Let the ‘Super Bowl of Tax Reform’ Begin! – By Michael Rainey (The Fiscal Times) / Mar 25 2021
Newly installed as chair of the powerful Senate Budget Committee, Sen. Bernie Sanders (I-VT) released two proposals Thursday that would increase taxes on the wealthy and corporations.
One proposal would restore the corporate tax rate to 35%, up from the 21% rate imposed by the 2017 GOP tax overhaul, while seeking to deter businesses from moving profits offshore.
The other proposal takes aim at concentrated wealth by raising the estate tax to 45% for estates worth between $3.5 million and $10 million, with the tax rate rising to 65% for estates worth more than $1 billion. The current estate tax tops out at 40%, with the first $23.4 million exempted for couples — a structure that eliminates the tax for all but a few thousand estates.
At a hearing Thursday dedicated to “Ending a Rigged Tax Code: The Need To Make the Wealthiest People and Largest Corporations Pay Their Fair Share of Taxes,” Sanders highlighted what he said were the structural problems with the tax system he is trying to fix. “We have a tax code which enables the very, very richest people in America and the largest corporations to avoid paying their share of taxes,” Sanders said. “That has got to change.”
CONTINUE > https://www.thefiscaltimes.com/2021/03/25/Let-Super-Bowl-Tax-Reform-Begin
