Sen. Bernie Sanders called for legislation that would radically overhaul the current estate tax system. His proposal lowers the tax exception to $3.5 million per person and applies multiple rate tiers, ranging from %40 to %65, to an estate based on value. These changes conflicts with recent Republican efforts to repeal the estate tax, a measure that found support in the House which passed 240-179. As election season progresses, more proposals will emerge from candidates and offer a glimpse into the future of the estate tax.
See Ashlea Ebeling, Bernie Sanders Calls For 65% Top Estate Tax Rate, Forbes, June 25, 2015.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.
