Tax on Extreme Wealth - Read the Plan

[Donkees]

Last edited Tue Sep 24, 2019, 08:46 AM - Edit history (1)

Link to tweet

https://berniesanders.com/issues/tax-extreme-wealth/


Excerpt:

Tax on Extreme Wealth

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%.

Details
Today, the United States has more income and wealth inequality than almost any major country on Earth, and it is worse now than at any time since the 1920s.

At a time when millions of Americans 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.

Over the last 30 years, the top 1 percent has seen a $21 trillion increase in its wealth, while the bottom half of American society has actually lost $900 billion in wealth. In other words, there has been a massive transfer of wealth from those who have too little to those who have too much. For the sake of our democracy and working families all over America who are struggling economically, that has got to change.

In order to reduce the outrageous level of inequality that exists in America today and to rebuild the disappearing middle class, the time has come for the United States to establish an annual tax on the extreme wealth of the top 0.1 percent of U.S. households.

This wealth tax would only apply to net worth of over $32 million and would raise an estimated $4.35 trillion over the next decade. Anyone who has a net worth of less than $32 million would not see their taxes go up at all under this plan.

The revenue raised under this plan would be used to fund Bernie’s affordable housing plan, universal childcare and would help fund Medicare for All.