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Billionaires Could Face Tax Rates Up to 97.5% Under Sanders

Oct. 14, 2019, 3:22 AM

Billionaires may have much more to fear from a Bernie Sanders presidency than they do from an Elizabeth Warren administration, according to two economists advising both candidates.

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.

The 97.5% average effective tax rate under his plans compares with ...