By Dan Calabrese ——Bio and Archives--September 23, 2016
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Democratic presidential nominee Hillary Clinton proposed on Thursday to tax the estates of ultra-rich Americans at a rate as high as 65 percent — a plan that would apply to only a handful of billionaire families, and which comes straight from the campaign playbook of Clinton's former rival, Sen. Bernie Sanders of Vermont.
Clinton had already proposed to raise estate tax rates on some millionaires to 45 percent. Her new plan goes further. It would add three new brackets: a 50 percent rate for couples with estates valued above $10 million, a 55 percent rate for couples with estates above $50 million and a 65 percent rate for those with estates above $1 billion. Republican nominee Donald Trump has called for the elimination of the estate tax entirely. Internal Revenue Service data suggest Clinton's highest rates would apply to very few Americans. In 2014, there were only 223 estate-tax payers with reported estates valued at $50 million or more. Still, the plan drew immediate protests from conservatives, including the Trump campaign, which labeled it an "even more dramatic hike in the death tax." Politically, the proposal could serve a dual purpose for Clinton. It would raise more revenue for the federal government and helps her make the case that she has proposed sufficient tax increases to offset all her proposed spending programs. It also could help her court former backers of Sanders, particularly young liberals who have been slower to embrace her candidacy after she defeated him for the nomination.
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