Obviously, he wants a big wealth tax, one which would be above his own income level, but, he also has another idea
Sanders targets highest-income Americans with ‘extreme wealth tax’ and ‘national wealth registry’
Sen. Bernie Sanders on Tuesday proposed an “extreme wealth tax†on the highest-income Americans, along with a “national wealth registry†that he said would help prevent them from avoiding the tax.
The tax rate would start at 1 percent on net worth of more than $32 million and rise with income above that, topping out at 8 percent on wealth over $10 billion.
Sanders’ Democratic presidential campaign said the tax would raise $4.35 trillion over a decade and would be used to fund “Medicare for All”, along with his plans for affordable housing and universal childcare.
Right, because wealthy wouldn’t just find creative ways to avoid the tax, like keeping it outside of the U.S.
“At a time when millions of people are working two or three jobs to feed their families, the three wealthiest people in this country own more wealth than the bottom half of the American people,†Sanders said in a statement. “Enough is enough. 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.â€
On one hand, he does have a point: rich individuals and private entities and some money happy public unions do have an oversized influence on politics at the expense of other citizens and small groups. On the other hand, let’s put some blame on politicians who allow those rich to have that influence on them. Do you think Alphabet Inc (parent company of Google), Microsoft, SEIU and Kaiser Permanente, among others, do not have influence on Bernie? How many Democrats are in the pocket of Hollywood folks, among others?
Sanders’ plan includes enforcement measures that he said would block evasion of his proposed tax. In addition to the wealth registry, the IRS would be required to audit all billionaires and 30 percent of wealth tax returns for others paying the highest tax rates.
If you’re trying to find information on what exactly he means by a wealth registry, good luck. I’ve been through around 15 articles so far and not one explains it, nor does Comrade Bernie’s website, which should be very concerning. Democrats love their registries.
(NY Times) “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,†Mr. Sanders said in an interview. “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.â€
I won’t say that these uber-crazy wealthy folks are perfect, but, this is about demonizing success, about class warfare, and it never ends the way Democrats want.
Both of their plans would need to be passed by Congress in order to take effect — a virtual impossibility unless Democrats win control of the Senate in the 2020 elections, and far from a sure thing even then. Ms. Warren’s plan touched off a number of questions about the feasibility of creating a wealth tax, including whether such a tax would be constitutional, how it would be enforced and whether it would generate as much money as has been projected.
Pfft, Constitution schmonstitution.
