Bernie’s wealth tax will require billionaires to pay 97.5% in taxes

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Billionaires have more to fear from Bernie Sanders than Elizabeth Warren. That’s one of the conclusions of a new interactive website developed by University of California, Berkeley professors Emmanuel Saez and Gabriel Zucman.

If Sanders had his way, they calculate that the 400 richest Americans, on average, would have an effective tax rate of 97.5%. That includes not only their income, but also a wealth tax that whittles away at the family fortune, Bloomberg reports.

The 97.5% average effective tax rate under his plans compares with 23% now and 62% under Warren’s proposals, according to the two economists. Who would give the fake Indian 62% of their income?

The calculations by Saez and Zucman cover state, local and federal taxes and also treat health insurance premiums that individuals pay as a tax, arguing that they are one of main drivers of inequality in the U.S.)

As of January 2018, there were 585 billionaires in the United States. They will leave or hide their money. Bernie’s plan will rid the country of billionaires but it won’t pay for Bernie’s endless freebies.

Sanders’ and Warren’s plans, aimed at destroying income inequality and making us all the same, include a wealth tax. Warren’s plan would “place a 2% levy on fortunes over $50 million and a 3% levy on assets over $1 billion. Sanders’ plan goes further, and starts taxing wealth of $32 million at 1%, increasing to an 8% tax on fortunes above $10 billion.”

Professor Saez wrote to Bloomberg, “With the wealth tax, you get directly at the stock instead of hitting the flow of income, making it a much more powerful de-concentration tool than income taxes.”

These two are far-left and want higher taxes on the wealthy and set up an interactive website allowing “users to select different tax rates to see how levies on various income groups are increasing.”

Sanders, campaigning after a heart attack, told supporters that his plan would likely cut the number of billionaires in the U.S. in half within 15 years and would generate approximately $4 trillion in additional tax revenue over the next ten years.

Except those 585 people will leave the country and take their money with them.

The anti-rich Democrats, exploiting American discontent with the rich, plan to include a tax on stock and bond trades.

When the billionaires are gone, they will start stealing the money of millionaires and eventually working couples. Barack Obama considered couples making $250,000 to be rich.

That’s socialism for you! It’s insane, never works, but Democratic candidates will do it anyway.

PowerInbox
  • Bernie, Warren, et al are opposed to the productive concentration of capital – so they will concentrate it in the hands of government instead, where it will no longer produce anything of practical utility while choking productivity in the private sector. Some of what is not used to enrich the ruling elite will be used as a disincentive to seeking gainful employment while a minimum wage blocks entry of unskilled workers, beginners, into the labor market. That’s the equivalent of stealing money and burning it to buy votes from an artificially created indigent class of people who are consequently dependent upon government for their survival. Cash flow, the movement of money within a society, grows the economy and benefits the citizenry. Do these Progressives never wonder among themselves at the economic stagnation and failure of Socialist countries?

  • They will pay exit tax, pull up their businesses and re locate to a country that welcomes billionaires. Bernie is major stupid, has no knowledge of economics and is a very dangerous insane person. Thanks Vermont..why did you keep this idiot in power?

  • First off, the “tax” on wages and salaries isn’t legal; the “Victory Tax” of WWII implemented taxes on “wages and salaries” to pay for the War. Not only did it contain a two year after end of hostilities “sunset clause”, it was actually repealed before that by Congress.
    They just didn’t bother to inform the rest of the country. Both the Income Tax Act and Victory Tax were designed to put the bulk of Americans into the category of “involuntary servitude”. Sad that so many people BELIEVE in that cr@p.