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Sanders ups the ante with higher property tax proposal Warren: ‘billionaires should not exist’

nearvideo-Bernie Sanders: We need to use the greed and corruption of the corporate elite

Fox News correspondent Peter Doocy speaks with the 2020 democratic presidential candidate, Sen. Bernie Sanders, after the debate.

Sen Bernie Sanders on Tuesday unveiled a massive tax on the richest Americans, which aims to reduce income inequality — a Central theme of his campaign-and at least begin the financing of the high price-tags to propose for the numerous state programs, the Democratic presidential candidate.

The release of the independent senator from Vermont ‘tax on Extreme wealth’ follows a similar plan from one of his top competitors for the 2020 democratic nomination, a fellow progressive and populist legislator, Sen. Elizabeth Warren from Massachusetts.

“There should be no billionaires. We control the fullness of your extreme and invest in the working people,” Sanders said on Twitter, when he called for Fans to read his new plan. His campaign also sent an E-Mail with the subject line: “billionaires should not exist.”

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In his decades in Congress and during his two runs for the White house, Sanders system rails against an American economy, which he says favors corporations and the rich, at the expense of the working class.

Sanders’ plan, if a law is enacted, would be a 1 percent tax on net assets of more than $32 million, a 2 percent tax on the net value between $50 million and $ 250 million, and a 3-percent tax on the net value between $250 million and $500 million. The proposed Sanders tax would increase to 4 percent of net-worth of $500 million to $1 billion, 5 percent for net worth to reach $1 billion to $ 2.5 billion, and, ultimately, to 8 percent for assets over $ 10 billion.

The Sanders campaign says their plan around 180,000 households would have an impact nationwide, and raised over $4.35 trillion in government revenue from the financial year 2028.

“Our tax on extreme wealth would be only for the richest households in America, and would cut the richness of the billionaires in the half over 15 years, which is essentially break the concentration of wealth and power of this small, privileged class,” Sanders said in an E-Mail to supporters announcing his plan.

And he said he would plan “the use of the revenue for the financing of our affordable housing, universal childcare, and help to guarantee our work, health care as a right for every man, woman and child in this country.”

Warren’s plan – you introduced at the beginning of the year-by comparison, a 2-percent would-an annual tax on the net value of about $50 million, and would beat a 3-percent tax on net assets of more than $1 billion.

Your campaign says, it would be on the peak to 70,000 households in the district and an estimated $would bring 2.6 trillion over 10 years.

Sanders, to “ensure that the rich will not be able to escape the tax,” is the call for the creation of a national registry and Supplement the third-party reporting requirements, the increase in the funding for the Internal Revenue Service, and that the IRS perform audits, 30 percent of those in the 1 percent bracket, and checks of all billionaires.

It also calls for a 40 percent exit tax on the net value of all assets of 1 billion and a steeper 60 percent of the values below US $on assets over $ 1 billion “for all wealthy individuals, and avoid emigration, the tax.”

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