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.
Table 1. Conventional Revenue Estimate, Fiscal Years 2021-2030
Billions of Dollars, Change from Current-Law Baseline
| Estimate type | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | Budget window |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Conventional | 2 | 22 | 30 | 32 | 34 | 35 | 28 | 26 | 28 | 29 | 267 |