Hillary Clinton just borrowed a billionaire tax hike from Bernie Sanders

[BootinUp]

Democratic presidential nominee Hillary Clinton proposed on Thursday to tax the estates of ultra-rich Americans at a rate as high as 65 percent — a plan that would apply to only a handful of billionaire families, and which comes straight from the campaign playbook of Clinton's former rival, Sen. Bernie Sanders of Vermont.

Clinton had already proposed to raise estate tax rates on some millionaires to 45 percent. Her new plan goes further. It would add three new brackets: a 50 percent rate for couples with estates valued above $10 million, a 55 percent rate for couples with estates above $50 million and a 65 percent rate for those with estates above $1 billion. Republican nominee Donald Trump has called for the elimination of the estate tax entirely.

Internal Revenue Service data suggest Clinton's highest rates would apply to very few Americans. In 2014, there were only 223 estate-tax payers with reported estates valued at $50 million or more. Still, the plan drew immediate protests from conservatives, including the Trump campaign, which labeled it an "even more dramatic hike in the death tax."

Politically, the proposal could serve a dual purpose for Clinton. It would raise more revenue for the federal government and helps her make the case that she has proposed sufficient tax increases to offset all her proposed spending programs. It also could help her court former backers of Sanders, particularly young liberals who have been slower to embrace her candidacy after she defeated him for the nomination.

https://www.washingtonpost.com/news/wonk/wp/2016/09/22/hillary-clinton-just-borrowed-a-billionaire-tax-hike-from-bernie-sanders/

[Lithos]

1. No brainer - glad to hear this!

Maybe it also will have the added effect of unnerving Trump even more before the debate as no doubt he'll view this as "personal" (he always seems to do so)

L-

[R B Garr]

2. So who copied this from Bill Clinton? He already

raised taxes on the rich decades ago. That's part of the reason he left office with a surplus.

[BootinUp]

3. I don't really get the need to credit politicians for ideas, I just care what they plan

to do and whether they can convince people its the right idea. And I'm pretty sure Bill wouldn't mind at all if someone copied his idea. In this case they are crediting Sanders publicly to attract attention from his former supporters.

[R B Garr]

4. Except that it is done in an obvious way to

malign Hillary by saying she is stealing his ideas, with the incorrect insinuation that he is superior to Hillary and we should all be so regretful she won.

Reality is that this was her husband's idea. Decades ago.

[vdogg]

10. Especially since these very same people were urging her to adopt some of Bernie's platform.

Well....she just adopted some of his platform (according to them). They should be happy.

[Jim Lane]

16. You say we "should be happy"? Fine, I really AM happy.

Of course, it's little more than a gesture, because she'd never be able to get this plan through the House even if she were to push it once in office -- but I appreciate the gesture FWIW.

[vdogg]

17. Well, if you don't think she'd be able to get it through the house

What made you think Bernie would be able to? Republicans don't cooperate with democrats. They would've blocked him just like the did Obama of they will her.

[Jim Lane]

18. There are some things the next President WILL be able to do

A notable example is appointments. From Clinton we have a tack to the left (estate tax increase) and a tack to the right (naming the conservaDem Ken Salazar as her transition chief). The difference is that the latter is not a mere gesture.

I always thought that, if the Democratic nominee won, the next four years would be marked by very little legislative accomplishment, for the reason you state -- regardless of who that nominee was. The next President's biggest impact would instead be in appointments, executive orders, foreign policy, and setting the long-term political agenda in a way that would affect legislation down the road.

[yardwork]

11. Then why did you write the subject header that way?

[BootinUp]

12. That was the article title. nt

[yardwork]

14. Got it! Figures. Thanks for responding.

[tirebiter]

5. So there's a problem?

Whose idea? Yours, mine and ours.

[Ghost Dog]

6. How is "estate" defined?

How come, "in 2014, there were only 223 estate-tax payers with reported estates valued at $50 million or more?"

[BootinUp]

7. Its also known as the death tax, does that help?

[Ghost Dog]

8. With exemptions for the truly wealthy

employing tax lawyers, clearly. Trusts, foundations, holding companies etc...

[canetoad]

9. This is delicious

Trump is 70 and there are at least three fucking vulture spawn waiting for his saggy old carcass to drop dead.

[jalan48]

13. Glad to see the Party moving left on this one.

[Orsino]

15. I doubt Sanders invented the concept of taxing idle wealth...

...but this would be a nice little step forward. The tiny number of affected estates must be emphasized if this is to have a prayer of passing.