Bernie Sanders is taking aim at the uber-wealthy in the U.S. with a proposal that is even tougher than that of Elizabeth Warren’s. According to CNBC, the presidential hopeful wants to address inequality in the country by proposing a tough tax on those with a net worth above $32 million and a “national wealth registry” that would track wealthy individuals so they couldn’t dodge paying their share of taxes.
Sanders, who has been lagging behind Warren in some polls, has created a plan similar to the one by the Massachusetts politician, that will help fund Medicare for All and a universal child care program. His proposal would introduce a tax to those worth over $32 million that would raise about $4.35 trillion over the next 10 years. The plan would also cut the wealth of billionaires in the United States by half over the next 15 years, creating a more equal economy, in his eyes.
Under his plan, married couples worth $32 million or more would be taxed an additional 1 percent, progressing up to those making more than $10 billion, who would be taxed at 8 percent. Those numbers would be cut in half for individual filers.
According to Politico, Sanders released a statement detailing his plan.
“At a time when millions of people are working two or three jobs to feed their families, the three wealthiest people in this country own more wealth than the bottom half of the American people,” Sanders said in a statement. “Enough is enough. We are going to take on the billionaire class, substantially reduce wealth inequality in America and stop our democracy from turning into a corrupt oligarchy.”
He also took to Twitter to assert that he believes ultra-wealthy individuals should not exist in a fair society.
“There should be no billionaires. We are going to tax their extreme wealth and invest in working people,” he wrote.
"Beyond Disgraceful." That's how Sen. @BernieSanders reacted when we shared how little we get paid working fast-food in Iowa. #FightFor15 workers on strike met with Senator Sanders at the #PeoplesForum in Des Moines.— Fight For 15 (@fightfor15) September 23, 2019
We won't give up. We will win $15 and #UnionsForAll pic.twitter.com/oiT3ZPizwb
A letter from economists at the University of California, Berkeley supporting the plan says that it would “fully eliminate the gap between wealth growth for billionaires and wealth growth for the middle class.”
Critics say that Sanders’ and Warren’s plans would hurt the economy and further expand the government. Others warn that such a tax could likely be struck down by the Supreme Court before it could go into effect and that it may not raise as much money as supporters think it would.
As The Inquisitr previously reported, Sanders has been focusing his “Bernie Beats Trump” bid for president in the Rust Belt, where he kicked off his campaign yesterday.