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 22 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: The swing states where the pandemic is raging — Pence no longer expected to attend Barrett confirmation vote after COVID exposure.
  2. Health: 13 states set single-day case records last week
  3. Business: Where stimulus is needed most.
  4. Education: The dangerous instability of school re-openings.
  5. States: Nearly two dozen Minnesota COVID cases traced to 3 Trump campaign events
  6. World: Restrictions grow across Europe.
  7. Media: Fox News president and several hosts advised to quarantine.

Republicans and Dems react to Coney Barrett's Supreme Court confirmation

President Trump stands with Judge Amy Coney Barrett after she took the constitutional oath to serve as a Supreme Court justice during a White House ceremony Monday night .Photo: Tasos Katopodis/Getty Images)

President Trump said Judge Amy Coney Barrett's Senate confirmation to the Supreme Court and her subsequent taking of the constitutional oath Monday was a "momentous day," as she she vowed to serve "without any fear or favour."

  • But as Republicans applauded the third conservative justice in four years, many Democrats including Speaker Nancy Pelosi (Calif.) warned of consequences to the rush to replace the late Justice Ruth Bader Ginsburg ahead of the Nov. 3 election, with progressives leading calls to expand the court.
Ina Fried, author of Login
1 hour ago - Science

CRISPR pioneer: "Science is on the ballot" in 2020

Photo: "Axios on HBO"

In her three decades in science, Jennifer Doudna said she has seen a gradual erosion of trust in the profession, but the recent Nobel Prize winner told "Axios on HBO" that the institution itself has been under assault from the current administration.

  • "I think science is on the ballot," Doudna said in the interview.

Why it matters: That has manifested itself in everything from how the federal government approaches climate change to the pandemic.

Get Axios AM in your inbox

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Subscription failed
Thank you for subscribing!