Dubbed the 'Tax on Extreme Wealth,' Bernie Sanders' proposal aims to cut the wealth of billionaires in half over the next 15 years.
Vermont Sen. Bernie Sanders is laying out his plan to directly tax the wealthy in an effort to combat income inequality.
According to his campaign, if imposed, the tax would be bracketed starting with households with a net worth of $32 million, at rates between 1- 8%. The pair also advised Massachusetts Sen. Elizabeth Warren on her similar “Ultra-Millionaire tax.” That plan would place a 2% marginal tax on net worth between $50 million-$1 billion and a 3% marginal tax on $1 billion plus.
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