Hillary Clinton on Thursday announced an increase to her proposed top estate tax rate in her latest nod to Sen. Bernie Sanders and the progressive wing of her Democratic Party.
Clinton has repeatedly called to put a larger tax burden on the wealthiest Americans to boost investment in infrastructure and job creation. The revision will put a 65 percent tax rate on estates valued at $1 billion or more per couple, the Clinton campaign said Thursday.
In 2016, estate tax returns must be filed for estates valued at $5.5 million or more, according to the Internal Revenue Service. The top rate currently sits at about 40 percent, while Clinton had previously proposed an increase to 45 percent on inherited property.
Sanders, Clinton's populist primary opponent, had previously proposed that top rate, which the Republican Party quickly criticized Thursday. Clinton's GOP opponent Donald Trump has called for an outright elimination of the so-called "death tax," a proposal Clinton and other critics have contended would help Trump himself.