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Bernie Sanders Calls for 8% Wealth Tax on Richest Americans
Wall Street Journal ^ | September 24, 2019 | Richard Rubin

Posted on 09/25/2019 5:31:13 AM PDT by karpov

Presidential candidate Bernie Sanders proposed an annual wealth tax topping out at 8% for the richest Americans, offering the farthest-reaching Democratic plan to pay for expanded government programs and break up concentrated fortunes.

Mr. Sanders’s plan would hit more households and raise more money than the tax proposed by Sen. Elizabeth Warren of Massachusetts, his chief rival for progressive voters. According to an analysis by economists who consulted with both campaigns, Mr. Sanders’s plan would generate $4.35 trillion over a decade, compared with Ms. Warren’s $2.75 trillion.

Mr. Sanders’s plan would increase federal revenue by about 10%, all from around 180,000 households.

“Enough is enough,” Mr. Sanders, a senator from Vermont, said Tuesday. “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.”

The tax would apply to married couples with net worth of at least $32 million and individuals with net worth of at least $16 million. The rate would start at 1% per year and rise to 8% for married couples with assets of least $10 billion. That 8% rate would mean that megabillionaires who don’t earn at least an 8% return would see their fortunes shrink, and Mr. Sanders said Tuesday that there should be no billionaires.

(Excerpt) Read more at wsj.com ...


TOPICS: Business/Economy; News/Current Events; Politics/Elections
KEYWORDS: 2020demprimary; feelthebern; sanders; taxandspend; warren; wealthtax
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To: 2ndDivisionVet

I guess we’re going to see a new sort of wall - one to keep people in.


21 posted on 09/25/2019 5:50:39 AM PDT by Little Ray (Freedom Before Security!)
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To: karpov

The Bolshevics at the Door.


22 posted on 09/25/2019 5:51:33 AM PDT by freedom1st (Build the Wall)
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To: sevlex

I’ve always wondered if those lyrics were in earnest - or sarcasm.

I prefer the more obvious meaning of “The Trees” by Rush.

And the trees were all kept equal,
by hatchet, axe, and saw.


23 posted on 09/25/2019 5:51:49 AM PDT by 21twelve (!)
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To: karpov

is money enough?

soon ORGANS will be required and demanded.

but first only a choice of one kidney or cornea.
should be easy to enforce.


24 posted on 09/25/2019 5:52:38 AM PDT by Diogenesis ( WWG1WGA)
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To: FatherofFive

Neah.
They’re going to take the whole thing.
Same thing for IRAs.
For their protection of course.


25 posted on 09/25/2019 5:52:56 AM PDT by Little Ray (Freedom Before Security!)
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To: 2ndDivisionVet
You mean the wealthy people who will move to France, Singapore, Canada and Argentina if this happens? Or will he keep them here somehow?

From the article: "To improve enforcement, Mr. Sanders calls for imposing an exit tax of up to 60% on the assets of wealthy people who renounce their U.S. citizenship. He would also expand the IRS to audit at least 30% of people in the lowest wealth-tax bracket and audit all billionaires every year."

26 posted on 09/25/2019 5:54:09 AM PDT by karpov
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To: USCG SimTech
Wealth confiscation is not taxation of income. Burring the lines of the terminology “taxation”.

Why is taxing income a good thing at all?

27 posted on 09/25/2019 5:55:24 AM PDT by central_va (I won't be reconstructed and I do not give a damn.)
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To: karpov

“Government exists to protect people’s rights, including their property rights.”

In theory yes. In fact no. The government exists to sustain those running the government. We only have to look at the federal agencies that create contrived reasons to exist. the doj and police state agencies are the most egregious examples of abuse. Not only do they propagandize the public into thinking that these agencies are absolutely necessary for everyone’s existence, but these agencies are the most flagrant abuses of civil rights.


28 posted on 09/25/2019 5:58:31 AM PDT by grumpygresh
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To: karpov
There is no good way to tax. But IMO these are the best ways to tax, best to worst:
  1. Tariffs
  2. Sales taxes
  3. Property taxes
  4. "wealth tax"
  5. Income Tax

The income tax is plain evil, taxing the sweat off of your brow. A form of slavery

29 posted on 09/25/2019 5:59:33 AM PDT by central_va (I won't be reconstructed and I do not give a damn.)
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To: karpov
Ok Bernie....write a check. Sell one of your three houses.

Lead the way.

Put up or shut up.

I don't know why our side doesn't call the Left out on this issue.

30 posted on 09/25/2019 6:01:10 AM PDT by ealgeone
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To: norwaypinesavage
Is the author really this ignorant? Does he really believe that all the billionaires are just going to sit around and allow Bernie to confiscate their wealth?

YES.

31 posted on 09/25/2019 6:02:22 AM PDT by ealgeone
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To: karpov

F off Bernie.


32 posted on 09/25/2019 6:03:57 AM PDT by Drango (1776 = 2020)
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To: karpov
Sanders is being his commie self.

If by some freak of nature, he ever gets elected and implements this, it won't turn out as he planned it.

As they have always done in the past, the very rich will flee the country and tell ol' Bernie to stuff it.

What he proposing is not taxing the rich. It's the government stealing from the rich.

33 posted on 09/25/2019 6:14:17 AM PDT by HotHunt (Been there. Done that.)
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To: karpov
Bernie Sanders Calls for 8% Wealth Tax

As the Constitution exist today the Congress can only tax income.

Has Bernie Sanders released the wording of his proposed constitutional amendment that would give government the legislative power to tax wealth?

The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.

34 posted on 09/25/2019 6:15:48 AM PDT by MosesKnows
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To: karpov

It’s not a tax, it’s seizure of accumulated assets, and it’s every year.

Europe has it, calls it tax on fortune, and it’s why Europe doesn’t have any bill gates, Steve jobs or Jeff bezos.


35 posted on 09/25/2019 6:20:52 AM PDT by I want the USA back (The further a society drifts from the truth, the more it will hate those who speak it. Orwell.)
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To: karpov

First it’s 8% then 10, then 12, the 15 then 25.......

Then they leave and you run out of other peoples’ money................


36 posted on 09/25/2019 6:22:14 AM PDT by Red Badger (Against stupidity the gods themselves contend in vain......................)
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To: karpov

I am telling you right now, that is resonating with a frightfully large number of people in this country.


37 posted on 09/25/2019 6:26:40 AM PDT by Buckeye McFrog (Patrick Henry would have been an anti-vaxxer.)
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To: FatherofFive

“Next step will be a 4.01% tax on your 401k”

The next 2008 crash is coming and it will be worse this time. Yes, I expect the govt will confiscate pension plans and it will be a sliding scale. More you have the higher percentage they take.


38 posted on 09/25/2019 6:28:41 AM PDT by setter
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To: karpov

Starting with the very wealthy and ending with all accumulated wealth for all Americans. That will include ALL assets.....savings, college funds, value of your home, 401Ks, etc. IF the people are intelligent (and that is a mammoth IF), they will run as quickly as possible from these money grabbers.


39 posted on 09/25/2019 6:42:56 AM PDT by originalbuckeye ('In a time of universal deceit, telling the truth is a revolutionary act'- George Orwell..?)
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To: ClearCase_guy

“I would think a new Constitutional Amendment might be required.“

Or a compliant SCOTUS.

L


40 posted on 09/25/2019 6:46:06 AM PDT by Lurker (Peaceful coexistence with the Left is not possible. Stop pretending that it is.)
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