Senator Chris van HOLLEN, Democrat from Maryland, released a bill providing for the increase in the rate of inheritance tax to increase funds for the financing of Social Security.
The bill called the Strengthen Social Security by Taxing Dynastic Wealth Act not only revokes the privileges that are implemented as a result of the tax reform of President trump, and restores the tax rates on inheritance and donated assets to the level of 2009. “In 2017 the Republicans in Congress made the decision, allowed just 1.9 thousands of families to save $4.4 million, but at the same time refused to support goals that are a priority for the whole country, said van HOLLEN. Is completely unjustified, in this connection, you need to set the rates of inheritance tax to a more reasonable level. And there is no better way than using income from it to the needs of Social Security”.
Under the bill the maximum rates of taxes on inheritance and gifts is expected to increase from 40 to 45%. It would not be subject to an inheritance worth up to $3.5 million for private payers or up to 7 million for married couples. In addition, the legislator is fighting for the imposition of a fee in the amount of 10% on income over $2 million a year to provide more funds for secondary education.
Van HOLLEN is not the only Democrat who proposes increases in taxes on the most affluent citizens and corporations to increase funding for social programs. So, Senator Elizabeth Warren advocates the introduction of a special levy on income in excess of $50 million a year, and her colleague Bernie Sanders, as she is a candidate for President, stands for writing off student debt of $1.6 trillion to compensate for that, in his opinion, may be due tax on financial firms, which in 10 years will bring $2 trillion.