Bernie Sanders proposes 100% tax on income over $1 billion, urges it’s time to make ‘greedy billionaires’ pay their fair share
Bernie Sanders has challenged the wealthiest Americans by calling for a 100% tax on income above $1 billion. In a May 2023 interview with the HBO show “Who’s Talking to Chris Wallace?” USD achieves this goal.
According to “Fortune” magazine, Wallace asked: “Are you basically saying that once it reaches $999 million, the government should confiscate all the remaining funds?” Sanders directly answered “yes.”
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This reflects his belief that the super-rich should not exist in a society with such extreme economic inequality. In September 2024, Sanders doubled down on his official Facebook page, saying, “We live in a country today with greater income and wealth inequality than at any time in American history.” He painted a stark picture of the divide Picture, noting that while billionaires are “living extremely well,” 60 percent of Americans are “living paycheck to paycheck.”
Sanders also addressed critics of his approach, saying, “I believe we have to confront the greed of the billionaire class and say, yes, you know what, folks… you’re going to start paying your fair share. “Tax. “
His plan not only targets the income of billionaires, but also includes a progressive wealth tax on households worth more than $32 million, with the tax rate for billionaires starting at 1% and gradually rising to 8%. He also proposed imposing a 40-60% asset exit tax on those who renounce their U.S. citizenship to avoid paying taxes.
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Critics argue that Sanders’ wealth tax proposal could be counterproductive, especially in promoting innovation and entrepreneurship. The National Taxpayers Alliance Foundation warns that “wealth taxes would be counterproductive at a time when they should be fostering new entrepreneurship.” They worry that such taxes will stifle business growth and innovation because founders may simply Owning a successful business and facing a huge tax bill.
For example, under Sanders’ plan, a business owner with a $100 million company would owe $1.2 million a year, forcing them to sell some shares to pay the tax. Over time, this could hinder the creation of transformative companies like Tesla or Apple. Critics worry that these measures will ultimately stifle the risk-taking that drives economic growth.
