As one commentor snarked, “To hell with the Constitution, let’s just take everyone’s money and let Uncle Sam decide what is best for us. What could go wrong?”
Penaizing success and rewarding failure is a recipe for absolute destruction.
“Socialism lays a bad egg by killing the capitalism that lays the golden eggs” ~ Margaret Thatcher
Story continues below advertisement
Sanders Calls for ‘National Wealth Registry’ to Enforce New Tax
By Mairead McArdle
September 24, 2019 12:27 PM
Sen. Bernie Sanders speaks during the Democratic presidential debate in Houston, Texas, September 12, 2019. (Mike Blake/Reuters)
Democratic presidential candidate Senator Bernie Sanders on Tuesday rolled out his plan to levy an “extreme wealth tax” on millionaires and billionaires, which he plans to enforce through the creation of a “national wealth registry.”
“Today, the United States has more income and wealth inequality than almost any major country on Earth, and it is worse now than at any time since the 1920s,” Sanders said in his proposal.
Sanders’ annual tax on the top 0.1 percent would apply to Americans with a net worth of over $32 million, or about 180,000 households, and would raise approximately $4.35 trillion over the next decade, the Sanders campaign estimates.
The Vermont senator’s plan seeks to combat capital flight and other forms of tax avoidance through a “national wealth registry” and the addition of “significant additional third party reporting requirements.” The proposal calls for increased funding for the Internal Revenue Service to cover the bureaucratic costs associated with enforcing the wealth tax.
Under the plan, the IRS will be required to audit 30 percent of the top one percent’s wealth tax returns and 100 percent for billionaires.
The tax would start at one percent for a married couple with $32.5 million and would progressively increase one percent for each bracket up to eight percent for those with a net worth of $10 billion. Those rates would be halved for single individuals.
Stay Updated with NR Daily
NR’s afternoon roundup of the day’s best commentary & must-read analysis.
The new tax will partially fund Sanders’ Medicare for All plan as well as his affordable housing and universal childcare plans.
Sanders argues there has been a “massive transfer of wealth from those who have too little to those who have too much” over the last three decades.
43
“Under this plan, the wealth of billionaires would be cut in half over 15 years which would substantially break up the concentration of wealth and power of this small privileged class,” the progressive candidate said.
Sanders’ plan goes beyond Senator Elizabeth Warren’s wealth tax plan, which would impose just a 2 percent tax on families with $50 million and a 3 percent tax on those with $1 billion.
Please take a moment to consider this. Now, more than ever, people are reading Geller Report for news they won't get anywhere else. But advertising revenues have all but disappeared. Google Adsense is the online advertising monopoly and they have banned us. Social media giants like Facebook and Twitter have blocked and shadow-banned our accounts. But we won't put up a paywall. Because never has the free world needed independent journalism more.
Everyone who reads our reporting knows the Geller Report covers the news the media won't. We cannot do our ground-breaking report without your support. We must continue to report on the global jihad and the left's war on freedom. Our readers’ contributions make that possible.
Geller Report's independent, investigative journalism takes a lot of time, money and hard work to produce. But we do it because we believe our work is critical in the fight for freedom and because it is your fight, too.
Quick note: We cannot do this without your support. Fact. Our work is made possible by you
and only you. We receive no grants, government handouts, or major funding.Tech giants are shutting us down. You know this. Twitter, LinkedIn, Google Adsense, Pinterest permanently
banned us. Facebook, Google search et al have shadow-banned, suspended and deleted us from your news feeds.
They are disappearing us. But we are here.
Subscribe to Geller Report newsletter here— it’s free and it’s essential NOW when informed decision making and opinion is essential to America's survival.
Share our posts on your social channels and with your email contacts. Fight the great fight.
Remember, YOU make the work possible. If you can, please contribute to Geller Report.
Join The Conversation. Leave a Comment.
We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spammy or unhelpful, click the - symbol under the comment to let us know. Thank you for partnering with us to maintain fruitful conversation.
If you would like to join the conversation, but don't have an account, you can sign up for one right here.
If you are having problems leaving a comment, it's likely because you are using an ad blocker, something that break ads, of course, but also breaks the comments section of our site. If you are using an ad blocker, and would like to share your thoughts, please disable your ad blocker. We look forward to seeing your comments below.
00votes
Article Rating
22 Comments
Oldest
NewestMost Voted
Inline Feedbacks
View all comments
MISS VEGAS
4 years ago
Seems like these DemonRATS don’t really want to win. All of their ideas are absolutely HORRID!
Just because their ideas are horrid doesn’t mean they won’t prevail at the polls with them. You have to consider the intelligence/gullibility of the electorate.
