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Tuesday, March 19, 2019

By Emily Stephenson

WASHINGTON (Reuters) – Democratic U.S. presidential nominee Hillary Clinton on Thursday proposed raising taxes on inherited property to 65 percent for the largest estates as she bolstered plans for tax hikes on the wealthiest Americans.

Known by conservative opponents as the “death tax,” the estate tax, levied on property such as cash, real estate, stock or other assets transferred from deceased persons to heirs, currently is imposed only on inherited assets worth $5.45 million or more for an individual.

Clinton’s plan, posted on her campaign’s website, would raise the estate tax from the current 40 percent to 45 percent, the rate that existed in 2009. But the biggest estates would face rates of up to 65 percent for property valued at more than $500 million for a single person or $1 billion per couple, under her proposal, an update of an earlier plan.

Clinton’s proposed top rate of 65 percent would be the highest estate tax since the 1980s, and is in line with a proposal made during the Democratic primaries by her former rival for the party’s presidential nomination, U.S. Senator Bernie Sanders.

Her campaign said the boosted estate tax and a change in the rules to tax capital gains associated with inherited assets would help pay for other proposals to benefit middle-class people, such as expanding a tax credit for working parents.

Clinton’s campaign said the plan would hit only the wealthiest people.

“Hillary Clinton has made a commitment throughout this campaign to make sure there is a plan to pay for the progressive policies we have laid out,” said Mike Shapiro, an economic adviser to Clinton.

The Committee for a Responsible Federal Budget, a nonpartisan group focused on budget issues, said Clinton’s new tax proposals including the estate tax changes, taxes on capital gains of inherited assets and other provisions would together raise $260 billion in revenue over a decade.

Republican presidential nominee Donald Trump, a wealthy real estate developer, wants to eliminate the estate tax. Clinton’s proposal prompted criticism from conservatives ahead of her first debate with Trump on Monday night at Hofstra University in Hempstead, New York.

Jason Miller, a Trump spokesman, issued a statement decrying Clinton’s “dramatic hike in the death tax.”

Republicans want to eliminate estate taxes altogether because they believe the system penalizes families who want to pass down businesses, said U.S. Representative Kevin Brady, chairman of the tax-writing House of Representatives Ways and Means Committee.

Brady said in a statement that Clinton’s plan was “dead on arrival.”

The nonpartisan Center on Budget and Policy Priorities said this month that only the estates of the wealthiest 0.2 percent of Americans, about two out of every 1,000 people who die, currently owe any estate tax because the first $5.45 million per person is exempt. Clinton would lower that exemption to $3.5 million.

(Reporting by Emily Stephenson, Steve Holland and Amanda Becker; Editing by Will Dunham)

IMAGE: Democratic presidential candidate Hillary Clinton gives a thumbs up as she boards her campaign plane in White Plains, New York, United States September 15, 2016, to resume her campaign schedule following a bout with pneumonia.  REUTERS/Brian Snyder

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30 responses to “Hillary Clinton Proposes 65 Percent Tax On Billionaire Estates”

  1. FireBaron says:

    And this proposal will NOT have a negative impact on 99.99% of Trumps supporters. They will be immune because most do not have “estates” worth over $3 Million.

    • Beethoven says:

      Yet most of the people who will be complaining loudest about this proposal and will refuse to support Hillary because of it, would actually gain from it, but they can’t seem to understand that.

  2. PrecipitousDrop says:

    What a great plan!
    Thanks, Hillary!

  3. Jon says:

    It is about time somebody made the wealthy pay their fair share of taxes. If only we knew what “fair share” of taxes Trump is paying now and has paid for the last 33 years.

    • Daniel Jones says:

      Trump has never paid taxes.

      Ever.

      • Jon says:

        I have been guessing that he has paid very little or no tax but I haven’t found a source yet to confirm or dispel my belief. If you know of one, will you please share it?

        • dpaano says:

          During the 1st presidential debate, it was noted that he had a $918B loss and, because of this loss, he was not required to pay taxes for the next 18 years. Personally, any businessman who has a loss that big is NOT a good businessman!

