Let's be clear: Repealing the estate tax would only benefit the top 1/10th of one percent of Americans who inherit over $11.7 million, and 99.9 percent of the American people would not receive a penny if this legislation became law. Under this bill, the richest family in America -- the Walton family -- would receive a tax break of up to $87 billion. The family of Jeff Bezos would receive a tax break of up to $70 billion if the estate tax was repealed.
That may make sense to my Republican colleagues. But it does not make sense to me.
Here is the bottom line: The issue of income and wealth inequality is in fact a moral and economic issue. It is an issue that we must confront here and across the world.
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