Jan 31, 2019

Bernie's big tax hike would target millionaires and billionaires

Bernie Sanders. Photo: Sean Rayford/Getty Images

Bernie Sanders is back with a proposal that would hike estate taxes for millionaires and billionaires, including a top rate of 77% for estates over $1 billion.

By the numbers: Estates between $3.5 million and $10 million would be taxed at 45%, then 50% up to $50 million, 55% up to $1 billion, then 77%.

Between the lines: The $3.5 million threshold would be the same as it was in 2009. The Trump tax cuts of 2017 raised it from $5.49 million to roughly $11 million, the NYT notes.

  • "The legislation would raise up to $2.2 trillion in estate taxes from the families of all 588 billionaires in the U.S. with a combined net worth of more than $3 trillion, according to a summary of the plan," Bloomberg reports.

What he's saying: "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."

Editor's note: This article has been corrected to note that the Trump tax cut raised the threshold to $11 million. The last time the threshold was at $3.5 million was in 2009.

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In photos: George Floyd's North Carolina memorial service

The remains of George Floyd are brought into Cape Fear Conference B Church. Photo: Ed Clemente/POOL/AFP via Getty Images

Hundreds gathered in Raeford, North Carolina to honor George Floyd, whose death in Minneapolis nearly two weeks ago has sparked nationwide protests against police brutality.

The state of play: This is the second memorial for Floyd. A number of his family members remain in Raeford, including his sister. He was born in Fayetteville, North Carolina, The News and Observer reports.