Tax rate for billionaires under Bernie Sanders’ new plan: 97.5%

Tax rate for billionaires under Bernie Sanders’ new plan: 97.5%
Not-so-strange bedfellows: Linda Sarsour and Bernie Sanders

[Ed. – Why does he keep dancing around the problem rather than come out and propose the real rate he wants: 100% (or more).]

Following their analysis of Bernie Sanders’ new tax plan, University of California, Berkeley professors Emmanuel Saez and Gabriel Zucman concluded that billionaires could face a new effective tax rate of 97.5%.

This figure dwarfs the estimated 62% effective tax rate billionaires would face under Elizabeth Warren’s plan or the 30.6% rate under Joe Biden’s. Currently, this group pays 23%.

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Determined to reduce income inequality and “spread the wealth around,” both Sanders’ and Warren’s plans include a wealth tax. Warren’s plan would “place a 2% levy on fortunes over $50 million and a 3% levy on assets over $1 billion. Sanders’ plan goes further, and starts taxing wealth of $32 million at 1%, increasing to an 8% tax on fortunes above $10 billion.”

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