Bernie Sanders Proposes Estate Tax of up to 77% for Billionaires

Vermont Senator Bernie Sanders is contemplating a second run for President in 2020. Part of his plan would be to increase the estate tax for the very wealthy, which would consist of only 0.2% of the population. Sanders says he would lower when the current estate tax kicks in, taxing estates between $3.5 million and $10 million at 45% and increase the rate gradually until it hits 77% for those that are valued at $1 billion. Polls show that voters are becoming more receptive to the idea of increasing taxes on the wealthy.

Several other Democrats are also proposing tax legislation that would attempt to decrease the income inequality of the country. The estate tax exemption was increased to $11 million in 2017 under President Trump, and other Republicans are attempting to take it further by repealing the tax completely. 

See Arit John & Laura Davison, Bernie Sanders Proposes Estate Tax of up to 77% for Billionaires, Financial Advisor, January 31, 2019.

Special thanks to Joel C. Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.