Clinton proposes 65 percent tax on U.S. billionaire estatesWASHINGTON (Reuters) - Democratic U.S. presidential nominee Hillary Clinton on Thursday proposed raising taxes on inherited property to 65 percent for the largest estates as she bolstered plans for tax hikes on the wealthiest Americans. Known by conservative opponents as the “death tax,” the estate tax, levied on property such as cash, real estate, stock or other assets transferred from deceased persons to heirs, currently is imposed only on inherited assets worth $5.45 million or more for an individual. Clinton’s plan, posted on her campaign’s website, would raise the estate tax from the current 40 percent to 45 percent, the rate that existed in 2009. But the biggest estates would face rates of up to 65 percent for property valued at more than  $500 million for a single person or $1 billion per couple, under her proposal, an update of an earlier plan. Clinton’s proposed top rate of 65 percent would be the highest estate tax since the 1980s, and is in line with a proposal made during the Democratic primaries by her former rival for the party’s presidential nomination, U.S. Senator Bernie Sanders.  Her campaign said the boosted estate tax and a change in the rules to tax capital gains associated with inherited assets would help pay for other proposals to benefit middle-class people, such as expanding a tax credit for working parents. Clinton’s campaign said the plan would hit only the wealthiest people.  “Hillary Clinton has made a commitment throughout this campaign to make sure there is a plan to pay for the progressive policies we have laid out,” said Mike Shapiro, an economic adviser to Clinton.  The Committee for a Responsible Federal Budget, a nonpartisan group focused on budget issues, said Clinton’s new tax proposals including the estate tax changes, taxes on capital gains of inherited assets and other provisions would together raise $260 billion in revenue over a decade. Republican presidential nominee Donald Trump, a wealthy real estate developer, wants to eliminate the estate tax. Clinton’s proposal prompted criticism from conservatives ahead of her first debate with Trump on Monday night at Hofstra University in Hempstead, New York. Jason Miller, a Trump spokesman, issued a statement decrying Clinton’s “dramatic hike in the death tax.” Republicans want to eliminate estate taxes altogether because they believe the system penalizes families who want to pass down businesses, said U.S. Representative Kevin Brady, chairman of the tax-writing House of Representatives Ways and Means Committee. Brady said in a statement that Clinton’s plan was “dead on arrival.” The nonpartisan Center on Budget and Policy Priorities said this month that only the estates of the wealthiest 0.2 percent of Americans, about two out of every 1,000 people who die, currently owe any estate tax because the first $5.45 million per person is exempt. Clinton would lower that exemption to $3.5 million. politicsNews
clinton proposes percent tax billionaire estateswashington reuters democratic presidential nominee hillary clinton thursday proposed raising taxes inherited property percent largest estates bolstered plans tax hikes wealthiest americans known conservative opponents death tax estate tax levied property cash real estate stock assets transferred deceased persons heirs currently imposed inherited assets worth million individual clinton plan posted campaign website would raise estate tax current percent percent rate existed but biggest estates would face rates percent property valued million single person billion per couple proposal update earlier plan clinton proposed top rate percent would highest estate tax since line proposal made democratic primaries former rival party presidential nomination senator bernie sanders her campaign said boosted estate tax change rules tax capital gains associated inherited assets would help pay proposals benefit people expanding tax credit working parents clinton campaign said plan would hit wealthiest people hillary clinton made commitment throughout campaign make sure plan pay progressive policies laid said mike shaping economic adviser clinton the committee responsible federal budget nonpartisan group focused budget issues said clinton new tax proposals including estate tax changes taxes capital gains inherited assets provisions would together raise billion revenue decade republican presidential nominee donald trump wealthy real estate developer wants eliminate estate tax clinton proposal prompted criticism conservatives ahead first debate trump monday night mostra university homestead new york jason miller trump spokesman issued statement decaying clinton dramatic hike death republicans want eliminate estate taxes altogether believe system penalized families want pass businesses said representative kevin brady chairman house representatives ways means committee brady said statement clinton plan dead the nonpartisan center budget policy priorities said month estates wealthiest percent americans two every people die currently owe estate tax first million per person exempt clinton would lower exemption million politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: