Sen. Bernie Sanders is introducing a bill to increase the estate tax on the nation's billionaires to a rate of 77 percent. Sanders would like to get back there: Under his plan, estates between $3.5 million and $10 million would be taxed at 45 percent; estates between $10 million and $50 million would be taxed at 50 percent; and estates between $50 million and $1 billion would be taxed at 55 percent. Estates of people with more than a billion dollars to their name would be taxed at 77 percent. Sanders said the bill would affect the richest 0.2 percent of earners. Sanders’ proposal also would get rid of some of the tax shelters and dodges that the wealthy use to get out of paying the estate tax. That move echoes policy proposals from Warren and Sen. Cory Booker (D-N.J.). Each has included reforms to estate tax loopholes as funding mechanisms for other legislative proposals. Sanders said his act already has the approval of economists including Thomas Piketty, Emmanuel Saez and Robert Reich.

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This is a placeholder explanation generated by the low-overhead model. It interprets "Sen. Bernie Sanders is introducing a bill to increase the estate tax on the nation's billionaires to a rate of 77 percent. Sanders would like to get back there: Under his plan, estates between $3.5 million and $10 million would be taxed at 45 percent; estates between $10 million and $50 million would be taxed at 50 percent; and estates between $50 million and $1 billion would be taxed at 55 percent. Estates of people with more than a billion dollars to their name would be taxed at 77 percent. Sanders said the bill would affect the richest 0.2 percent of earners. Sanders’ proposal also would get rid of some of the tax shelters and dodges that the wealthy use to get out of paying the estate tax. That move echoes policy proposals from Warren and Sen. Cory Booker (D-N.J.). Each has included reforms to estate tax loopholes as funding mechanisms for other legislative proposals. Sanders said his act already has the approval of economists including Thomas Piketty, Emmanuel Saez and Robert Reich." in the context of "'''''Bernie Sanders Proposes 77 Percent Estate Tax For Billionaires''', By Maxwell Strachan and Emily Peck, Huffington Post'' (30 January 2019)" to mean that wisdom is timeless.