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.

Posted In: Allied Approaches

Union Matters

He Gets the Bucks, We Get All the Deadly Bangs

Sam Pizzigati

Sam Pizzigati Editor, Too Much online magazine

National Rifle Association chief Wayne LaPierre has had better weeks. First came the horrific early August slaughters in California, Texas, and Ohio that left dozens dead, murders that elevated public pressure on the NRA’s hardline against even the mildest of moves against gun violence. Then came revelations that LaPierre — whose labors on behalf of the nonprofit NRA have made him a millionaire many times over — last year planned to have his gun lobby group bankroll a 10,000-square-foot luxury manse near Dallas for his personal use. In response, LaPierre had his flacks charge that the NRA’s former ad agency had done the scheming to buy the mansion. The ad agency called that assertion “patently false” and related that LaPierre had sought the agency’s involvement in the scheme, a request the agency rejected. The mansion scandal, notes the Washington Post, comes as the NRA is already “contending with the fallout from allegations of lavish spending by top executives.”

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Corruption Coordinates

Corruption Coordinates