Democratic presidential nominee Hillary Clinton and Bernie Sanders will campaign together at the University of New Hampshire in Durham, N.H., on Wednesday, Sept. 28, according to an email from Hillary for America.
Advertisement
Under-performing among millennial voters, Hillary Clinton is set to campaign in New Hampshire this week with an individual quite popular among the youths: former Democratic primary opponent and Vermont Sen.
Clinton is only proposing to tax estates valued at more than $1 billion per couple at that rate. And though this plan would increase the federal revenue by approximately 4 percent over the next decade, as the Wall Street Journal reports, the burden would largely be concentrated on relatively few households. According to U.S. Representative Kevin Brady, Republicans believe family businesses would be hit the hardest by a system such as the one proposed by Clinton, making it more difficult to pass down the business from generation to generation.
The estate tax isn’t the lowest it’s ever been. This compares to the current highest rate of 40% on estates over $5.45 million per person ($10.9 million per married couple).
Any estate-tax change would need Congressional approval, a challenge in the current political environment.
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. But the Clinton/Sanders top rate would only apply to a small portion of estate taxpayers; the rest would still face a tax hike, but a much less dramatic one.
“These proposals reflect Hillary Clinton’s approach to growing our economy: making investments in good-paying jobs and the middle class, paid for by closing loopholes and asking the wealthiest to pay their fair share – even as Donald Trump wants to give trillions in tax breaks tilted towards the wealthy”, said Mike Shapiro, an economic policy adviser to Mrs. Clinton.
Advertisement
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, now is imposed only on inherited assets worth $5.45 million or more for an individual. (All the thresholds would double for a married couple.) That would bring the highest rate back to where it was in 1982.
