Bernie Sanders Proposes 77% Estate Tax For Billionaires
The 'tax the rich" theme is getting a lot of play.
Not to be left behind, Senator Bernie Sanders is throwing his hat into the ring. He proposed a 77% tax on all estates over $1 billion. This is a huge reversal from the Republican led tax cuts.
This is nothing new. In 2012, France enacted a high tax rate on millions over $1 million in income. This led to high profile individuals to leave the country and take up citizenship elsewhere. The stock market crashed as capital flew out and the economy is in terrible shape.
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Well, if that become reality, we will see a mass exportation of billionaires to other countries.
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