Clinton proposes 65 percent tax on U.S. billionaire estatesWASHINGTON (Reuters) - Democratic U.S. presidential nominee Hillary Clinton on Thursday proposed raising taxes on inherited property to 65 percent for the largest estates as she bolstered plans for tax hikes on the wealthiest Americans. Known by conservative opponents as the “death tax,” the estate tax, levied on property such as cash, real estate, stock or other assets transferred from deceased persons to heirs, currently is imposed only on inherited assets worth $5.45 million or more for an individual. Clinton’s plan, posted on her campaign’s website, would raise the estate tax from the current 40 percent to 45 percent, the rate that existed in 2009. But the biggest estates would face rates of up to 65 percent for property valued at more than  $500 million for a single person or $1 billion per couple, under her proposal, an update of an earlier plan. Clinton’s proposed top rate of 65 percent would be the highest estate tax since the 1980s, and is in line with a proposal made during the Democratic primaries by her former rival for the party’s presidential nomination, U.S. Senator Bernie Sanders.  Her campaign said the boosted estate tax and a change in the rules to tax capital gains associated with inherited assets would help pay for other proposals to benefit middle-class people, such as expanding a tax credit for working parents. Clinton’s campaign said the plan would hit only the wealthiest people.  “Hillary Clinton has made a commitment throughout this campaign to make sure there is a plan to pay for the progressive policies we have laid out,” said Mike Shapiro, an economic adviser to Clinton.  The Committee for a Responsible Federal Budget, a nonpartisan group focused on budget issues, said Clinton’s new tax proposals including the estate tax changes, taxes on capital gains of inherited assets and other provisions would together raise $260 billion in revenue over a decade. Republican presidential nominee Donald Trump, a wealthy real estate developer, wants to eliminate the estate tax. Clinton’s proposal prompted criticism from conservatives ahead of her first debate with Trump on Monday night at Hofstra University in Hempstead, New York. Jason Miller, a Trump spokesman, issued a statement decrying Clinton’s “dramatic hike in the death tax.” Republicans want to eliminate estate taxes altogether because they believe the system penalizes families who want to pass down businesses, said U.S. Representative Kevin Brady, chairman of the tax-writing House of Representatives Ways and Means Committee. Brady said in a statement that Clinton’s plan was “dead on arrival.” The nonpartisan Center on Budget and Policy Priorities said this month that only the estates of the wealthiest 0.2 percent of Americans, about two out of every 1,000 people who die, currently owe any estate tax because the first $5.45 million per person is exempt. Clinton would lower that exemption to $3.5 million. politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: clinton proposes percent tax billionaire estateswashington reuters democratic presidential nominee hillary clinton thursday proposed raising taxes inherited property percent largest estates bolstered plans tax hikes wealthiest americans known conservative opponents death tax estate tax levied property cash real estate stock assets transferred deceased persons heirs currently imposed inherited assets worth million individual clinton plan posted campaign website would raise estate tax current percent percent rate existed but biggest estates would face rates percent property valued million single person billion per couple proposal update earlier plan clinton proposed top rate percent would highest estate tax since line proposal made democratic primaries former rival party presidential nomination senator bernie sanders her campaign said boosted estate tax change rules tax capital gains associated inherited assets would help pay proposals benefit people expanding tax credit working parents clinton campaign said plan would hit wealthiest people hillary clinton made commitment throughout campaign make sure plan pay progressive policies laid said mike shaping economic adviser clinton the committee responsible federal budget nonpartisan group focused budget issues said clinton new tax proposals including estate tax changes taxes capital gains inherited assets provisions would together raise billion revenue decade republican presidential nominee donald trump wealthy real estate developer wants eliminate estate tax clinton proposal prompted criticism conservatives ahead first debate trump monday night mostra university homestead new york jason miller trump spokesman issued statement decaying clinton dramatic hike death republicans want eliminate estate taxes altogether believe system penalized families want pass businesses said representative kevin brady chairman house representatives ways means committee brady said statement clinton plan dead the nonpartisan center budget policy priorities said month estates wealthiest percent americans two every people die currently owe estate tax first million per person exempt clinton would lower exemption million politicsnews