $1 billion). 

“It’s one thing to ask rich people to pay more of the cost of government.  It’s another thing entirely to tell those rich people that they are just too damn rich,” Joseph Thorndike commented about the new proposal. 

Only time will tell if this seemingly extreme proposal will become a reality. 

See A 65% Estate Tax For Billionaires? Trust and Wealth Management Marketing, Sept. 25, 2014.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.