02-24-2020, 10:36 AM
--Estate tax for the extremely wealthy would also be taxed at a much higher rate. Currently, the estate tax levies a 40% tax on the total value of property passed to heirs, and exempts the heirs from taxes on the first $11 million ($22 million for married couples).
Sanders' aims to raise $315 billion over 10 years by:
-Reducing the exemption to $3.5 million, and taxing the value of estates up to $10 million at a rate of 45%
-Taxing estates valued between $10 million and $50 million at a rate of 50 percent%
-Taxing estates valued between $50 million and $1 billion at 55 percent%
-Taxing estates valued at more than $1 billion at a rate of 77 percent% (same rate as 1942 - 1976).
And, Sanders proposes to enact a pennies transaction tax on speculative Wall Street transactions to fund tuition free college.
Sanders' aims to raise $315 billion over 10 years by:
-Reducing the exemption to $3.5 million, and taxing the value of estates up to $10 million at a rate of 45%
-Taxing estates valued between $10 million and $50 million at a rate of 50 percent%
-Taxing estates valued between $50 million and $1 billion at 55 percent%
-Taxing estates valued at more than $1 billion at a rate of 77 percent% (same rate as 1942 - 1976).
And, Sanders proposes to enact a pennies transaction tax on speculative Wall Street transactions to fund tuition free college.