          • dpaano says:

            No, not as bad. I was not able to read all of the article in the link that you sent, but I’m sure that Buffet paid SOME taxes…albeit less than his secretary. I doubt if he filed losses in the billions, however.

          • Bob says:

            I gave you another link were you able to read it?

          • Jon says:

            They have found copies of his tax returns from 1978, 1979, and 1984. He lost money and paid no federal income tax those years. They have also found that the only reason he has remained in business is because his dad Fred Trump constantly bailed him out. Accountants are finally examining documents from his 6 bankruptcies to get further insight into his self-proclaimed business acumen. It is looking like he is a miserable failure as a businessman who freeloaded off his dad and the taxpayers who actually paid taxes.

        • dpaano says:

          It was noted in a recent article, along with some other areas, but I can’t be specific.

      • dpaano says:

        Well, he did for a couple of years back in the 70’s, but not for long!

    • dpaano says:

      We DO know…..it’s nothing!

      • Jon says:

        We have also learned that it is not because he is a yuuuuge freeloader but because he is smart.

        • dpaano says:

          Smart? I don’t think it’s particularly smart to have losses in the billions! That’s not good business any way you look at it! Even the company that I currently work for has losses, and it’s a multi-national company. They pay their rightful taxes and don’t try to get out of it! It doesn’t say much for Trump’s business acumen in my book! We’ve been paying for him for the past several years!

          • Bob says:

            What’s really funny I basically got the same exact answer from otheres on the link I posted

            Seeing I am not a Barrons subcriber and there is a numbered link for this atricle why can I read the whole article and you can’t Nancy?

          • dpaano says:

            First of all, my name isn’t “Nancy” and I’d appreciate it if you’d call me by my name rather than some other BS name! And, no, I can’t read the entire article on the link you sent; however, I’m finding that I can locate it on Google, which I will do later when I get some time to do so.

          • Bob says:

            True I got you confursed with a Nancy that almost posts the same rhetoric you do so I aplogise for that dpaano.

          • dpaano says:

            Thank you, apology accepted. As I said, I WAS able to pull up the article with the other link that you gave. As soon as I get some time to read it in detail, I will respond. Again, from what I was able to scan, Buffet DID take advantage of the same tax loophole, but that doesn’t make it good. He did, however, pay some taxes, and I’m pretty sure his losses were nothing close to the $918B that Trump suffered!

          • Bob says:

            Thanks depanno

            Usually I would be at my part time job to pay for my ACA insurance but I got up this morning txted my boss and told him i did not feel real good and he txted me back rest up see you next week or Monday depaano.

          • Bob says:

            So did you get the other link I gave you about Buffett ?

            ps I had anothe poster do the same thing when I asked for a link to the people that Obama pardoned and Looked and foumd it to find out the people that he has pardoned are in for a lot more than having small amounts of drugs on them a lot more

            And Funny that poster never got back to me dpaano.

          • dpaano says:

            I will generally always reply unless the post is too ridiculous to even take the time to reply.

          • Jon says:

            I don’t know why anyone would vote for a businessman who has consistently proven to be a miserable failure. Lawyers who have represented him stopped talking to him unless there were 2 of them present because he lied all the time creating problems for them.

        • dpaano says:

          Yeah, he’s as smart as a box of rocks!!!

  4. johninPCFL says:

    Another thing missed in the article is that those most affected are the incredibly dopey and those with no heirs. Smart estate planning (especially at the $Million+ levels) puts the estate assets into trusts with the heirs as trustees with distribution rights, so there is no “inheritance” to be taxed.
    This is just another right-wing red herring to deceive the gullible.

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  7. dpaano says:

    Of course the wealthy would be against this rise in estate taxes…..they are the ones that would get hit with it! In the meantime, most of what this country pays for comes off the backs of the poor and middle-class when they legitimately pay their taxes (unlike many of the wealthy who can afford high-priced accountants to do their taxes and use every loophole they can round up)!

  8. helen.stella says:

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