Bernie Sanders unveils 'Tax on Extreme Wealth' plan

[Uncle Joe]

(snip)

On Tuesday, Sanders released his “Tax on Extreme Wealth” proposal. The plan would place a 1% tax on the top 0.1% of American households. The tax “would start with a 1 percent tax on net worth above $32 million for a married couple,” according to the release. “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% on households with net worth between $50 million and $250 million, 3% on net worth up to $500 million, 4% on net worth up to $1 billion, and so on up to a 8% tax on wealth over $10 billion.

(snip)

University of California, Berkeley economists Gabriel Zucman and Emmanuel Saez, who have written extensively about the effects of wealth taxes, analyzed the Sanders proposal and estimates that this would raise $4.35 trillion over the next decade.

(snip)

“A progressive wealth tax is the most direct policy tool to curb the growing concentration of wealth in the United States,” the two said in a joint letter. “It can also restore tax progressivity at the very top of the wealth distribution and raise sorely needed tax revenue to fund the public good. Senator Sanders’ very progressive wealth tax on the top 0.1% wealthiest Americans is a crucial step in this direction.”


https://finance.yahoo.com/news/bernie-sanders-tax-plan-131010181.html

[Hoyt]

1. It would raise $435 Billion or so a year, not even one-half of current deficit without healthcare,

child care, college debt reduction, "free" college, climate change, infrastructure, bolstering Social Security, deficit and debt reduction, and whatever else is yet to be promised.

Not against it at all, but to pay for the things we need/want, increased tax rates are going to have to reach much lower income levels. Time to own up to it.




And, an article in this thread says: "Some governments, including France, have in the past abandoned wealth taxes after they found they were difficult to administer and sometimes led to the wealthy leaving the country."

https://www.democraticunderground.com/?com=view_post&forum=1287&pid=291455

[Uncle Joe]

2. From the article on that OP.

(snip)

Some governments, including France, have in the past abandoned wealth taxes after they found they were difficult to administer and sometimes led to the wealthy leaving the country.

To prevent evasion of the tax, Sanders said he would create a national wealth registry, bolster reporting requirements and foreign account rules, and increase funding for the Internal Revenue Service in order to audit all billionaires.


https://www.reuters.com/article/us-usa-election-sanders/democratic-white-house-hopeful-sanders-urges-wealth-tax-on-richest-180000-americans-idUSKBN1W91I3

[PhoenixDem]

3. To summarize

"Another plan that won't ever pass a committee but if you feel good about hating rich people, vote for me."

[Uncle Joe]

4. It's not a question about

"feeling good about hating rich people" it's more akin to feeling good about loving ALL people.

[calguy]

5. same ole same ole from Bernie

His only ideas are tax the rich. It's getting old, just like him.
Can't wait for tomorrow's next big idea, "Tax the rich even MORE!"

[Uncle Joe]

6. Are you suggesting

we should try something "different" like trickle down economics, cut the wealthy's taxes and rain drops of gold will shower down on the people?

[calguy]

10. Not at all

I'm merely pointing out the fact that this is what Bernie's always says. Same shit in a different wrapper.
That is all.

[JudyM]

11. Good ideas are worth repeating and stand the test of time. This is one.

[scheming daemons]

7. People this resonates with have already gone to the Warren camp....

...desperation move.

[LanternWaste]

8. Goodness. This must be his fourth or fifth unveiling of that plan this morning.

[NurseJackie]

9. Such things indicate to me the level of desperation in the BS campaign.

But it won't help.