To achieve his goals, Bernie Sanders would need a lot of money.
Where would he get this massive increase in revenue? You can only raise existing taxes so high.
The simple answer is a wealth tax. But this would be in addition to the taxes Americans already pay and would target assets and savings. Do you think that sounds fair? Some would call it seizure.
CNS News reports:
Bernie Sanders Proposes $4.35 Trillion Tax Increase on ‘Wealth’
Sen. Bernie Sanders, who won Tuesday’s Democratic primary in New Hampshire, is proposing a federal tax increase that he says will bring in $4.35 trillion in revenue over the next ten years.
As he explains it, the tax will specifically target 180,000 households. It will not apply to their income–which is already subject to the federal income tax–but to their assets and savings.
“In order to reduce the outrageous level of inequality that exists in America today and to rebuild the disappearing middle class, we must establish an annual tax on the extreme wealth of the top 0.1%,” says the summary of the tax plan on Sanders’ campaign website.
This tax plan, says the website, will “raise an estimated $4.35 trillion over the next decade and cut the wealth of billionaires in half over 15 years, which would substantially break up the concentration of wealth and power of this small privileged class.”
“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,” says the Sanders website.
It really sounds like Bernie is talking about wealth redistribution.
It has never made sense to me that a tiny group of people should have incredible wealth and power in America while most people have none. That is what we are going to change.
— Bernie Sanders (@BernieSanders) February 13, 2020
Maybe we should take him at his word.