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Bernie Sanders: A 90 Percent Tax Rate Isn't Too High
Wednesday, May 27, 2015 06:05 PM
By: Jason Devaney
Vermont Sen. Bernie Sanders, a Democratic candidate for president, thinks a 90 percent tax rate on the wealthiest Americans might not be too high.
Sanders made the remark during an interview with CNBC.
When talking about President Dwight Eisenhower's administration, Sanders said, "I think the highest marginal tax rate was something like 90 percent."
CNBC's John Harwood then said, "It was 90. When you think about 90 percent, you don't think that's obviously too high."
Sanders replied, "No. What I think we've seen, and what frightens me again, when you have the top one-tenth of 1 percent owning almost as much wealth as the bottom 90 percent. Does anybody think that that is the kind of economy this country should have? Do we think it's moral?
"We have people working one job, they're working two jobs, they're working three jobs. People scared to death about what happens tomorrow. Half the people in America have less than $10,000 in savings."
Sanders, a self-described socialist, served in the House from 1991-2007 before becoming a U.S senator. He is a registered independent but is running for president as a Democrat.
During an interview with ABC earlier this month, he struck a similar tone as he did with CNBC.
"At a time when 99 percent of all new income is going to the top 1 percent, and when the top one-tenth of the 1 percent owns almost as much wealth as the bottom 90 percent, maybe it's time for a political shakeup in this country and to go beyond establishment politics," Sanders said.
"Countries in Denmark and Norway and Sweden, they are very democratic countries. Their voter turnout is higher. Healthcare is the right of all people. College education and graduate school is free. In those countries, retirement benefits are stronger than in the United States of America."
Sanders kicked off his presidential bid Tuesday with a speech along the shore of Lake Champlain in Burlington, Vermont.
"With your support and the support of millions of people throughout this country, we begin a political revolution to transform our country economically, politically, socially, and environmentally," he said.
