Bernie Sanders wants 77% estate tax on the rich... Jeff Bezos would have to pay $100 billiion

goatmane

goatmane

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:picard: French Revolution days are ahead of us brehs






Under Sanders' new tax plan announced Thursday, billionaires would be subject to a 77 percent estate tax, which is the tax levied on the cash, property, real estate and other assets ("everything you own or have certain interests in," according to the Internal Revenue Service) of a deceased person when it is transferred to another person. In 2018, the Tax Cuts and Jobs Act put the estate tax at 40 percent after the first $11.18 million, according to the Internal Revenue Service.

"Our bill only applies to the richest 0.2% of Americans," Sanders tweeted earlier on Thursday.

According to estimates made by Sanders' office, here's what the new bill would establish for the wealthiest five billionaires in the United States:

(For the calculations, Sanders' office used the net worth list from Forbes, as of Monday, "and then applied our proposed rates" to determine what each billionaire would pay if the new tax plan were implemented, Sanders' spokesperson Josh Miller-Lewis tells CNBC Make It. To determine a baseline of what each billionaire would have to pay in estate tax under current law, Sanders' office applied the 40 percent estate tax rate on the Forbes net worth of the given person as of Monday.)



  • Amazon co-founder Jeff Bezos, 55, is currently set to pay $53 billion in estate taxes, and would have to pay $101 billion under Sanders' plan.
  • Microsoft co-founder Bill Gates, 63, is currently set to pay $38 billion in estate taxes, and would have to pay $74 billion under Sanders' plan.
  • Berkshire Hathaway CEO Warren Buffett, 88, is currently set to pay $33 billion in estate taxes, and would have to pay $64 billion under Sanders' plan.
  • Oracle co-founder Larry Ellison, 74, is currently set to pay $24 billion in estate taxes, and would have to pay $46 billion under Sanders' plan.
  • Facebook founder Mark Zuckerberg, 34, is currently set to pay $22 billion in estate taxes, and would have to pay $41 billion under Sanders' new plan.
 
goatmane

goatmane

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The proposed estate tax rates under Sanders' new plan are tiered and impact the top 0.2 percent of Americans: from $3.5 million up to $10 million in assets owned upon time of death, the tax rate would be 45 percent; from $10 million to $50 million, the tax rate would be 50 percent; and from greater than $50 million to $1 billion, the tax rate would be 55 percent tax.

Changing the estate tax is not unheard of: Indeed, the estate tax has fluctuated from year to year for most of the last 20 years "creating uncertainty for taxpayers and their advisors," the Joint Committee on Taxation says in a primer on the U.S. Federal Wealth Transfer Tax System published in 2015.

The Sanders' tax plan could make $2.2 trillion from 588 billionaires in the United States, according to a written statement from Sanders' office published Thursday. (The precise date as to when this $2.2 trillion could be reaped is "hard to say," Miller-Lewis tells CNBC Make It, because it's impossible to know when an estate tax will be levied since a person's time of death is unknown.)

The goal, which is a common theme for the progressive Senator from Vermont, is to stem the tide of wealth inequality.

"At a time of massive wealth and income inequality, when the three richest Americans own more wealth than 160 million Americans, it is literally beyond belief that the Republican leadership wants to provide hundreds of billions of dollars in tax breaks to the top 0.2 percent," Sanders says in the written statement. "Our bill does what the American people want by substantially increasing the estate tax on the wealthiest families in this country and dramatically reducing wealth inequality. From a moral, economic, and political perspective our nation will not thrive when so few have so much and so many have so little."

Indeed, Gates, Bezos and Buffett own more wealth than the bottom half of the American population combined, or 160 million people, according to November 2017 report published by the Institute for Policy Studies, a left-leaning think tank based in Washington, D.C.
 
Doobie Doo

Doobie Doo

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Suleiman Bey said:
I don't know wotk conditions but they all make at least $15 an hour. They get stock and shyt. Not many companies are doing that.
Click to expand...

Depends on what part of the country they are in and there are plenty of stories you can Google about workers not even being allowed to use the bathroom.
 
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