The estate tax is an abomination. I don’t care how much wealth a person has accumulated in a lifetime. It is reprehensible for government to confiscate a lifetime of ones accumulated assets. Now Sanders wants to take as much as 65%
Once you pay your taxes along the way, that should be it. But in the 21st century, the political far left the likes of Sanders wants higher income citizens to bail out Social Security, to pay a wealth tax, higher income taxes and now much higher estate taxes as well.
There is nothing fair about it any more than subsidies of various kinds should be available to people who don’t need them.
Lest you think I protest too much, I will not be affected by any of the higher proposed taxes.
The current maximum federal estate tax rate is 40%. The 95% Act proposes to increase the estate tax rate to 45%, once a deceased person’s taxable estate exceeds $3.5 million, and 50% and higher when the amount subject to tax exceeds $10 million, maxing out at 65% for estates over $1 billion. But that increase would not apply until 2022. In addition to the above exemption and tax changes, gifting of up to $15,000 per year per person would be limited to $30,000 per donor per year for gifts to irrevocable trusts or of interests in certain “flow through entities” beginning in 2022.