Bernie Sanders Puts A Bull’s Eye On The Billionaires With Bill To Raise Taxes On The Wealthy

bernie sanders tax billionaires

Sen. Bernie Sanders (I-VT) has introduced a bold new bill to combat income inequality by increasing taxes on the wealthiest Americans.

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Sanders said, “Our nation cannot survive morally or economically when so few have so much while so many have so little. We need a tax system that asks the billionaire class to pay its fair share of taxes and which reduces the obscene degree of wealth inequality in America….The fairest way to reduce wealth inequality, rebuild the disappearing middle class, and preserve our democracy is to enact a progressive estate tax on multi-millionaires and billionaires.”

The Sanders tax plan would only impact the nation’s wealthiest millionaires and billionaires. 99.75% of all Americans would not pay a penny more in estate taxes.

Here is what the Sanders bill does:


– Lowers the estate tax exemption level from $5.4 million to $3.5 billion for individuals and from about $11 million to $7 million for couples.

– Increases the marginal tax rate to 45 percent on estates between $3.5 million to $10 million, 50 percent on estates between $10 million and $50 million, and 55 percent on estates over $50 million.

– Creates a new billionaire surtax of 10 percent that would only impact 530 billionaires who are worth a combined $2.6 trillion.

– Ends loopholes allowing billionaire families to set up dynasty trusts to avoid taxes.

– Closes loopholes used by the wealthy to avoid estate taxes.

– Protects family farms and conservation easements.

The Sanders legislation addresses every excuse that Republicans use to oppose raising the estate taxes. The tax policies of the last thirty years have played a major role in widening the gap between the rich and the poor.

What Sen. Sanders is proposing is the future of tax policy. There is widespread support across party lines for making corporations and the wealthy pay their fair share. For Republicans, trickle-down economics is an ideological belief. For the rest of the country, taxes have become a moral issue.

Liberals and Democrats have successfully made the argument that the getting the wealthy to pay their fair share is a matter of fairness. Those who make the most money should have a higher tax burden than everyone else.

Bernie Sanders knows exactly what to do to address income inequality, and it begins by making the wealthiest Americans pay their fair share.

13 Replies to “Bernie Sanders Puts A Bull’s Eye On The Billionaires With Bill To Raise Taxes On The Wealthy”

  1. This is something I don’t think Hillary Clinton would support. This is why Bernie has to win the nomination. If he does he will win the White House.

  2. A snowball in Hell would have a better chance of survival.

    But I applaud Mr. Sanders all the same.

    Strange- he’s campaigning for President and can do his job in Congress.

    Yet Tez Crud is almost always absent doing the same…

  3. Sad to say, you’re absolutely right. It’s good to have the bill out there, though, to get people thinking about what could be done if the electorate became sick and tired of furthering the wealth and power of the plutocracy.

  4. There is clearly a typo in the statement right after “Here is what the Sanders bill does.” It says that the bill “lowers the estate tax exemption level from 5.4 million to 3.5 billion.” The Forbes article, however, (http://tinyurl.com/pnathtp) states that the bill would actually exempt “the first $3.5 million” on an individual’s estate from estate tax.

  5. This kind of legislation, indeed most of Bernie’s proposals, can only work if the American people stand up and elect women and men who represent them and not the Corporate owned candidates who are in charge right now.
    Griping doesn’t cut it. We all need to take action. instead of saying legislation like this has a “snowball’s chance in hell” of passing…tell me what YOU are going to do to make it happen. Spend an hour a day…an hour a week even an hour a month helping to take your country back.

  6. You’re preaching to the choir, Charlotte. I would guess that 99% of Politicususa readers agree with the basic elements of Bernie’s philosophy and almost all vote Democratic. But there’s a large part of the country that’s bitterly opposed to reform, so change is always going to be a long, hard struggle.

  7. O’Malley started attacking Bernie the minute he announced his candidacy. I would never vote for O’malley, he is a rethug in dem clothing.

  8. In free-market capitalism, capital generates income for the owners of the capital which in turn is used to create additional capital. This is very good. Sometimes, it can be actually too good. As capital continues to accumulate, its owners find it more and more difficult to deploy it efficiently. The business sector generally must interact with the household sector by selling goods and services or lending to them. When capital accumulates too rapidly, the productive capacity of the business sector can outpace the ability of the household sector to absorb the increasing production.

    Since 1969 there has been a tremendous shift in the tax burdens away from the rich on onto the middle class. Corporate income tax receipts, whose incidence falls entirely on the owners of corporations, were 4% of GDP then and are now less than 1%. During that same period, payroll tax rates as percent of GDP have increased dramatically…..”
    http://seekingalpha.com/article/1543642

  9. It is not just a coincidence that tax cuts for the rich have preceded both the 1929 and 2007 depressions. The Revenue acts of 1926 and 1928 worked exactly as the Republican Congresses that pushed them through promised. The dramatic reductions in taxes on the upper income brackets and estates of the wealthy did indeed result in increases in savings and investment. However, overinvestment (by 1929 there were over 600 automobile manufacturing companies in the USA) caused the depression that made the rich, and most everyone else, ultimately much poorer.

    The overinvestment problem caused by the reduction in taxes on the wealthy is exacerbated by the increased tax burden on the middle class. While overinvestment creates more factories, housing and shopping centers; higher payroll taxes reduces the purchasing power of middle-class consumers. …”
    http://seekingalpha.com/article/1543642

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