Democratic Senator Bernie Sanders has long supported an increased estate tax for the wealthy, an idea most conservatives in Congress absolutely abhor. Texas Senator Ted Cruz, who recently debated Sanders on tax reform issues live on CNN, spoke out on Twitter against Sanders' ideas.
The estate tax is a tax on wealth or possessions inherited from a deceased individual (e.g., if your grandfather left you millions of dollars in his will, the government would levy a tax on your inheritance). The Texas Senator claims that this tax is placing an unnecessary burden on many Americans.
This would be a nice problem to have at time of death, wouldn't it? Currently something only the top 0.2% have to worry about, though.— Paul Witham (@pwitham11) October 19, 2017
To protect millions of small businesses and the American farmer, we are finally ending the crushing, the horrible, the unfair estate tax, or as it is often referred to, the death tax. That means, especially for all of you with small businesses that are really tremendous businesses, you’ll be able to leave them to your family, and your family won’t have to run out and do a fire sale to try and get the money to pay the tax. ... The farmers in particular are affected. They have wonderful farms, but they can't pay the tax, so they have to sell the farm. … So that death tax is a disaster for this country and a disaster for so many small businesses and farmers.
Politifact, a nonpartisan "fact-checking website that rates the accuracy of claims by elected officials and others who speak up in American politics," gave Trump's statement a "Pants on Fire" rating, essentially saying it was an outright lie:
Trump said that ending the estate tax would "protect millions of small businesses and the American farmer."That’s a ridiculously high estimate. Only 5,460 estates even pay the tax each year, according to a credible estimate, and of those, about 80 represented small businesses or farms. We rate the statement Pants on Fire.
Even affluent most are supporing our parents by their final days. With 7 siblings mixed family the estate is not my concern. Heathcare is.— JT25th45th (@JTPhilly125) October 19, 2017
and isn't it only on the portion of the estate over that amount? So if your estate is $6m, only $500K is taxed?— Jennifer K☕️🦄 (@PDXJenni) October 19, 2017
...less than 1 in 550 of the 2.6 million people who died in that year.— Aaron (@airhed4) October 19, 2017
So, basically, anyone who has an Estate tax actually can afford it, too.— Lil Pepper 🌹 (@LilPepper5) October 19, 2017
LOL it helps 4,000 of the richest families in a country of 350 million people. You are only doing this for your overlords.— Josh (@Venti_Poet) October 19, 2017