As Robert Heinlein put it, the IQ of a mob is the average IQ of the people in the mob divided by the number of people in the mob.
Liatris Spicata
4 years ago
Hey, small business owners-
Now the government can get into the business of making a valuation of your business. Of course, they will require certain additional information from you …. beyond what they already collect. Now, bureaucrats- who probably couldn’t run a competitive enterprise if their lives depended on it- can really get to know your business from the inside. Actually, I think it would be easier just to nationalize all businesses.
Ditto for all his lieberal friends in Silicon Valley(spit) and Hollywood (spit again).
I’m sure there will be all sorts of exceptions for just what counts towards that 32 million. Perhaps ten million dollar stock portfolios will be exempted, or maybe up to 5 personal homes, or 2 personal yachts and 3 personal aircraft.
Lynn D
4 years ago
This sounds like something out of Trotsky’s notebook.
santashandler
4 years ago
“Sanders Calls for ‘National Wealth Registry’ to Enforce New Tax” He’ll be the first to sign up, right?
Tom Validakis
4 years ago
Kind of like a terror watch list but for successful people.
And you think your guns will be safe under a commiecrat president?
John Acord
4 years ago
The fine print of this proposal will be tgh exemptions provided the big Commiecrat fat cats like Steyer and Pritzker. As for the rest, they will be soaking up the sunshine in the Virgin Islands,Panama and Monaco and the other tax havens.Its like in California where the wealthy have fled in mass to Nevada, Texas, Arizona. Heck,Israel And Russia will welcome them. The possibilities of dodging Bernie and the rest of the Commiecrats are endless.
Jim Kress
4 years ago
If you value Liberty, you cannot vote for ANY of the Democrat “candidates”, especially those who manifest an unbridled hatred of anyone better off than they.
joe shmoe
4 years ago
communism and complete control is the real reason they want a disarmed populous
191njstatechamp
4 years ago
Can’t you just hear the Soviet national anthem in your head when you look at comrade Bernie?
191njstatechamp
4 years ago
…After all, he and his wife did honeymoon in Moscow..
Newsnet
4 years ago
In the past, kids were punished by their parents with a TV ban. Nowadays they have to ban their parents
from TV: “You don’t have to watch this nonsense, you’ll get upset for nothing!” Today, always the exact opposite is true of what is on TV or in the newspaper. You can look for facts there with a magnifying glass. We need real personalities in politics again who will bite if you want to muzzle them with political correctness.
The left do not eat with knife & fork, but with hammer & sickle. The only position they hold is “not to have one”. One would have to transplant iron bars into their soft knees. They have transformed our prisons into 5 star luxury hotels where criminals rule over prison guards and “vegan five-course menus” are served. Schools and dormitories are hovels in constrast to them. In the schools migrant mobs rule, and the teachers have to parry.
Courage looks different from hooky (you can’t buy it either.) Those humanoid “fabric softeners” should be taken out of the range (everyone knows anyway that you can’t remove any stains with them). They would like to equip our soldiers with wooden rifles or laser pistols, but nothing where a bullet comes out in front. And distribute our money to all the lazybones of the world. Lefts are kangaroos: empty bags, but big jumps.
They only have their heads to attach Rastas or Mohawks on them. Now they are all in Greta fever and want to block the traffic in the city centres every Friday. You have to reckon with them going out on the street tomorrow with braids. The epicentre of stupidity that rolls out the red carpet for Islam. We will roll up the carpet from the back side and make a flying carpet back to Arabia out of it.
starmannate
4 years ago
32 Million will be the starting point year 1. By year 5, 100k will be the “starting point.” I say “no thanks” to becoming the next Zimbabwe…….
It is the conflict of our age, yet no one dares talk about it. The true story of the Islamic Supremacist war on free speech as told by those on the front lines fighting for our First Amendment rights,
.
Pamela Geller tells her own story of how she became one of the world's foremost activists for the freedom of speech,
individual rights, and equality of rights for all. "It's my story, it's what happens when someone fights for freedom in America today,"
Geller explained.
Today Islamic supremacists are demanding more accommodation of Islamic principles
and practices than ever, and daily growing more aggressive in eroding our freedoms – with politically
correct public officials only too happy..
Popular conservative blogger Pamela Geller and New York Times bestselling author
Robert Spencer sound a wake-up call for Americans to stop the Obama administration from limiting our
hard-won...
The Ground Zero Mosque: The Second Wave of the 9/11 Attacks is a groundbreaking documentary on the controversy
over the planned Islamic supremacist mega-mosque at Ground Zero.