GOP Wants to Repeal Estate Tax, Give Elon Musk’s Family $83B Tax Break

Sen. Bernie Sanders (I-Vermont) denounced the Republican Social gathering’s financial plans on Thursday, calling Republicans out for pursuing strikes like repealing the property tax, which might solely serve to additional consolidate wealth inside the richest teams of U.S. society.

At a rally for Democratic gubernatorial candidate Tina Kotek and congressional candidate Val Hoyle in Oregon, Sanders sharply criticized Republicans for desirous to repeal the property tax — the tax on property handed onto an individual’s heirs once they die. As a result of there’s a relatively high exemption quantity for the property tax of about $13 million for people and $26 million for {couples}, the tax largely solely impacts the richest Individuals.

“The property tax applies solely to the highest one-tenth of 1 p.c [of Americans],” he stated. “If we repealed it, which is what Mitch McConnell and Republicans wish to do … $1.75 trillion in tax breaks to the highest one-tenth of 1 p.c.”

“After which, with the intention to pay for this, they’ve received one other good thought. On this state and in Vermont, you’ve received aged individuals struggling to pay for his or her pharmaceuticals, struggling to warmth their properties and these guys wish to minimize Social Safety, Medicare and Medicaid,” he continued, to loud boos from the viewers.

He went on to level out that this might profit sure individuals to an enormous extent, permitting dynastic wealth to remain inside a small variety of households moderately than being, to some small extent, redistributed among the many remainder of the inhabitants.

“If this repeal of the property tax went into impact, Elon Musk’s household, they might get a tax break of $83 billion,” he stated. “Now, frankly, I don’t have something in opposition to Elon Musk’s youngsters, I don’t know who they’re, I’ve nothing in opposition to them. However they don’t need to get $83 billion.”

Certainly, Republicans are in search of to implement plenty of blatantly regressive tax and financial insurance policies in the event that they take the Home, which polls present they’re favored to do. Final yr, high Republicans unveiled a invoice that may repeal the property tax — a transfer clearly aimed toward permitting billionaires and the richest Individuals to consolidate their wealth whereas sapping the federal government of wanted funds.

In the meantime, congressional Republicans have launched an economic plan that features proposals to repeal prescription drug cost-saving measures and provisions to make Reasonably priced Care Act premiums dearer, strikes that may pilfer cash from the financial institution accounts of the working class.

Republicans have additionally threatened to slash Social Safety and Medicare, two of the simplest anti-poverty applications within the nation, in the event that they take again the Home. They’ve laid out plans to hike the eligibility age and make it ever tougher for future generations to have an opportunity at reaching retirement.

As such, Sanders emphasized the significance of younger individuals and progressives in combating again in opposition to the greed of firms and the rich with the intention to construct a extra equitable future.

Whereas calling for sturdy voter turnout on this election, Sanders stated, “I’m gonna be trustworthy with you right here, and possibly a few of my buddies listed below are gonna be just a little offended, however the Democratic Social gathering has not been sturdy sufficient in combating for working households.”

“We want you, your technology, from coast to coast to place strain on Democratic management, to say, ‘To hell with the company PACs, get up and battle for working households,’” he continued.