The Republicans can’t control their baser greed impulse, as revealed in their latest move to abolish the federal estate tax, our nation’s only levy on the inherited wealth of the super-rich.
But what we really need is a bold intervention to break up growing dynasties of wealth and power.
Congress should jump on board an improved estate tax introduced today by Senator Bernie Sanders, that would levy a top rate of 77 percent on inheritances over $1 billion. Sanders bill, The For 99.8% Act (pdf), would also plug up loopholes and ban trusts that wealthy families use to hide and perpetuate wealth dynasties.
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