Bernie Sanders unveils new wealth tax plan: 'Billionaires should not exist'

[mystery-ak]

Bernie Sanders unveils new wealth tax plan: 'Billionaires should not exist'

By Megan HenneyPublished September 24, 2019

Vermont Sen. Bernie Sanders on Tuesday morning unveiled a sweeping plan to tax the wealth of the richest Americans, including one that he said would slash the wealth of billionaires in the U.S.

The Democratic presidential candidate followed a similar model introduced in Massachusetts Sen. Elizabeth Warren’s wealth tax plan -- who has made taxing the rich a pinnacle of her presidential campaign -- but took it a step further.

“There is no justice when three billionaires are able to own more wealth than the bottom half of the entire country,” Sanders said in a tweet.

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https://www.foxbusiness.com/politics/bernie-sanders-unveils-new-wealth-tax-plan-billionaires-should-not-exist

[catfish1957]

Wealth confiscation won't stop there.  That threshold may start at a billion. Watch from there.

[OfTheCross]

Under the plan, the Sanders campaign said it would levy these taxes on married couples:

1 percent on married couples with a net worth above $32 million (meaning a couple worth $32.5 million would pay $5,000 annually in taxes)

2 percent on those worth $50 million to $250 million

3 percent on $250 million to $500 million

4 percent on $500 million to $1 billion

5 percent on $1 billion to $2.5 billion

6 percent from $2.5 billion to $5 billion

7 percent from $5 billion to $10 billion

8 percent on wealth over $10 billion

For individuals, all of the brackets would be cut in half

That doesn't seem bad at all, tbh

The headline is deceiving

[andy58-in-nh]

Wealth confiscation won't stop there.  That threshold may start at a billion. Watch from there.

Of course, because the money will simply vanish and flow easily and electronically to places and investments where it will not be penalized.  The assumed tax revenue windfall will quickly fail to materialize, resulting in a demand for lower tax thresholds, which will result in... the same behavior.

Now, to speculate: as capital formation plunges and the economy falters, some kind of national emergency will be declared, with politicians demanding regulations on money movement and increased oversight of individual and corporate financial transactions. This of course, will lead to even more capital flight, which in turn will be blamed on greedy capitalists. And we all ought to know where things go from there.

[cato potatoe]

Neither should communists, and yet this dinosaur is still with us.

Most of these billionaires would have to liquidate their company stock in order to pay taxes.  That should go over really well.

[jafo2010]

He goes away after a couple primaries.  Unless HR Clinton runs, Warren will rise to lead the Democommies, and she bests Bernie in every run.  Biden falls out most likely before Iowa or right after it, for his campaign is on life support with the revelations of his corruption with his son, George Soros, and Ukraine and China.

How sweet, Trump up against Fauxcahontas.  I was wrong, he may well end up winning as well as Reagan with his 2nd election.  I predicted 40 states, but Warren will be road kill. 

Only HR Clinton can save the corrupt and lunatic Democommies.  She has a couple months to make her decision.

We do have a couple billionaires that may jump in with the implosion of the Biden campaign.

[thackney]

That doesn't seem bad at all, tbh

The headline is deceiving

That is how the income tax started.  The Revenue Act of 1913 only taxed the top 3% of wages.

You always run out of other peoples money when the goverment is only taking other peoples money and not yours.... yet....

[txradioguy]

That doesn't seem bad at all, tbh

The headline is deceiving

It's their money.  They made it.  Why in the hell should the government decide how much you should have or not have?

[austingirl]

The old commie's plan will require a federal registry of everything a person owns and who puts the value on it? The assets were purchased with money that was already taxed. Imagine the bureaucracy to implement this disaster! The goal is for the government to take everyone's assets.

[240B]

If I was a billionaire or even a millionaire in America
I would buy gold and get the f**k out of here.
With all of this 'wealth confiscation' talk...
Why work? Why do anything at all?
If everything you do is ultimately confiscated by the government...
Then what the F**k?
Why do anything at all?

[sneakypete]

Does anyone here live in or near Ct,and have any idea how the millionaire and billionaire refugees from NYC who live there are taking this?

[sneakypete]

Of course, because the money will simply vanish and flow easily and electronically to places and investments where it will not be penalized.  The assumed tax revenue windfall will quickly fail to materialize, resulting in a demand for lower tax thresholds, which will result in... the same behavior.

Now, to speculate: as capital formation plunges and the economy falters, some kind of national emergency will be declared, with politicians demanding regulations on money movement and increased oversight of individual and corporate financial transactions. This of course, will lead to even more capital flight, which in turn will be blamed on greedy capitalists. And we all ought to know where things go from there.

@andy58-in-nh

I wouldn't be surprised at all if that were to come true if he or any other Dim is elected President.

Not that people like Soros or Buffett will be penalized. Exceptions MUST be make,you know.

