Tax Policy Update - June 30, 2015

NUMBER OF THE WEEK: 65 percent.

The top estate tax rate under Democratic presidential candidate Bernie Sanders' proposal to tax the wealthiest Americans and narrow income inequality in the U.S. The proposal splits the estate tax into four brackets:

This ambitious and aggressive proposal would receive little attention in the Republican-controlled Congress, however. Republicans in both chambers have made no secret of their desire to repeal the estate tax entirely. The House of Representatives has already passed legislation to repeal the tax back in April. Nevertheless, Sanders' proposal may push other presidential candidates to put forth their own ideas to address the income inequality problem—especially Democratic frontrunner Hillary Clinton. Among the Republican hopefuls, Senator Marco Rubio was the first to announce