Sanders has proposed to raise taxes on expensive real estate

Senator Sanders on Thursday put forward a bill raising taxes on expensive real estate. This initiative lies in the mainstream politics of the progressives, aimed at reducing social inequality by increasing taxes on the wealthy.

Sanders has proposed to raise taxes on expensive real estate

«The fairest way to reduce inequality in wealth, to invest in the disappearing middle class and to preserve our democracy is to introduce a progressive tax on property and hereditary wealth of the multimillionaires and billionaires. Today I present a law for that,» the Senator wrote in his Twitter.

The assurance of the author, the bill applies only 0.2% of Americans — the richest. It assumes 45% tax on value of real estate of $3.5 to 10 million, 50% tax on the value of the property in price range from $10 to 50 million, 55% tax on the value of the property in excess of $50 million, and 77% of the property tax, the cost of which exceeds $1 billion Project, Sanders also contains a number of measures that are counter to the known methods of lowering the value of the property and other loopholes to bypass the taxes.

Interestingly, the Republicans in the Senate are promoting in parallel a bill to repeal the estate tax for the richest 1700 families in America. Sanders calls the idea absurd: «the moral, economic and political point of view, our nation will not prosper when so many have so much and many so little.»

Bernie Sanders has already proposed its approach in 2016, but has not achieved the support of senators. He has a good chance now — hard to say. But in any case, if Sanders will go to the presidential elections, this bill is an important part of his program.

In 2017 trump has signed the law on reduction of taxes, thereby significantly reducing taxes on expensive property, although not abolished completely. Now the tax is 40% affects property worth more than $11.4 million trump taking into account specifics of its business from the past especially sensitive about the topic of property taxes. According to the calculations of Sanders, if we accept his law, Trump will have to fork out at least $2 billion in Total additional revenues of Sanders estimated at $2 trillion.