[Wingnut]

The care of human life and happiness, and not their destruction, is the first and only object of good government.

Thomas Jefferson

Bernie never learned that.

[sneakypete]

Neither should communists, and yet this dinosaur is still with us.

Most of these billionaires would have to liquidate their company stock in order to pay taxes.  That should go over really well.

@cato potatoe

No,they won't. Most of them don't pay any taxes now. Remember Warren Buffett whining about how his secretary paid more income taxes than him a few years ago?

It's a con game. A bait and switch. They throw out the "make the rich pay taxes!" screed as red meat to the working class,and at the same time allow the billionaires tax lawyers write new legislation that protects their income from taxation.

Then they spend the money they budgeted even though they don't have it,and end up taxing the middle-class people who can't afford tax attorneys to make up for the shortage.

The idea is NOT to make everyone equally comfortable,but to make everyone BUT the wealthy and powerful equally needy and dependent.

[sneakypete]

If I was a billionaire or even a millionaire in America........
 

@240B

You would have nothing to worry about if you contributed to the "right" campaigns.

[andy58-in-nh]

Does anyone here live in or near Ct,and have any idea how the millionaire and billionaire refugees from NYC who live there are taking this?

I have friends and clients who live there and they are fleeing in droves.  Connecticut has had a succession of left-wing governors and legislators that are sucking up tax dollars in ever-increasing amounts to help pay for massive welfare pits that exist in cities like Bridgeport and New Haven.

[sneakypete]

I have friends and clients who live there and they are fleeing in droves.  Connecticut has had a succession of left-wing governors and legislators that are sucking up tax dollars in ever-increasing amounts to help pay for massive welfare pits that exist in cities like Bridgeport and New Haven.

@andy58-in-nh

Thanks! I had no idea that was already happening,

[Chosen Daughter]

@andy58-in-nh

Thanks! I had no idea that was already happening,

Its happening in every state controlled by Democrats.  It happens in Washington also.  People wonder why I post so much.  I don't see Trump as the answer to this either.  He has given Nancy and Chuck everything they wanted.  And he hasn't gone after illegal Sanctuary state laws.  He even wanted to bus illegal immigrants into states that have sanctuary laws.  He is not for us, he is against us.  And its easy to say those states, but even Texas is on the verge of losing its Conservative values.  The more you fill these states with illegal aliens.  The more blue they become. 

America is on the threshold of being lost to Socialism.  In America there are people who have insurance and can't afford medical treatments for things like Cancer of MS.  High deductible, co pays...…...etc.  If you look at a family whose income is based on two jobs that pay 15.00 and 18.00 respectively medical bills are a huge burden.  And then consider if they are not able to work full time while going through treatment.  But Trump says he is going to deport people.  Then he backs waffles on deporting people going through medical treatments on the American Taxpayer backs.  Do you know how much these treatments cost for illegal aliens who are receiving it all free?

I am no billionaire but I am faced to pay increased taxes for welfare, medical and schooling for illegal aliens.  Trump talked big talk to get elected but he is a socialist too.  He can't even make a policy and keep it.  With a small amount of pressure from Nancy he is caving at her feet.

I really cannot be concerned about billionaires.  If they had used their power to crush socialism instead of pandering to illegal immigration they wouldn't be in this situation.

[berdie]

Great idea, Bernie! Stupendous idea! Let's take the wealth creators out of the equation. No doubt the homeless will create jobs.

What a maroon.

[OfTheCross]

That is how the income tax started.  The Revenue Act of 1913 only taxed the top 3% of wages.

You always run out of other peoples money when the goverment is only taking other peoples money and not yours.... yet....

At one point it was 90% for to wages, I think.

It goes up and down. The numbers proposed are mighty small.

[txradioguy]

At one point it was 90% for to wages, I think.

It goes up and down. The numbers proposed are mighty small.

What a Progressive thinks is small and what normal people think is small are two separate things.

And again...what gives the government or the President for that matter the right to determine how much wealth a person is allowed to have?

[austingirl]

I'm trying to imagine the process for the federal government to assess and put a value on everything one owns. Homes, cars, clothing, jewelry, art-everything. The paperwork would be staggering and keep the non-productive government in hours, days and years of "work." This is a nightmare scenario and no little thing.

[sneakypete]

Its happening in every state controlled by Democrats.  It happens in Washington also.  People wonder why I post so much.  I don't see Trump as the answer to this either.  He has given Nancy and Chuck everything they wanted.

@Chosen Daughter

You shouldn't take drugs and post.

[Idiot]

It's their money.  They made it.  Why in the hell should the government decide how much you should have or not have?

[OfTheCross]

What a Progressive thinks is small and what normal people think is small are two separate things.

And again...what gives the government or the President for that matter the right to determine how much wealth a person is allowed to have?

There's no cap on wealth by the government. That's why we have so many wealthy people here.