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Bernie Sanders New Tax Plan Would Combat Extreme Wealth

Bernie Sanders New Tax Plan Would Combat Extreme Wealth

Many of the Democratic candidates seeking the 2020 nomination have one cause that is most important to them. For Bernie Sanders, that cause is closing the wide gap between America’s richest and poorest citizens.

Photo by Scott Olson/Getty Images

The Vermont senator has proposed to begin closing this gap by raising taxes on the countries most wealthy citizens. Sanders’ tax plan, which was released on Tuesday, would not only raise taxes on the rich, it would also close loopholes in an effort to prevent tax evasion.

Sanders tax increase would have the dual purpose of closing the wage gap as well as paying for his Medicare for All program.

To make sure that all taxpayers are paying their share,”the IRS would be required to audit all billionaires and 30 percent of wealth tax returns for others paying the highest tax rates.”

Sanders explained in a statement:

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“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. 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.”

In addition to revealing his plan, the Sanders campaign also released a letter from Cal Berkeley economists Emmanuel Saez and Gabriel Zucman. The economists wrote, “We estimate that if the Sanders wealth tax had been in place since 1982, the wealth owned by the Forbes 400 richest Americans would be only 40% of what it is today: Instead of having a wealth of $7.2 billion on average (in 2018), they would
have a wealth of $3.0 billion on average.”

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