Known by conservative opponents as the “death tax”, the estate tax, levied on property transferred to heirs after its owner dies, now is imposed only on inherited assets worth US$5.4 million (S$7.3 million) or more for an individual.
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Nonetheless, in a two-way contest, Clinton beats Republican presidential nominee Donald Trump 46 percent to 42 percent among likely voters with annual household incomes of $100,000 or more, the latest Purple Slice online poll for Bloomberg Politics shows. Therefore Fusion Media doesn’t bear any responsibility for any trading losses you might incur as a result of using this data.
All told, they would pay more than three-quarters of her proposed tax increases.
The caveat: The analysis could not account for a yet-to-be-released Clinton proposal to cut taxes for low- and middle-income filers.
The shrunken version of the estate and gift tax that has been in place in recent years brings in relatively little money for the federal government, less than 1% of projected revenue over the next decade, according to the Congressional Budget Office.
“Some of these tax changes were added to her plan just this week”, according to the report, which is based on information provided by the Clinton campaign. That’s up from her earlier proposal of a top rate of 45%.
In total, Clinton’s tax code reforms would raise taxes by .5 trillion over the next decade, boosting overall tax receipts by about 4%. For instance, filers would need to compare their tax bill under both the regular code and the Alternative Minimum Tax to what they would owe under the Buffett Rule, and pay whichever is highest.
Trump has proposed completely eliminating the estate tax, a levy on assets being passed to heirs when someone dies.
In addition, Clinton would tax estates over $10 million at 50%, estates over $50 million at 55% and estates over $500 million at 65%.
“They shared it with us a month ago”, said Marc Goldwein, the Committee for a Responsible Federal Budget’s senior policy director, referring to Clinton’s campaign. Clinton noted that for those who already have student loans, she promises to ease the burden of that debt. It noted that debt held by the public now totals $14 trillion – nearly 77 percent of US gross domestic product.
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“This large and growing national debt threatens to slow economic growth and is ultimately unsustainable”, the report said.
