“I don’t think that billionaires should exist,” Sanders says.
of his top progressive rival, Senator Elizabeth Warren. Her proposal applies a 2% tax on every dollar earned over $50 million, and a 3% tax on every dollar of assets above $1 billion.
While Warren’s plan came first, Sanders’ proposal goes even further, much to the unease of the millionaires and billionaires. His wealth tax would include the same 2% tax increase on every dollar over $50 million, but it would also institute a lower tax bracket: a 1% tax on every dollar earned over $32 million.for higher tax brackets: an extra 3% from $250 million to $500 million, 4% from $500 million to $1 billion, 5% from $1 billion to $2.5 billion, 6% from $2.
The funds raised from taxing the ultra-rich would be used to subsidize Sanders’ affordable housing, universal child care and Medicare for All plans, all of which require large amounts of government spending. Sanders’ plan is projected to raise $1.75 trillion more than Warren’s plan over the same time period,
from University of California, Berkeley economists Emmanuel Saez and Gabriel Zucman. The two also estimate that Sanders’ wealth tax would cut the wealth of billionaires in half after 15 years.
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