Sanders Estate Tax Bill Introduced In House

Rep. Jimmy Gomez, Democrat of California., introduced legislation Friday modeled after the estate tax bill sponsored in the Senate by Sen. Bernie Sanders, I-Vt.

Sanders inroduced the bill in the Senate in January.  It would establish a new progressive estate tax rate structure, with a rate of 45% on the value of an estate between $3.5 million and $10 million, 50% for the value of an estate between $10 million and $50 million, 55% for the value of an estate in excess of $50 million, and 77% for the value of an estate in excess of $1 billion.

said Bill Smith, managing director of the National Tax Office at CBIZ MHM, during an interview last week. “Even if you put the wealth tax in place, would you have the billionaire’s equivalent of people leaving the country, which is what happened in France?"