Below is what Sen Sanders wealth tax proposal says. Sanders says there should be no such thing as a billionaire.
Why not no such thing as a millionaire or maybe a $500,000 aire is too much. Remember the proposal to limit 401k account balances?
It’s not the money involved that is of concern, but the very concept that government has a responsibility to limit wealth honestly earned, wealth that is often the result new ideas, innovation, hard work and risk taking, wealth that creates thousands of jobs around the world and yes, wealth trickled down to many of the employees of companies. Microsoft is credited with creating 12,000 millionaires among it employees via stock options.
It is incredibly naive to believe that confiscated wealth can be better, more efficiently used through the federal bureaucracy than through the foundations and direct donations to charities, research, hospitals, colleges, etc. frequently made by the super wealthy. Over $600,000,000,000 will go to charity from those who signed the Gates Giving Pledge. Recently California Institute of Technology announced its largest ever gift, a $750 million pledge from the family that owns Wonderful Co.
Sander’s last paragraph below says it all. The goal is not for the people, but merely to break up wealth … the power Sanders is concerned about comes from the despicable behavior of politician’s … a greater concern in my opinion. The wealthy are not the enemy of the people as Sanders implies.
And if government reduced Gates to $30 billion what would change? If Buffett was required to cash in shares to pay the tax what would be the result on the stock markets?
Wealth would be cut in half in fifteen years? Really, who is able to predict the direction of the stock market so accurately? Wealth would not continue to grow? And is cutting wealth in half something to be proud of?
Who are the naive buffoons who write this stuff, or more scary, who think this way?
Who are the Americans who now despise their fellow citizens who made this Country possible and who today have changed the way we buy things, communicate, live and indeed have changed the world?
I guess there are always those among us who believe they are entitled to half of what the other guy has earned.
The revenue raised under this plan would be used to fund Bernie’s affordable housing plan, universal childcare and would help fund Medicare for All.
How the Tax on Extreme Wealth Would Work
This tax on extreme wealth would have a progressive rate structure that would only apply to the wealthiest 180,000 households in America who are in the top 0.1 percent.
It would start with a 1 percent tax on net worth above $32 million for a married couple. That means a married couple with $32.5 million would pay a wealth tax of just $5,000.
The tax rate would increase to 2 percent on net worth from $50 to $250 million, 3 percent from $250 to $500 million, 4 percent from $500 million to $1 billion, 5 percent from $1 to $2.5 billion, 6 percent from $2.5 to $5 billion, 7 percent from $5 to $10 billion, and 8 percent on wealth over $10 billion. These brackets are halved for singles.
Under this plan, the wealth of billionaires would be cut in half over 15 years which would substantially break up the concentration of wealth and power of this small privileged class.