Trump and Republicans LIED when they said their December 2017 tax cuts for big business and extremely rich people would be good for the rest of us. INSTEAD, WE NEED TO REPEAL THAT — and RAISE TAXES on the very richest 0.2% of the population in order to help the 99.8% of us who are not extremely rich.
On September 23, 2019, Americans for Tax Fairness (www.americansfortaxfairness.org) sent an e-mail urging us to urge our members of Congress to sign on and co-sponsor new legislation to promote economic justice. I am quoting some parts of their e-mail and summarizing some other parts here:
Representative Jimmy Gomez will introduce the “For the 99.8% Act” as a House companion to a bill Bernie Sanders introduced in the U.S. Senate.
Use this link https://actionnetwork.org/letters/take-action-tell-your-us-representative-to-become-an-original-co-sponsor-of-the-for-the-998-act?source=direct_link&&link_id=0&can_id=1d662460c0abb8939c5044c82927552b&email_referrer=email_624914___subject_812881&email_subject=take-action-tell-your-representative-to-become-an-original-co-sponsor-of-the-for-the-998-act to urge your U.S. House member to become an original co-sponsor before the deadline — or after the deadline you can edit the wording to urge support for the bill.
The bill would strengthen the Federal Estate Tax and raise an additional $330 billion from the nation’s richest 0.2% of families over ten years.
Right now the estate tax only affects the richest 0.1% ― that’s just 1,800 estates a year. If your estate is NOT worth at least $11 million, NO federal estate tax is owed.
The “For the 99.8% Act” would restore the Federal Estate Tax back to 2009 levels ― only affecting estates worth more than $3.5 million (or the top 0.2%). It would replace the current flat 40% rate with a progressive scale, so that the largest estates topping $1 billion pay much more than under current law.