Originally published at: LOSING IT? Sanders Introduces Massive ‘Wealth Tax,’ Says ‘Billionaires Should Not Exist’ in America | Sean Hannity
In a desperate move targeting Elizabeth Warren’s “Ultra Wealth Tax Plan,” failing presidential candidate Bernie Sanders introduced his own anti-Capitalist proposal this week; saying “Billionaires should not exist” in the United States.
“Billionaires should not exist,” he stated on social media. “There should be no billionaires. We are going to tax their extreme wealth and invest in working people.”
Billionaires should not exist. https://t.co/hgR6CeFvLa
— Bernie Sanders (@BernieSanders) September 24, 2019
There should be no billionaires. We are going to tax their extreme wealth and invest in working people. Read the plan: https://t.co/RJDLvX5H4c
— Bernie Sanders (@BernieSanders) September 24, 2019
“In order to reduce the outrageous level of inequality that exists in America today and to rebuild the disappearing middle class, the time has come for the United States to establish an annual tax on the extreme wealth of the top 0.1 percent of U.S. households,” Sanders writes. “This wealth tax would only apply to net worth of over $32 million and would raise an estimated $4.35 trillion over the next decade. Anyone who has a net worth of less than $32 million would not see their taxes go up at all under this plan.”
“The tax rate would increase to 2 percent on net worth from $50 to $250 million, 3 percent from $250 to $500 million, 4 percent from $500 million to $1 billion, 5 percent from $1 to $2.5 billion, 6 percent from $2.5 to $5 billion, 7 percent from $5 to $10 billion, and 8 percent on wealth over $10 billion. These brackets are halved for singles,” adds Bernie.
“Under this plan, the wealth of billionaires would be cut in half over 15 years which would substantially break up the concentration of wealth and power of this small privileged class,” he concludes.
Read Sanders full proposal here.
