Bernie Sanders is targeting the wealthy and corporations with 2 new tax measures
Sen. Bernie Sanders is once again pushing for wealthier Americans to pay higher taxes, and he wants to reform two parts of the tax code to do it. This time, he's got his eyes set on the estate tax and corporate tax.
Currently, the estate tax, which taxes property transferred after death, applies to estates of over $11.7 million. Fewer than 2,000 households were set to pay it in 2020, according to one estimate from the Tax Policy Center. In 2017, the Tax Cuts and Jobs Act actually increased the amount exempted under the estate tax from $5.5 million to $11.2 million.
Now, however, Sanders announced during a Senate Budget Committee hearing that he is introducing two new bills to reform taxes. One, the "For the 99.5% Act," would target estates over $3.5 million for individuals, and would gradually increase up to 65% for estates over $1 billion. Per Americans for Tax Fairness, the bill would also seek to close some loopholes used for tax avoidance; a Joint Committee on Taxation letter found that it could raise up to $430 billion over 10 years.
It's not the first time Sanders has made such a push: In 2019, he introduced the "For the 99.8% Act." That measure began to tax estates $3.5 million and above, with the highest rate - 77% - for assets above $1 billion.
https://www.msn.com/en-us/money/markets/bernie-sanders-is-targeting-the-wealthy-and-corporations-with-2-new-tax-measures/ar-BB1eXIwj?li=BBnb7Kz