In the news. Imagine the head represent your estate, those in red triangle is what Bernie wants to leave your heirs.
Yes Bernie wants 77% to be taken from the dead in the form of estate tax, this is just Fed and how much is left after any additional state tax?? It is a race to promise more robinhood than the next person.
This is really ugly, not much room left for the next bigger claim....
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Bernie's estate (inheritance) tax plan leaves everything below 3.5 million untaxed, the 77% only kick in above 1 billion https://www.cnbc.com/2019/01/31/bernie-sanders-proposes-big-estate-tax-hike-including-77percent-rate-for-billionaires.html
Why does people producing more and/or didn't spend it all have to pay extra. It is morally wrong. But then it really is just a talking point as we all know people with that kind of wealth can use charity foundation or other method to get around paying the tax.
The people themselves don't pay the estate tax anyway, it's their children. And none of that money is something they "earned", and the first 3.5 million are still untaxed. If somebody gave you over 3.5 million dollars and you complained that it's not more, then you'd be incredibly spoiled (I don't think you would)
When there's unjustified loopholes, we should close them. Either way, the estate tax does create some revenue, 19 billion in 2014, when the threshold was 5.34 million. Now imagine we start taxing at 3.5 million, and we make the top marginal estate tax rate not 40% as it was then but Bernie's 77%. Quite some revenue, "taken" exclusively from spoiled brats