Bernie’s Plutocracy Prevention Act

Chuck Collins

Chuck Collins Scholar, Institute for Policy Studies

The Republicans can’t control their baser greed impulse, as revealed in their latest move to abolish the federal estate tax, our nation’s only levy on the inherited wealth of the super-rich.

But what we really need is a bold intervention to break up growing dynasties of wealth and power.

Congress should jump on board an improved estate tax introduced today by Senator Bernie Sanders, that would levy a top rate of 77 percent on inheritances over $1 billion. Sanders bill, The For 99.8% Act, would also plug up loopholes and ban trusts that wealthy families use to hide and perpetuate wealth dynasties.

The estate tax, established by Congress a century ago to put a brake on the build-up of concentrated wealth and power, is paid only by a miniscule sliver of billionaires and multi-millionaires. At the time, Theodore Roosevelt supported the estate tax as a protection against the “tyranny of plutocracy.”

Sanders estate tax proposal is a plutocracy prevention act, squarely aimed at preventing the children of today’s billionaires from dominating our future democracy, economy, culture and philanthropy.

In December 2017, Republicans failed to abolish the estate tax as part of their $1.5 trillion dollar tax windfall for the superrich and a handful of transnational corporations. But they did raise the exemptions of who will pay the tax.

In 2019, fewer than 2,000 households will pay the tax, starting with couples with over $22.8 million (individuals with over $11.4 million).

Earlier this week, Senate leader Mitch McConnell and Sens. Charles Grassley (R-Iowa) and John Thune (R-SD) introduced the “Death Tax Repeal Act of 2019.” It is worth noting that the number of annual taxable estates in their home states of Kentucky, Iowa, and South Dakota are fewer than two dozen.

The Richest Fantasy

The Richest Fantasy

Union Matters

Raise the Wage!

From the AFL-CIO

It’s been a decade since the federal minimum wage was increased—the longest period in American history without an increase. In that time, the cost of living has increased and working families have struggled to make ends meet. The Raise the Wage Act would finally bring the federal minimum wage up to $15 an hour.

The House of Representatives is voting tomorrow on the Raise the Wage Act, and we need to make sure lawmakers know where workers stand. Will you show your support and ask your friends to call their representatives?

One in 9 workers in the U.S. is in poverty—even when working full time and year-round. Passing the Raise the Wage Act as it stands would empower working families in need and build an economy that works for everyone.

Share our #RaisetheWage message on social media right now.

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