“Billionaires Should Not Exist”: Sanders Unveils Aggressive, Sweeping Wealth Tax Plan

by Adam Ford · Sep 24th, 2019 8:45 am

Last Updated Nov 15th, 2019 at 4:14 pm

Sen. Bernie Sanders on Tuesday unveiled a aggressive tax plan targeting the accumulated wealth and assets — not just the yearly earnings — of Americans with a net worth north of $32 million.

Sanders proposed the following for married couples:

  • A 1% tax on net worth above $32 million
  • A 2% tax on net worth between $50 million $250 million
  • A 3% tax on net worth between $250 million and $500 million
  • A 4% tax on net worth between $500 million and $1 billion
  • A 5% tax on net worth between $1 billion and $2.5 billion
  • A 6% tax on net worth between $2.5 billion $5 billion
  • A 7% tax on net worth between $5 billion and $10 billion
  • A 8% tax on net worth above $10 billion

“I don’t think that billionaires should exist,” Sanders told the New York Times. “This proposal does not eliminate billionaires, but it eliminates a lot of the wealth that billionaires have, and I think that’s exactly what we should be doing.”

He went on to tweet “Billionaires should not exist”:

The campaign said the tax would cut the wealth of billionaires in half over 15 years.

? This radical proposal upstages Sanders’ progressive rival, Elizabeth Warren, who has made her plan to slap a 2% annual tax on net worth above $50 million a central point of her campaign.


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