[Ed. – His purpose is transparently to register the wealth, and then come confiscate it. Gee, I wonder what else that could apply to.]
Presidential hopeful Sen. Bernie Sanders (I., Vt.) debuted a proposal to directly tax the wealth of America’s richest families at an even higher rate than primary rival Sen. Elizabeth Warren (D., Mass.).
Sanders introduced an expansive wealth tax on Tuesday. The proposal is even more aggressive than that of the Warren campaign. It would levy a progressive wealth tax, starting at 1 percent for fortunes valued between $32 to $50 million and up to 8 percent on those in excess of $10 billion. That makes for a much more aggressive scheme than Warren’s plan, which has just two brackets: a 2 percent tax on wealth in excess of $50 million and a 3 percent tax on wealth in excess of $1 billion.