Sanders proposes wealth tax to cut billionaires' net worth in half

[Yo_Mama_Been_Loggin]

Bernie Sanders on Tuesday unveiled a proposal for a wealth tax that takes Elizabeth Warren’s signature idea and pushes it even further, saying his goal is to cut American billionaires’ fortunes in half over 15 years.

Sanders, who is struggling to maintain his top-three standing in the Democratic presidential primary campaign, announced the proposal while campaigning in Iowa counties that voted for Barack Obama in 2012 before switching to Donald Trump in 2016.

Sanders’ “Extreme Wealth Tax” targets the top 0.1% of U.S. households and would raise an estimated $4.35 trillion over the next decade. The revenue would be used to pay for his programs like Medicare for All, universal child care and housing programs.

A 1% tax for households with a net worth of more than $32 million for a married couple would increase to 2% for households worth $50 million to $250 million, 3% from $250 million to $500 million, 4% on $500 million to $1 billion. The tax would cap at 8% on wealth above $10 billion.

https://www.msn.com/en-us/money/markets/sanders-proposes-wealth-tax-to-cut-billionaires-net-worth-in-half/ar-AAHM5dx?li=BBnbfcL

[Uncle Joe]

1. Kicked and recommended.

Thanks for the thread Yo_Mama_Been_Loggin.

[Odoreida]

2. Not bad, but ...

What will the revenue be used for?

[HerbChestnut]

5. According to his campaign website

Fully funding his affordable housing and universal childcare programs, and putting a dent into funding for medicare for all.

[Odoreida]

7. Sounds good to me n/t

[Uncle Joe]

6. Well here is one small item that could be addressed and still leave plenty left over.

(snip)

The big picture: It also, of course, is a simple solution to the problem of unaffordable health care costs, a top issue for voters and one that has only become more prominent with the rise of deductibles and other forms of cost-sharing.

(snip)

Between the lines: Sanders would have the federal government "negotiate and pay off past-due medical bills in collections that have been reported to credit agencies," per the plan.

But medical debt often doesn't get paid, so collectors will sell it for cheap. Craig Antico, founder of the nonprofit charity R.I.P. Medical Debt — which buys and absolves health care debt in bulk — told NYT that the market price for $81 billion in debt could be as low as $500 million.

(snip)

What we're watching: Sanders' embrace of "Medicare for All" has transformed the Democratic party, pulling it much further left on health care. It's unclear if his stance on medical debt will play the same way, and how the rest of the 2020 field will respond.


https://www.axios.com/bernie-sanders-medical-debt-plan-surprise-bills-lawsuits-e09c4598-8df0-49b0-a6b5-06fa85d64761.html

https://www.democraticunderground.com/1287290464

[murielm99]

3. He "takes Elizabeth Warrens signature idea and

pushes it even further?"

That's Bernie, taking other people's ideas....

[Hortensis]

4. Nancy Pelosi: "We can have democracy in this country, or

we can have great wealth concentrated in the hands of a few, but we can't have both."

This is Nancy Pelosi quoting Justice Louis Brandeis to the nation at the opening of the 116th congress. Our grandparents' generations faced this same grave danger most of a century ago, and they solved it with the New Deal using the enormous establishment power of the people created to serve them.

LW socialist revolutionaries of those days, counterparts of today's Sanders left, saw the New Deal as just continuation of massive corruption and fought the New Dealers bitterly.

At the same time RW extremists, forerunners of those who've taken over today's Republican Party, tried to create a fascist state in America.

America, of course, chose the New Deal, and extremists went back under their rocks for another 70-80 years.

And here we are, deja vu all over again.

[TreasonousBastard]

8. Intriguing idea, but fat chance we'll ever see it...

How does one measure wealth, anyway?

If it's securities, since they often change in value just when do we evaluate them for this taxation?

If it's real property, how do we value that, or account for inflation?

How would we value an art or classic car collection?

These are just the easy questions-- tax accountants and lawyers will have many more.

Most of this vast wealth is inherited, or is built off of large estates. If you really, really want to reduce the concentration of wealth you want to go after inheritances and capital gains. You also want to expand anti-trust actions. Transaction taxes can be looked at, too.

[comradebillyboy]

9. Indeed, inheritance and capital gains are easily measured and are

already reported under current tax laws. Taxing these is a lot easier to accomplish than a wealth tax. Democrats don't need to be perceived as attacking success. I think personal attacks on folks like Jeff Bezos and Bill Gates are terribly misguided. Most people admire their amazing accomplishments.