Van Hollen proposes raising estate tax to boost Social Security
By Victoria Scott - 06/25/19 08:09 PM EDT
Sen. Chris Van Hollen (D-Md.) on Tuesday unveiled legislation that would boost the estate tax to raise funds to shore up Social Security.
Van Hollen's "Strengthen Social Security by Taxing Dynastic Wealth Act" would undo President Trump's tax law's treatment of estate taxes, restoring the estate and gift tax to their 2009 levels.
"In 2017, Republicans in Congress secured their latest massive giveaway on the estate tax – delivering a $4.4 million tax cut per couple to just 1,900 estates in the entire country at the same time they refused to support vital national priorities. That was unconscionable, and we must return the estate tax to a more reasonable level,†said Van Hollen in a statement on the bill.
“I can think of no better way to use ... that revenue than to strengthen Social Security," he added.
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https://thehill.com/policy/finance/450353-van-hollen-proposes-raising-estate-tax-to-boost-social-security