Democratic Primaries
Related: About this forumBernie Sanders: 'Billionaires should not exist'
Sen. Bernie Sanders unveiled a tax on wealth Tuesday as he aims to cut income inequality and fund his sprawling social programs.
The 2020 Democratic presidential candidates proposal follows a similar plan from Sen. Elizabeth Warren of Massachusetts, who has made a wealth tax a centerpiece of her White House campaign. But the measure from Sanders, who has long railed against an economic system that he says favors corporations and the rich, would tax the richest Americans assets more heavily than his rivals.
The Sanders campaign said the levy would apply to net worth above $32 million and raise an estimated $4.35 trillion over the next 10 years. It plans to put the funds toward an affordable housing plan, universal child care and Medicare for All the candidates signature proposal. The campaign said the tax would cut the wealth of billionaires in half over 15 years.
In a pair of tweets after he released the proposal, Sanders said billionaires should not exist. He added: We are going to tax their extreme wealth and invest in working people.
https://www.cnbc.com/2019/09/24/bernie-sanders-proposes-wealth-tax-after-plan-from-elizabeth-warren.html
primary today, I would vote for: Joe Biden
Hortensis
(58,785 posts)But seriously, the more the message is spread, the better. I just wish I thought he wouldn't fight any steps Democrats ultimately take. Because, you know, we're really mostly just the same as the Republicans.
primary today, I would vote for: Joe Biden
kstewart33
(6,551 posts)Doesn't have a chance in heck of becoming law. Bern's getting really desperate.
primary today, I would vote for: Joe Biden
NurseJackie
(42,862 posts)He knows it and his followers know it too.
primary today, I would vote for: Joe Biden
George II
(67,782 posts)...will be used to help pay for the (ahem, fully funded) Medicare for All.
primary today, I would vote for: Joe Biden
thesquanderer
(11,970 posts)There are multiple proposals for finding the funds. This is one of them.
primary today, I would vote for: Joe Biden
George II
(67,782 posts)primary today, I would vote for: Joe Biden
thesquanderer
(11,970 posts)It will be up to congress to decide on the mechanism to fund it, from the various options presented.
primary today, I would vote for: Joe Biden
sandensea
(21,595 posts)primary today, I would vote for: Joe Biden
thesquanderer
(11,970 posts)If they actually liquidated enough stock to have billions in cash (or to pay a decent percentage of it to the government in taxes), they'd crash the value of the stock, and they'd be worth a lot less before they even got close to liquidating it all.
Of course, these billionaires don't *need* to liquidate stock to live like billionaires, because the stock can be used as collateral, so they can essentially get as much of the money as they want without liquidating.
I don't know how you address this with taxation. Unless I'm totally misunderstanding something.
primary today, I would vote for: Joe Biden
Blue_true
(31,261 posts)Bezos is worth something like $120 billion on paper, on paper! In actuality, he is worth far, far less. As you pointed out, if he tried to cash in his billions, the actual cash take would be much less than paper value.
The people that are likely true billionaires are the ones that own highly successful pass-thru corporations. As long as they properly fund company operations, the value of the company on paper actually reflects their net worth, and can give an indication of how much money they take out each year.
I believe that rich people should invest in things like affordable housing, affordable food, free school meals for students, affordable medical care, simply as a matter of self-defense. If society collapse around them, they will be penniless (what they do have can easily be taken from them, with no law to prevent that).
primary today, I would vote for: Joe Biden
PhoenixDem
(581 posts)I'd rather like an America where every child grows up to want to be a billionaire - by inventing new technology, finding a better way of doing things or solving humanity's problems like AIDS, Cancer, food shortages.
If we don't invent it here, it will be invented somewhere else, we'll buy it from them at a higher price and create billionaires in other countries where there are no socialist guillotines.
primary today, I would vote for: Joe Biden
George II
(67,782 posts)...Foundation, he deserves every penny of it.
primary today, I would vote for: Joe Biden
PhoenixDem
(581 posts)The more we tax them, the less they will have available for charity and so a lot of NGOs would suffer, their money diverted to pay free tuition for brats and frats.
Warren Buffet has already pledged half his wealth to charity and that initiative has been joined by some 137 billionaires already.
primary today, I would vote for: Joe Biden
George II
(67,782 posts)primary today, I would vote for: Joe Biden
MrsCoffee
(5,801 posts)primary today, I would vote for: Joe Biden