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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: karpov

There is no current Constitutional permission for Congress to tax wealth. Income - yes, wealth - no


41 posted on 09/25/2019 6:47:34 AM PDT by taxcontrol (Stupid should hurt - dad's wisdom)
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To: karpov

Bernie has been in the House and the Senate what seems like forever. Does he not realize that it is the House that initiates taxation bills, not the President?

If this confiscation idea is so brilliant, why did he (or some other leftist lunatic), not introduce a bill to confiscate wealth when he was in the House?


42 posted on 09/25/2019 7:02:58 AM PDT by MIchaelTArchangel (Has anyone checked on Ginsburg's health recently?)
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To: karpov

Poor Bermie knows Two Face Lizzy is the DNC’s pick this time


43 posted on 09/25/2019 7:09:11 AM PDT by butlerweave
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To: bgill

I think the biggest tax loophole is the “Charitable Deduction”.

I’ll start work on closing that loophole as soon as my alma mater gives me a receipt for $10MM — which is the “appraised” value of the unique collection of finger-painted art, created by my grandchildren, which I just “donated” to that college.


44 posted on 09/25/2019 7:10:00 AM PDT by pfony1 (Put Up or Shut Up!)
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To: bgill
The wealthy retain very sneaky tax attorneys who know the loopholes.

"...know the loopholes" HELL!

They WRITE the laws...and after the requisite "campaign contributions" politicians enact them.

45 posted on 09/25/2019 7:24:33 AM PDT by Roccus (When you talk to a politician...ANY politician...always say, "Remember Ceausescu")
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To: karpov

The reason Americans have guns is to forcibly resist this sort of communism.


46 posted on 09/25/2019 7:27:56 AM PDT by Lazamataz (We can be called a racist and we'll just smile. Because we don't care.)
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To: karpov

Bernie Sanders Calls for 8% Wealth Tax on Richest Americans.

Communist Nutcase.


47 posted on 09/25/2019 7:41:06 AM PDT by GoldenPup
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To: karpov

Bernie Sanders meet Walter Mondale.

Yes, I’m going to raise your taxes. Odds that Mondull would win the presidency became 49 to 1.

” “We will not be able to control our budget deficits without raising taxes,” “

Mondale says: “We’re going to tax their ass off”


48 posted on 09/25/2019 8:56:28 AM PDT by faucetman (Just the facts, ma'am, Just the facts)
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To: karpov

Someone wish to learned me how we have a 13th Amendment & also (economic) slavery by degree (via 16th)?

Not that the 16th doesn’t already violate the 4th & 5th Amendments ‘legally’


49 posted on 09/25/2019 10:32:50 AM PDT by i_robot73 (One could not count the number of *solutions*, if only govt followed\enforced the Constitution.)
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To: karpov

I assume that Bernie’s found a way to exempt himself?


50 posted on 09/25/2019 10:35:54 AM PDT by JimRed ( TERM LIMITS, NOW! Build the Wall Faster! TRUTH is the new HATE SPEECH.)
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To: gibsonguy
The start of the wealth and asset tax. It’s not enough to tax your income.

And the money that bought the assets was already taxed. Talk about double-dipping!

51 posted on 09/25/2019 10:43:14 AM PDT by JimRed ( TERM LIMITS, NOW! Build the Wall Faster! TRUTH is the new HATE SPEECH.)
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To: karpov

At most, this tax will bring in around $10 billion, adding to a $4 trillion federal income tax revenue stream. That’s just 0.25% more. Somehow that small amount of an Envy Tax is supposed to change everything.


52 posted on 09/25/2019 10:48:53 AM PDT by CodeToad ( Hating on Trump is hating on me and Americans!)
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To: karpov

8%? When will you increase it to 10% - the year after or 5 years?


53 posted on 09/25/2019 11:36:17 AM PDT by Deplorable American1776 (Proud to be a DeplorableAmerican with a Deplorable Family...even the dog is, too. :-))
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To: karpov

Great idea! Let’s legalize government theft .


54 posted on 09/25/2019 11:44:47 AM PDT by windsorknot
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