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Sen. Bernie Sanders, the left-wing populist who is considering another presidential candidacy, plans to introduce an expanded property tax plan with rates of up to 77%.
The law "For the 99.8% Act" would tax estates over 3 , $ 5 million, according to Sanders estimates. is 0.2 percent of the country. At present, the inheritance tax only applies to people who inherit more than $ 11 million, as a result of the Republicans' adoption of the 2017 Tax and Employment Tax Act.
The tax policy debate intensifies, as Democrats seek to overthrow President Donald. Trump in 2020 is seeking to use the GOP tax law against him, which he signed at the end of 2017. The measure, which reduced corporate taxes and included tax cuts for individuals that favored the rich, did not largely did not affect voters in the mid-term congressional elections of last year.
Recent polls show that most Americans are in favor of an increase in the tax on the rich.
The taxation rates proposed by Sanders are as follows:
- From $ 3.5 million to $ 10 million: 45% tax
- $ 10 to $ 50 million: 50% tax [19659009] from $ 50 million to $ 1 billion: 55% tax
- over $ 1 billion: 77% tax
La Poste, citing Sanders employees, said that the plan would raise 2 , $ 2 trillion out of 588 billionaires, without specifying how long it would take. However, over the next 10 years, Sanders staff told La Poste that the levy would be $ 315 billion
. Earlier this week, Mitch McConnell, Chuck Grassley and John Thune, Republican of the Senses, tabled a plan to completely abolish the inheritance tax, calling it an "unfair death tax."
Sanders criticized the proposal of his GOP colleagues. Republican leaders of the Senate introduced a bill to abolish the inheritance tax of America's 1,700 wealthiest families. It's absurd, "he tweeted." From a moral, economic and political point of view, our country will not prosper so few of them have as many and many have so few. "
A spokesman for the Sanders Senate Office did not immediately respond to CNBC's request for comment
The Senator's Bill incorporates several other tax plans presented by prominent Democrats in recent weeks.
Sen. Elizabeth Warren of Massachusetts, who set up a presidential exploratory committee, proposed a 2% "wealth tax" to Americans whose net worth is greater than $ 50 million Freshman Rep. Alexandria Ocasio-Cortez, of New York, has implemented a 70% marginal tax rate on revenues over $ 10 million. Republican lawmakers and Wall Street leaders, as well as former Starbucks CEO Howard Schultz, a long-time Democrat who is seriously exploring an independent career for the White House, have reacted in favor of these two projects.
Sanders, an independent who shares the caucus with Democrats in the Senate, is considering a run for the presidency in 2020, having been a finalist behind Hillary Clinton in the 2016 Democratic primaries. Earlier this month, he also presented Bills aimed at increasing the federal minimum wage from $ 7.25 to $ 15 an hour and reducing the cost of prescription drugs.
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