Bernie Sanders Proposes Taxing Income Over $1 Billion At 100% And Urges It's Time To Make 'Greedy Billionaires' Pay

[Yo_Mama_Been_Loggin]

Their Fair Share

Bernie Sanders is challenging the wealthiest Americans with his call for a 100% tax on income above $1 billion. In a May 2023 interview on HBO's Who's Talking to Chris Wallace?, Sanders explained his stance: "You may disagree with me, but I think people can make it on $999 million. I think that they can survive just fine."

According to a Fortune article, Wallace asked, "Are you basically saying that once you get to $999 million, the government should confiscate all the rest?" Sanders responded with a direct "yeah."

This reflects his belief that the ultrarich should not exist in a society with such extreme economic inequality. On his official Facebook page in September 2024, Sanders doubled down, saying, "We live in a nation today that has more income and wealth inequality than has ever existed in the history of the United States." He painted a stark picture of the divide, stating that while the billionaire class is "doing phenomenally well," 60% of Americans are "living paycheck to paycheck."

Sanders also addressed critics of his approach, saying, "What I believe is that we got to take on the greed of the billionaire class and say, yes, you know what, guys … you are going to start paying your fair share of taxes."

https://www.msn.com/en-us/money/other/bernie-sanders-proposes-taxing-income-over-1-billion-at-100-and-urges-it-s-time-to-make-greedy-billionaires-pay-their-fair-share/ar-AA1vPDOn

[Dave says]

1. I'd be happy to see the highest ...

… marginal rate at 90%, with closed loopholes, and a wealth tax. But it will never happen, not in this climate.

[dchill]

23. The highest bracket WAS 90%...

...under Dwight Eisenhower. A Republican. Our current government is so completely owned by our wonderful oligarchs that they don't want to pay ANY taxes.

[Dave Bowman]

2. One of the few politicians that I like and respect.

[Initech]

3. Can we tax churches too while we're at it?

[jimfields33]

13. I've always said all nonprofits too should pay taxes as well as churches.

It’s unrealistic to have so many groups tax free.

[dpibel]

16. Awww. That's so CUTE!

No difference between nonprofits and churches!

You really can't figure out the difference?

[jimfields33]

31. There is no difference in not paying taxes.

I thought I was clear on that. Everyone should pay taxes. Yep billionaires too.

[jalan48]

4. I like the idea but I don't think our big donors like Mark Cuban would go for it.

[andy_smalls]

5. 1st post here

Who is getting a billion dollars in income? This is just more of Bernie's shitck.

[GP6971]

8. Welcome to DU. First post huh?

Bernie's shitck? Plan on staying around long?

[Celerity]

27. They want pizza for a late night snack.

[stopdiggin]

29. happen to agree with first poster

This is basically just blather - without any intent toward serious policy or legislation (or really even steps toward same..)
And, unfortunately - Bernie is known for this kind of shoot from the hip sort of nonsense. Making up a large part of the reason he's never really been regarded as a serious player. Could have done so much more ...

Predict that in 10 years AOC will be known as 5 times the politician - and hugely more influential along with it ...

[Disaffected]

11. Depends on how income is defined.

"Real" income (salaries, bonuses etc.) or "unrealized" (eg. stock grants or options). If real, I would ask the same question (whose income is that high) but stock grants and options (where real income is not realized until the stock is sold), I would think a number of already billionaires such as Musk, Gates and Bezos who controlling interests in v large corporations.

I would disagree strongly BTW with your characterization of Bernie's position on high wealth taxation as a "shitck".

[relayerbob]

19. It not only is schtick

It's dangerously ineffective and misleading.

[Yo_Mama_Been_Loggin]

12. Musk tried unsuccessfully to get a $50 billion compensation package at Tesla

But I believe he wanted it all in stock which is taxed differently than income.

https://www.npr.org/2024/12/03/nx-s1-5214484/elon-musk-tesla-compensation

[dgauss]

14. No one is getting paid that much. He's talking about wealth, not income.

The damage to democracy comes from gigantic wealth disparities, it's not about income. Sanders is trying to push against those destructive disparities. As ridiculous as it might seem to you, that's what he is trying to do, effective or not.

And any proposal of 100% tax on income after you're worth a billion dollars? I'm pretty sure he knows it is impossible in our system but is just trying to make a point and change the conversation.

[Celerity]

26. You misunderstand. He is saying you tax any wealth over 1 billion in toto.

Its a net worth cap of 1 billion usd, regards of how the additional wealth is earned/accrued.

He is not saying that the 1 billion usd is all earned in just one fiscal year.

[mercuryblues]

35. There are over 700 multi-billionaires in the country.

Bezos was worth 114 billion in 2019. Now he is worth 197 billion. 83 billion in 6 years.

Musk was worth 20 billion in 2019. he is now worth 244 billion. 224 billion in 6 years.

https://www.forbes.com/forbes-400/

[LetMyPeopleVote]

38. Welcome to DU

[usonian]

6. I would gladly loan Bernie mind control gear.

But I unfortunately don't have any.

