2020 candidate Bernie Sanders is proposing a controversial new wealth tax, which goes even further than the plan pushed by his chief rival Elizabeth Warren. Sanders tweeted a link to his proposal Tuesday with the caption “there should be no billionaires.”
The new tax rates would apply to those with a net worth above $32 million, and would reportedly raise over $4 trillion within a decade. The money would go toward funding Sanders social programs such as Medicare for All and universal child care. The Vermont senator even suggested creating a “national wealth registry” to make sure everyone singled out by the wealth tax pays.
The Sanders campaign has even touted how the plan would cut in half the wealth of billionaires over the next 15 years. The underlying premise used by the democratic socialist to support this confiscation scheme is the belief that income inequality is a moral failing that only the government can fix. What Sanders fails to take into account is that America has long been a powerhouse of innovation and wealth creation on the world stage precisely because of our basis in free market capitalism.
https://www.oann.com/sen-sanders-proposes-new-wealth-tax-claims-billionaires-should-not-exist/