Daily Tax Report ®

Sanders’ Wealth Tax Would Cut Billionaires’ Net Worth in Half (1)

Sept. 24, 2019, 12:25 PMUpdated: Sept. 24, 2019, 3:29 PM

Bernie Sanders Sept. 24 unveiled a proposal for a wealth tax that takes Elizabeth Warren’s signature idea and pushes it even further, saying his goal is to cut American billionaires’ fortunes in half over 15 years.

Sanders, who is struggling to maintain his top-three standing in the Democratic presidential primary campaign, announced the proposal while campaigning in Iowa counties that voted for Barack Obama in 2012 before switching to Donald Trump in 2016.

Sanders’ "Extreme Wealth Tax” targets the top 0.1% of U.S. households and would raise an estimated $4.35 trillion over the next decade. The revenue would be used...

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