- Associated Press - Friday, June 26, 2015

MONTPELIER, Vt. (AP) - Sen. Bernie Sanders has introduced legislation to impose higher estate taxes on the rich.

The Vermont lawmaker and candidate for the Democratic presidential nomination says his bill would increase estate tax rates on the top three-tenths of one percent of Americans who inherit more than $3.5 million, and close tax loopholes.

The legislation would lower the estate tax exemption level from $5.4 million to $3.5 million for individuals and from about $11 million to $7 million for couples.

It would increase the marginal tax rate on estates to between $3.5 million to $10 million, 50 percent on estates between $10 million and $50 million, and 55 percent on estates over $50 million.

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