Common Dreams: House Dems Take Aim at 'Trust Fund Babies' With Estate Tax Designed to Combat Obscene Wealth Inequality
California Congressman Jimmy Gomez on Friday introduced legislation in the Democrat-controlled U.S. House that aims to address "our country's rapidly increasing wealth inequality by strengthening the estate tax and ensuring the wealthiest among us pay their fair share." The For the 99.8% Act would impose a progressive tax on the estates of the richest Americans. Sen. Bernie Sanders (I-Vt.), a 2020 Democratic presidential candidate, introduced the companion bill in the Republican-controlled Senate in January. Under the bill, "the families of all 588 billionaires in America would owe up to $2.2 trillion in estate taxes, amounting to revenue that can be used to address critical needs for working families and the most vulnerable among us," according to Gomez's office.