The first of Sanders’ two bills would reverse a key element of the Trump-GOP tax law by raising the corporate rate from 21% to 35%, where it was prior to the 2017 cut. The legislation, titled the Corporate Tax Dodging Prevention Act (pdf), would also bar companies from shifting their profits offshore to avoid U.S. taxes.
The Vermont senator’s second bill, the For the 99.5% Act (pdf), would take aim at the soaring wealth of the top 0.5% of U.S. households. The legislation, Sanders’ office explained, “would impose a 45% tax rate on estates worth $3.5 million and a 65% tax rate on the value of an estate worth over $1 billion.”
“Unbelievably, the United States today has more income and wealth inequality than almost any major country on Earth,” Sanders said in a statement. “This inequality has only deepened with the economic crisis brought on by Covid and by a tax system that allows for billionaires to pay less in taxes than working people across the country.”
“From a moral, economic, and political perspective, our nation will not thrive when so few have so much and so many have so little,” the Vermont senator added. “We need a tax system which demands the billionaire class pay its fair share of taxes and which reduces the obscene level of wealth inequality in America.” Sanders’ proposals come as President Joe Biden is reportedly considering tax hikes on the rich and corporations to help finance a forthcoming infrastructure plan. According to the Washington Post, White House officials have discussed raising the corporate tax rate to 28%—well short of Sanders’ 35% proposal—and increasing the top marginal tax rate for individuals from 37% to 39.6%.
Jesus: Hey, Dad? God: Yes, Son? Jesus: Western civilization followed me home. Can I keep it? God: Certainly not! And put it down this minute--you don't know where it's been! Tom Robbins in Another Roadside Attraction