Sen. Bernie Sanders (I-Vt.) entered the scene Thursday with a better plan: substantially hiking the estate tax on huge inheritances, an alternative to taxing someone’s fortune during his or her lifetime. The country has an estate tax, but the rate and the amount exempted from the inheritance tax have bounced around as Republicans and Democrats have fought a tug of war over its terms. The number of estates hit with some level of inheritance tax has plummeted from more than 50,000 in 2001 to fewer than 10,000 in recent years. Critics charge that the estate tax taxes income twice, first when it is earned and second when it is inherited. Rich heirs would still be rich after paying a Sanders tax.

Source: Washington Post February 03, 2019 23:58 UTC