Sen. Sanders introduces “For the 99.5 Act” targeting family businesses

Last week, Senator Sanders (D-VT) introduced the For the 99.5% Act. The legislation calls for raising the top death tax rate to 65 percent and increasing the number of family businesses hit by the death tax. The schedule for the proposed plan is below.  Estate Tax Rate Estate Tax Exemption Level 45% $3.5 million and $10 million 50% $10 million and $50 million 55% $50 million and $1 billion 65% $1 billion +  Many medium to large size family business owners competing with even larger corporations would be forced to fire workers and downsize facing such high tax rates when passing to the next…continue reading →