Bernie Sanders this morning unveiled a proposal to create a new tax on the wealth of the richest Americans, including a steep tax on billionaires that could greatly diminish their fortunes, reports The New York Times.
Notes NYT:
With the proposal, Mr. Sanders is embracing an idea that has been a centerpiece of the campaign of his top progressive rival, Senator Elizabeth Warren. But while Ms. Warren came first, Mr. Sanders is going bigger. His wealth tax would apply to a larger number of households, impose a higher top rate and raise more money.
Mr. Sanders’s plan to tax accumulated wealth, not just income, is particularly aggressive in how it would erode the fortunes of billionaires. His tax would cut in half the wealth of the typical billionaire after 15 years, according to two economists who worked with the Sanders campaign on the plan.“Let me be very clear: As president of the United States, I will reduce the outrageous and grotesque and immoral level of income and wealth inequality,” Sanders said in an interview. “What we are trying to do is demand and implement a policy which significantly reduces income and wealth inequality in America by telling the wealthiest families in this country they cannot have so much wealth.”
Clearly, Bernie has no understanding of the value and importance of capital accumulation and he is just mouthing the confusion of the masses when he attacks inequality.
I discussed capitalism and inequality here:
-RW
I can appreciate any policy position that could have come from a 5 year old.
ReplyDeleteIt will never affect the billionaires. Like all other attempts to "tax the rich" it ultimately hits the middle class and upper middle class the hardest.
ReplyDeleteThat’s right Robert What? It ultimately hits the middle and upper middle classes because “that’s where the money is.”
DeleteJust like Trump's tax overhaul, it rewards the well to do and those with good investments by robbing the poor. Hell of a deal. Like it's not the same as every other "tax cut".
ReplyDeleteAll we need to do is abolish central banks. They are the most cruminal institutions on the planet destoying our wealth through inflation every single year.
ReplyDelete