Senator (Sanders) Introduces Legislation to Shift Tax Burden Back to Billionaires

[tekisui]

Source: The Raw Story

Independent Sen. Bernie Sanders (I-VT) is sick of the super-rich avoiding estate taxes.

On Thursday, he made good on his word: he today introduced legislation to restore the estate tax on the wealthiest Americans, which he says would bring in at least $264 billion in the next ten years to help reduce the national debt.

“This legislation would ensure that the wealthiest Americans in our country, millionaires and billionaires, pay their fair share while exempting 99.7 percent of Americans from paying any estate tax whatsoever,” Sanders said in a release. “At a time when we have a record-breaking $13 trillion national debt and a growing gap between the very rich and everyone else, people who inherit multi-million and billion dollar estates must not be allowed to avoid paying their fair share in estate taxes."

Sander's release notes that the estate tax was abolished this year "as a result of tax law changes signed into law by President George W. Bush in 2001. For the first time since 1916, heirs to multi-million and billion dollar fortunes may receive their entire inheritance free of any federal taxes, a giveaway that will cost the U.S. treasury at least $14.8 billion in lost revenue this year alone."

more: http://rawstory.com/rs/2010/0624/senator-reintroduces-legislation-shift-tax-burden-billionaires/

[Oregone]

1. Not "pragmatic", so how could it be "progressive"?

Come on, we got to start somewhere, and fix it later. Its the only way!

[Greyskye]

2. Damn straight. Go Bernie!

:applause:

:kick: & R

[Rhiannon12866]

3. K&R for Senator Sanders...

Just got an email from him, nobody works harder for us... :patriot:

[Soylent Brice]

4. K&R

[Dawson Leery]

5. k/r

[inna]

6. WTF? I thought it was supposed to be automatically restored next year!! Why is it even subject to

debate now??

For the first time since 1916, heirs to multi-million and billion dollar fortunes may receive their entire inheritance free of any federal taxes, a giveaway that will cost the U.S. treasury at least $14.8 billion in lost revenue this year alone.

This is simply obscene. I mean, thanks Bernie for making the move, but I had no idea that restoring estate tax was even subject to debate and required a separate legislation.


I distinctly remember that this tax was supposed to be restored in 2011, after just one year. Oh great, lets further enrich the ultra-rich. :banghead: