Summary: We estimate the budgetary effects over the 10-year budget window (2021 - 2030) of Senator Bernie Sanders’ estate tax proposal to lower the exemption to $3.5 million for singles and $7 million for married couples as well as create four new brackets: estate values between $3.5 - $10 million are taxed at 45 percent; estate values between $10 - $50 million, at 50 percent; estate values between $50 million - $1 billion, at 55 percent; and, estate values above $1 billion, at 77 percent.