The cranky Vermont senator who believes billionaires should be abolished wants to legislate them out of existence. It’s too bad that he doesn’t understand that one billionaire is more valuable than a thousand Bernie Sanders.
“Billionaires should not exist,” Sanders, who identifies as a socialist, raged in 2019 during his previous attempt to hit the wealthy with an additional tax that punished them for their success.
That effort, the New York Times reported, was “particularly aggressive in how it would erode the fortunes of billionaires” and “would cut in half the wealth of the typical billionaire after 15 years, according to two economists who worked with the Sanders campaign on the plan.”
This time, Sanders wants to ensure that the billionaires who are fleeing California because the politics of jealousy in the state almost assure the passage of the proposed billionaire tax have nowhere to go to avoid the levy. He and Democratic Rep. Ro Khanna of California have introduced a bill that imposes a 5% annual wealth tax on the country’s billionaires.
Join the conversation as a VIP Member