Bernie Sanders proposes a wealth tax: ‘I don’t think that billionaires should exist.’
Sen. Bernie Sanders unveiled his plan to tax the assets of the nation’s wealthiest individuals, replete with calls for the creation of a “national wealth registry.”
“The premise of this wealth tax would presumably work much like our current estate tax where the decedent’s estate tax is calculated as a percentage of the total value of the estate’s assets (cash, investments, real estate and more) minus a variety of deductions, including charitable contributions,” Geoffrey Weinstein, special counsel in the Tax, Trusts & Estates Department of Cole Schotz, told FOX Business. “But this type of tax would be implemented on a year to year basis.”
This is absolutely absurd!
Presidential hopeful Sen. Bernie Sanders (I., Vt.) debuted a proposal to directly tax the wealth of America’s richest families at an even higher rate than primary rival Sen. Elizabeth Warren (D., Mass.).
Sanders introduced an expansive wealth tax on Tuesday. The proposal is even more aggressive than that of the Warren campaign. It would levy a progressive wealth tax, starting at 1 percent for fortunes valued between $32 to $50 million and up to 8 percent on those in excess of $10 billion. That makes for a much more aggressive scheme than Warren’s plan, which has just two brackets: a 2 percent tax on wealth in excess of $50 million and a 3 percent tax on wealth in excess of $1 billion.
A wealth tax is a direct tax levied on the assets a person holds. This makes it distinct from many other taxes, such as income or sales, which are levied when money or assets change hands. Under Sanders’s plan, a tax would be levied on an individual reported net worth. To see that the wealth tax is actually paid, the Sanders campaign also called for harsher enforcement mechanisms. That includes the establishment of a “national wealth registry,” although what or who would be “registered” under such a system remains unclear. More
The stupidity of such a plan is mind-boggling. If his plan was enacted and if I had such wealth you can bet I’d invest as much as I could overseas. This is a lose-lose idea. I simply hate all the ideas Democrats come up with, all they want is to seize money and power and they could care less about the consequences and damage to America.Don't forget to Like Godfather Politics on Facebook and Twitter, and visit our friends at RepublicanLegion.com.
Become an insider!
Sign up for the free Godfather Politics email newsletter, and we'll make sure to keep you in the loop.