“Billionaires Shouldn’t Exist”: Bernie Proposes Tax To Cut Billionaire Wealth In Half

After spitting venom at millionaires until he became one, Sen. Bernie Sanders (I-VT) has a new target: billionaires.

On Tuesday, Sanders rolled out an ‘ambitious’ plan to tax the nation’s ultra-rich, going far beyond his Democratic primary rival Elizabeth Warren’s proposed wealth tax with what Sanders says would cut American billionaires’ fortunes in half over 15 years.

while Ms. Warren came first, Mr. Sanders is going bigger. His wealth tax would apply to a larger number of households, impose a higher top rate and raise more money.

Mr. Sanders’s plan to tax accumulated wealth, not just income, is particularly aggressive in how it would erode the fortunes of billionaires. His tax would cut in half the wealth of the typical billionaire after 15 years, according to two economists who worked with the Sanders campaign on the plan. Mr. Sanders would use the money generated by his wealth tax to fund the housing plan he released last week and a forthcoming plan for universal child care, as well as to help pay for “Medicare for all.” –NY Times

Sanders’ plan would impose a graduated tax of 1% on assets over $32 million, 2% for households worth $50 – $250 million, 3% from $250 million to $500 million, 4% from $500 million – $1 billion and finally 8% on wealth over $10 billion. Over a decade, the tax would raise an estimated $4.35 trillion (less whatever can’t be recovered from all the money quickly funneled into offshore trusts).

Moreover, the estate tax rate would begin at 45% for assets over $3.5 million, rising to 77% for those with over $1 billion – a proposal which Sanders says would apply to 0.2% of the population.

Sanders’ campaign said his wealth tax would slash U.S. billionaires’ wealth in half in 15 years, “which would substantially break up the concentration of wealth and power of this small privileged class.”

“Enough is enough,” Sanders, a Vermont senator, said in a statement. “We are going to take on the billionaire class, substantially reduce wealth inequality in America and stop our democracy from turning into a corrupt oligarchy.” –Bloomberg

“Let me be very clear: As president of the United States, I will reduce the outrageous and grotesque and immoral level of income and wealth inequality,” Sanders told the Times, adding “What we are trying to do is demand and implement a policy which significantly reduces income and wealth inequality in America by telling the wealthiest families in this country they cannot have so much wealth.”

Asked if he thinks billionaires should exist in America, Sanders said “I hope the day comes when they don’t,” adding “It’s not going to be tomorrow.”

 

As the Times notes, “As appealing as a wealth tax might sound for the party’s liberal base, enacting it would pose major challenges. Anyone lucky enough to be in its sights has access to top tax lawyers and accountants who can sift through the tax code for a way out, or at least a means of minimizing the hit.”

Warren’s proposal, meanwhile, would impose a 2% tax on wealth over $50 million – or the top 70,000 families in the country. For someone with $100 million in assets, Warren’s plan would cost them $1 million per year. Fortunes over $1 billion would be subject to an additional 1% annual surcharge. Her plan also includes expanding the estate tax – which would begin at 55% and rise to 75%.

via zerohedge

10 comments

  1. sanders could start with the bidens and the billion his family received from china. never will happen in a thousand years,the rich will never give up their money they earned to people that don’t want to earn.

  2. Treason is a badge of honor for the Godless NAZI Commie liberal Racist Demoncrat Party,RINOs,Fake News! The party of hate, hypocrisy, lies, deception,Fake News(Russian Collusion & Jussie M hoax)the list is endless!And the clueless minions that follow them! If the evil liberal demoncrat Nazi’s Commie party traitors to America continue to go unpunished(Hollywood ,RINOs etc)! They’ll continue their treasonous ways! Enough is enough with this Deep State BS! Drain the rat infested swamp, ASAP! President Trump!

  3. There is ABSOLUTELY no reason for this WEALTH CONFISCATION, otherwise known as STEALING, which is against what’s in The Bible, God’s infallible word. The Bible calls it “Unjust weights and balances” which is an ABOMINATION, or WORSE than a sin. Neither Wa rren or Sanders are POTUS material and SHOULD be voted OUT of office. these two are TREASONISTIC TRAITORS and have NO business holding an office of ANY sort . . . Team Trump and his allies 2020.

