Bernie Sanders wants to raise the estate tax to 77 percent for billionaires

Bernie Sanders.
(Image credit: Chip Somodevilla/Getty Images)

Sen. Bernie Sanders (I-Vt.) has announced a proposal to reform the estate tax system and drastically raise rates for billionaires.

The For the 99.8% Act, announced by Sanders Thursday, includes new brackets to tax wealth passed down when a person dies. Under the plan, there would be a 45 percent tax on estates between $3.5 million and $10 million, 50 percent on estates between $10 million and $50 million, 55 percent on estates above $50 million, and 77 percent on estates above $1 billion. Current law taxes an individual's earnings in excess of $11 million, but Sanders would lower this minimum to $3.5 million.

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Brendan Morrow

Brendan worked as a culture writer at The Week from 2018 to 2023, covering the entertainment industry, including film reviews, television recaps, awards season, the box office, major movie franchises and Hollywood gossip. He has written about film and television for outlets including Bloody Disgusting, Showbiz Cheat Sheet, Heavy and The Celebrity Cafe.