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.