  4. First off, what right does Bernie have to say who exists and who doesn’t exist? He doesn’t!

    As is typical of his brand of communism he will then determine who else should not exist. He ahs said he believes in population control. This would eliminate a good number of those who disagree with him. It was the trend in Stalin’s Russia (which Bernie admires).

  5. Bernie Sanders and the other millionaire Commie nasties like him, pretend to be in favor with “poor” and “disadvantaged” people. It is all malicious lie. The social programs they propose take all of the wealth of the low and middle classes and the VERY rich become MUCH richer. Just look at the aftermath of the supposedly “classless” Soviet Union. 99% of ordinary Russians have very little. The Top Rank Ex-Communist “Oligarchs” own EVERYTHING worth ANYTHING. Sanders is just another Marxist “Con-Man”.

  6. Bernie Sanders is a brain-dead idiot if he believes his wealth-grab plan will work the way he envisions, assuming of course that some moron president signs it into law. Over the time frame he proposes, the super wealthy will simply give up their U.S. citizenship and relocate themselves and their wealth to more hospitable countries, leaving the working people here to be taxed out of existence by the merciless money-grubbing tax-and-spend demonrats. Real smart, Bernie!

  7. Well, Mr. Biden, I most certainly agree that Millionaires and Billionaires “Can Be” ‘evil’! You should certainly strip the money from them, toot sweet! Oh, and, NOBODY ‘needs’ THREE homes, when so many don’t have even ONE! So, take away the “Non-Primary” residences of EVERYONE, just to make it fair! Uh, maybe YOU should go FIRST, you know, sort of “Lead the Way”…

  8. One more time Bernie is showing how communist he is. Take money from all but not from him. He is the version of Chavez and Maduro. And add to that being anti American. As millionaire as he is, should not talk garbage. It is worrisome that people follow him. It remind me episode of Fidel Castro and all those who supported him. All the lazy ones maybe? After all living a good life without effort is cool, right? MAGA.

  9. It’s always SOMEONE ELSES money that’s of the utmost importance to a demonrat. They market their venom to the WELFARE STATE fleas who are freeloading on the country’s backside.

    America will never be a Socialist country, and the likes of Sanders and Warren know it. They continue to run for office because they have lazy and looney followers and evil supporters, and it’s profitable. A prime example would be the ‘epitome of stupidity’ NY’s DeBla-balsio. He ran for local office until he ran out of backers, and lost his influence around NYC; then ran for president even though he had no following. The only reason he ‘dropped out’ was because the money dried up.

    The demonrats all go into office for MONEY! (There’s quit a few RINOs who do the same thing.)

    All demonrats are hypocrites. If they say anything, it’s probably a lie. If they’re against something or someone, it’s because that’s what they are. They only decry what they know or have experience in. If they don’t want you to have wealth, it’s because they don’t have it, or they want it all for themselves. They scream about tolerance and diversity and acceptance and equality for all, but are the lease able to tolerate or accept those who disagree with them. Their definition of “all” is limited to those who think like them.

    Trump is the FIRST truly altruistic politician — he takes NO SALARY. It’s one of the demonrats highest pet-peeves. He was already rich when he came into the Whitehouse, and he’s throwing monkey wrenches into their swamp machinery.

    Every demonrat who goes into politics has dreams of being royalty. They wade through the swamp like pigs in mud. It’s not disgusting or stinky. They’ll eat off the very ground they soil with their own waste gleefully, and then suck up the mud and muck until it permeates their very souls — all for a shot at being an Oligarch.

    The best thing conservatives can do for themselves and our country is vote straight REPUBLICAN tickets for ANY and EVERY open office for the next 6 years. Sure there may be a few RINO pigs who slip through the fence, but they’re not as dangerous as the demonrat pigs. At least the RINO pigs know their constituency are the ones most likely to own guns . . .

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