'Confiscate Wealth' says Bernie Sanders

Sanders is only saying 

what other Democrats are thinking

Now calls for confiscation of private property

(CNBC)  -  Sen. Bernie Sanders unveiled a tax on wealth Tuesday as he aims to cut income inequality and fund his sprawling social programs.

The 2020 Democratic presidential candidate’s proposal follows a similar plan from Sen. Elizabeth Warren of Massachusetts, who has made a wealth tax a centerpiece of her White House campaign. 

But the measure from Sanders, who has long railed against an economic system that he says favors corporations and the rich, would tax the richest Americans’ assets more heavily than his rival’s.

The Sanders campaign said the levy would apply to net worth above $32 million and raise an estimated $4.35 trillion over the next 10 years. It plans to put the funds toward an affordable housing plan, universal child care and “Medicare for All” — the candidate’s signature proposal. The campaign said the tax would cut the wealth of billionaires in half over 15 years.

In a pair of tweets after he released the proposal, Sanders said “billionaires should not exist.” He added: “We are going to tax their extreme wealth and invest in working people.”

There should be no billionaires. We are going to tax their extreme wealth and invest in working people. Read the plan: https://t.co/RJDLvX5H4c

— Bernie Sanders (@BernieSanders) September 24, 2019

Under his wealth tax, Sanders proposes these rates for married couples:

• A 1% tax on net worth above $32 million
• A 2% tax on net worth of $50 million to $250 million
• A 3% tax on net worth of $250 million to $500 million
• A 4% tax on net worth of $500 million to $1 billion
• A 5% tax on net worth of $1 billion to $2.5 billion
• A 6% tax on net worth of $2.5 billion to $5 billion
• A 7% tax on net worth of $5 billion to $10 billion
• An 8% tax on net worth above $10 billion
• All of those brackets would be cut in half for single filers

CNBC.com