The Insight, a newsletter that focuses on developments in elder and special needs law, has highlighted The Responsible Estate Tax Act (S. 3533) sponsored by Sen. Bernie Sanders (I-VT). In response to the first billion-dollar estate passing to heirs tax-free, Sanders has introduced legislation that would return the estate tax to the 2009 exemption level of $3.5 million but add a progressive tax rate structure that would start at 45 percent and rise to a top level of 55 percent; the bill would also introduce a 10 percent surtax on billionaires. The proposal would be retroactive to the start of 2010. According to the bill's proponents, the proposal would bring in at least $264 billion over a decade while exempting 99.7 percent of Americans from paying any estate tax.
Posted by Joshua Hock, Associate Editor, Wealth Strategies Journal
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