(Host) Congressman Bernie Sanders says he’ll vote against legislation that would totally eliminate the federal estate tax in four years.
The amount of money exempted from the tax gradually increases until 2010. This proposal would eliminate the tax completely after that date.
Speaking last night on VPRs Switchboard program, Sanders said it’s appropriate to exempt estates worth up to roughly 7 million dollars from the tax but eliminating the entire tax is a big mistake:
(Sanders) “I will vote very strongly against that bill. In fact that is a bill that is just an outrageous giveaway. The fact is that something like 99% of the people in Vermont and America do not pay a penny in estate tax this only applies to the very wealthiest people.”
(Host) Sanders says the plan is also fiscally irresponsible:
(Sanders) “At a time when this country has an $8.2 trillion national debt – $28,000 for every man woman and child, it seems to me to be eminently stupid to give huge tax breaks to the wealthiest people in this country who have become much wealthier in recent years so that our kids and grandchildren can pay off that national debt.”
(Host) The U.S. House is expected to vote on this legislation in the near future.