Under Sander’s proposal, for a married couple, the rate of the wealth tax rises from 1% on net worth over $32 million until it reaches the top rate of 8% on wealth over $10 billion. For a single person, the tax rate applies to the above net worth amounts cut in half.
Had there been a flat tax of 8% on all of the wealth of the wealthiest 0.1%, the tax would have raised $7.49 trillion during the 15 years from 2005 to 2019.
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we should be wary that a faux “movement” may be manufactured on the backs of real movements that have sought to upend that political and ...
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