Last updated on July 18th, 2023 at 01:24 pm
Senate Budget Committee Chairman Bernie Sanders and four top Democrats have introduced new pieces of legislation to fix America’s rigged tax code.
According to a statement from the office of Sen. Sanders as provided to PoliticusUSA:
The For the 99.5% Act is a progressive estate tax on the fortunes of the top 0.5 percent of Americans, while the Corporate Tax Dodging Prevention Act will eliminate tax breaks and loopholes that encourage corporations to shift jobs and profits offshore.
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The For the 99.5% Act establishes a new progressive estate tax rate structure on the top 0.5% of Americans who inherit over $3.5 million in wealth. This bill also includes ending tax breaks for dynasty trusts; closing other loopholes in the estate and gift tax; and providing protections for family farmers by allowing them to lower the value of their farmland by up to $3 million for estate tax purposes.
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The Corporate Tax Dodging Prevention Act would raise over $2.3 trillion in revenue by preventing corporations from shifting their profits offshore to avoid paying U.S. taxes. It would also restore the top corporate tax rate to 35% – where it was before Trump became president.
The ideas in these bills are not radical. The notion that nation’s richest Americans and wealthiest corporations should pay their fair share is a belief that is held by the vast majority of the American people.
The bills are co-sponsored by Sens. Kirsten Gillibrand (D-N.Y.), Sheldon Whitehouse (D-R.I.), Chris Van Hollen (D-Md.), and Jack Reed (D-R.I.), which is not exactly a collection of Senate liberalism, as this group of Senators show the appeal across the Democratic caucus of tax fairness.
President Biden wants to raise taxes on the wealthiest Americans, and Senate Democrats along with Bernie Sanders are ready for a war to fix the nation’s rigged tax code.
Awards and Professional Memberships
Member of the Society of Professional Journalists and The American Political Science Association
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