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.