Sanders Proposes Tax Hike on Billionaires
Shock, shock, shock. I know you cannot believe this, but after passing a trillion dollar tax giveaway for the top 1 percent and large corporations, Republican leaders in the Senate have introduced a bill to repeal the estate tax for the richest 1,700 families in America. Here's what we should do instead. Today I'm introducing a bill to establish progressive estate tax on the fortunes of the top 0.2% of Americans and significantly increase rates on billionaires. The fairest way to reduce wealth inequality, invest in the disappearing middle class, and preserve our democracy is to enact a progressive estate tax on the inherited wealth of multi-millionaires and billionaires. From a moral, economic, and political perspective our nation will not thrive when so few have so much and so many have so little. We need a tax system which asks the billionaire class to pay its fair share of taxes and which reduces the obscene level of wealth inequality in America.