After Passing a $1 Trillion Tax Break For The Rich, Republicans Introduce Bill To Cut State Tax For Top 1 Percent
After passing a $1 trillion tax break for the top 1 percent and large corporations, the Republican leadership in the Senate has introduced legislation to repeal the estate tax for the richest 1,700 families in America.
Three Republican Senators introduced a plan Monday to repeal the federal estate tax, moving to eliminate a tax on a small number of the wealthiest households just as leading Democrats ramp up calls to tax the richest Americans.
Senate Majority Leader Mitch McConnell (R-Ky.) joined Sens. Charles E. Grassley (R-Iowa) and John Thune (R-SD), members of the Senate Finance Committee, in releasing legislation to permanently repeal the federal estate tax, which conservatives refer to as “the death tax.”
The Republican tax law passed in 2017 already dramatically weakened the estate tax, allowing couples with $22 million to pass on their estates without facing the tax.
The GOP’s renewed push to outright eliminate the estate tax comes the week after presidential candidate Sen. Elizabeth Warren (D-Mass.) proposed a new 2 percent “wealth tax” on Americans with more than $50 million, as well as a 3 percent tax on those with over $1 billion. Warren’s tax would affect 75,000 of the wealthiest U.S. families.
Before the 2017 GOP tax law, an individual could pass on up to $5.45 million without paying the estate tax, which would then take a cut of up to 40 percent from wealth above that threshold. The law doubled that minimum, exempting all estates worth less than $11.2 million. Couples filing jointly can now pass on more than $22.4 million before the tax sets in.
Greed has no limits.