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Sen. Bernie Sanders unveiled Tuesday a massive tax on wealthier Americans that aims to reduce income inequality – a central theme of his campaign – and begins at least to fund the stiff price tags of the many government programs offered by the Democratic presidential candidate propose.
The release of Vermont's independent Senator, "Tax on Extreme Wealth", follows a similar plan by one of his major rivals for the 2020 Democratic nomination, his fellow Progressive and populist lawmaker, the Senator Elizabeth Warren from Massachusetts.
"There should be no billionaire. We will tax their extreme wealth and invest in the workers, "Sanders said on Twitter urging his supporters to read his new plan. His campaign also sent an email under the Subject line: "Billionaires must not exist".
FOX NEWS NEWS ON 2020 PRESIDENTIAL CAMPAIGN
During his decades in Congress and during his two attempts for the White House, Sanders stood up against an American economic system that, he says, favors corporations and the wealthy at the expense of class factory Girl.
Sanders' plan, if passed, would impose a 1% net worth tax of over $ 32 million, a 2% net worth tax of $ 50 to $ 250 million, and a tax of 3% on net worth between $ 250 and $ 500 million. The tax proposed by Sanders would increase from $ 500 million to $ 1 billion, from $ 1 billion to $ 2.5 billion to 5%, and eventually reach 8% for wealth exceeding $ 10 billion.
The Sanders campaign indicates that their plan would impact approximately 180,000 households across the country and generate approximately $ 4.35 billion in government revenue by fiscal year 2028.
"Our tax on extreme wealth would only apply to the wealthiest households in America and would cut the wealth of billionaires by half in 15 years, which would significantly break the concentration of wealth and power of this small privileged class, "Sanders told an email to supporters announcing his plan.
And he said that he "would use the revenues to fund our affordable housing plan, our universal child care system, and help fund our work to ensure health care as a right for every man, every woman and every day." every child in this country. "
Warren's plan – unveiled at the beginning of the year – would impose a 2% annual tax on net worth over $ 50 million and a 3% net worth tax of over $ 1 billion .
His campaign says it would affect the county's 70,000 richest households and bring in about $ 2,600 billion over 10 years.
Sanders, in order to "ensure that the rich are not able to evade the tax," calls for the creation of a national registry and strengthening third party reporting obligations, to the 39, increased funding for the Internal Revenue Service and obligation for the IRS percent of those in the 1 percent bracket and audits of all billionaires.
It also calls for an exit tax of 40% on the net worth of all assets under $ 1 billion and 60% on assets over $ 1 billion "for all wealthy individuals looking for 'expatriate to avoid this tax'.
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