Bernie’s Answer On Paying For Medicare For All? Tax The Very Rich
A tax rate of 1% of net worth would begin at $32 million and rise with accumulated wealth, topping out at 8% at $10 billion and over. Sanders’ Democratic presidential campaign said the tax would raise $4.35 trillion over a decade and would be used to fund "Medicare for All", along with his plans for affordable housing and universal childcare.
The New York Times:
Bernie Sanders Proposes A Wealth Tax: ‘I Don’t Think That Billionaires Should Exist’
With the proposal, Mr. Sanders is embracing an idea that has been a centerpiece of the campaign of his top progressive rival, Senator Elizabeth Warren. But while Ms. Warren came first, Mr. Sanders is going bigger. His wealth tax would apply to a larger number of households, impose a higher top rate and raise more money. Mr. Sanders’s plan to tax accumulated wealth, not just income, is particularly aggressive in how it would erode the fortunes of billionaires. His tax would cut in half the wealth of the typical billionaire after 15 years, according to two economists who worked with the Sanders campaign on the plan. Mr. Sanders would use the money generated by his wealth tax to fund the housing plan he released last week and a forthcoming plan for universal child care, as well as to help pay for “Medicare for all.” (Kaplan, 9/24)
Sanders Targets Highest-Income Americans With 'Extreme Wealth Tax' And 'National Wealth Registry'
The tax rate would start at 1 percent on net worth of more than $32 million and rise with income above that, topping out at 8 percent on wealth over $10 billion. Sanders’ Democratic presidential campaign said the tax would raise $4.35 trillion over a decade and would be used to fund "Medicare for All", along with his plans for affordable housing and universal childcare. (Eckert, 9/24)
The New York Times:
Democrats Want To Tax The Rich. Here’s How Those Plans Would Work (Or Not).
Among Democratic presidential candidates, it’s the rallying cry of the moment — tax the rich. The idea is a centerpiece of the campaigns of Senator Elizabeth Warren and Senator Bernie Sanders. A former candidate, Mayor Bill de Blasio of New York, went so far as to say the government ought to “tax the hell out of the wealthy.” The new taxes would fund a laundry list of liberal proposals — “Medicare for all,” free college, combating global warming and rebuilding roads and bridges. (Schwartz and Gates, 9/24)