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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.

Go deeper

Updated 1 hour ago - Sports

Experts predict major boom for North American sports stadiums

Rendering of the $375 million Moody Center on the UT-Austin campus. Photo courtesy of Moody Center

Stadium and arena construction in North America will total a relatively tame $5.8 billion this year, a 12% decrease from 2021.

The big picture: What the industry lacks in construction it expects to make up for in design, with experts predicting a sports venue boom over the next half-decade, SBJ reports.

Updated 1 hour ago - World

UK government: Kremlin has plan "to install pro-Russian leadership" in Ukraine

British Foreign Secretary Elizabeth Truss. Photo: Gints Ivuskans / AFP via Getty Images

The United Kingdom's Foreign Secretary on Saturday night said the government has "information that indicates the Russian Government is looking to install a pro-Russian leader in Kyiv as it considers whether to invade and occupy Ukraine."

The latest: “I can’t comment on specific pieces of intelligence. But we’ve been warning about just this kind of tactic for weeks and we’ve spoken to that publicly," Secretary of State Antony Blinken said Sunday. The Biden administration has said Russia is actively manufacturing a pretext for invasion and warned that Putin could use joint military exercises in Belarus as cover to invade from the north.

Updated 2 hours ago - Economy & Business

Student debt getting in the way of millennial homeownership

Illustration: Aïda Amer/Axios

Millennial homeownership is on the rise — but student loan debt is still keeping millions of members of America's largest generation from owning a home.

Why it matters: Buying a house remains the No. 1 way to build wealth in the U.S.

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