Senator Bernie Sanders has introduced two new pieces of legislation, including a bill to restore the corporate tax rate to its pre-Trump levels.  The second bill, the “For the 99.5 Percent Act,” is a reform of the federal estate tax, our nation’s only levy on the inherited wealth of multi-millionaires and billionaires.

This estate tax reform is important for several reasons.  It institutes a graduated rate structure, so that the wealthiest billionaires pay at a higher rate.  Under current law, a rich person with $25 million will pay the same estate tax rate as an oligarch with $25 billion. Sanders proposes a 65 percent top tax rate on estates over $1 billion, a restoration of the highest rate that existed between 1942 and 1976.

Read the full article at Common Dreams.

Chuck Collins directs the Program on Inequality and the Common Good at the Institute for Policy Studies. Follow him on Twitter @Chuck99to1.

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