Sure would be fun!

And of enormous benefit to us poor 99%.

[dgauss]

7. Maybe not doable, but why not shift the Overton window left for a change?

[Ilsa]

9. And it isn't just about wealth inequality. It's about

the power and control so much wealth can buy for the ultra-rich. I don't like that Musk has control over so many satellites, for example.

[Buddyzbuddy]

10. YES!

Thank you Senator Sanders. And, tell them "You wanna cry, I'll give you something to cry about".

[Kaleva]

15. Does anyone actually have an income of over a billion?

Many have a net worth over that amount but that's not the same as income

[relayerbob]

18. No, and anyone who did ...

would be able to pay accountants and lawyers enough to get that figure to $999 million dollars on paper, every year.

[relayerbob]

17. Income tax over $1 billion

That is a very small percentage even of billionaires (and with the loopholes and good lawyers, would really end up being zero). The vast majority of their wealth is in stocks and are in unrealized gains, with any profits they make from trading stocks being offset by any number of means. Sure, you may see that billionaire X has "made" $100 billion in a year, but that is *not* income, unless they sell it all and reap the actual profit. Defining it in any other way will hurt small investors and their retirement accounts enormously.

What he is actually referring to is a *wealth* tax, which is something that Elizabeth Warren and others have been pushing for many years, and which would be done in single digit percentages, only. Taking 100% of everything more than $1 billion from the billionaires as a tax would utterly destroy the stock market (since they would effectively be either selling the stock outright to pay the taxes - to foreign investors, by the way, since there would be no Americans capable of absorbing that kind of volume - , or giving the stock to the government, effectively nationalizing many, if not most of our largest corporations) and our economy. I am NOT in favor of giving government, esp under Trump, direct stockholder control of most major corporations.

Yes, the greed of billionaires is a huge problem, and something needs to be done, but we need someone with a LOT more credibility, smarts and economic sense than Sanders handling it.

He really needs to retire and leave us alone.

[Yavin4]

21. Correct. Tax their estates when they die.

Take 99% of their wealth when they die. They won't be allowed to pass it onto their kids and limit trust funds.

[relayerbob]

22. So, nationalize the stock market?

But just wait until they die? It isn't cash, stripping it from their accounts won't solve a damn thing, and will create enormous problems for everyone else who have retirement accounts.

Now something like redistributing the stock to the employees of said companies might be a reasonable alternative. But not taxation, that would require mass liquidation of assets, which would solve the problem of having billionaires in a hurry, since the markets would crash, and take out most major businesses and most retirees. And in the end, the billionaires would find a way to profit from the mess - likely by short-selling stocks in companies where they know major shareholders are ill and dying.

[Yavin4]

25. Convert the shares to non-voting shares.

Put them in a govt trust fund. Sell them off slowly over time. There are ways to do this without crashing the markets by selling them all at once.

We can figure this out. It's not that hard.

[DFW]

24. For some, even a small dose of reality is an overdose

I’m sure it sounded good as a TV soundbyte. His standard line used to be “millionaires and billionaires” until inflation and good fortune caught up with him. He then dropped “millionaires” from his routine. I find it quite understandable not to want start an “Enteignung” program against the guy in the mirror, but he’s not the only one with a mirror.

[Yavin4]

20. That won't work. They don't have income. They have assets. Use the estate tax.

Better to tax their estates at 100%. They can leave a decent sum to their heirs, but the rest of it gets returned to the country.

[byronius]

28. F Yeah!

If I was a billionaire I’d vote for that. End their destructive money-spats.

[JI7]

30. If Sanders is serious about going after corporations he should support Elizabeth Warren . Tell people to follow

and listen to what she says. She has actual plans and an understand of the system.

[Initech]

32. When the crooks are all flocking to Mar-A-Shithole to kiss the ring...

You know something is up and none of it is good. Tax the shit out of them! And get their damn money out of politics!

[MineralMan]

33. What a Good Idea, But...

How does Bernie think that is going to happen? How does anyone think that is going to happen?

There are many wonderful ideas out there. Most, like this one, cannot happen. Not now. Maybe not ever.

To make something like this happen, there would have to be massive majorities in the House and Senate, and a solid progressive in the White House. When was the last time we had those things? We sure as Hell don't have them now.

So, fantasies are wonderful. But, they are fantasies that cannot be realized at the present time. We're far away from the conditions what would make them possible. Maybe we should think about moving toward those conditions first. Just maybe.

[Mosby]

34. Bernie is just being Bernie

He knows that rich people aren't earning income. They make money via pass thru LLCs and c/s corps. They wash the money vie Bermuda and Ireland, etc.

[nini]

36. How long before Dems get the blame it never happens?

Considering we don’t have control of the House or Senate he’s just playing his usual games.

[Blue_Tires]

37. Bernie Sanders should run for Senate someday and make it a reality

😅

[betsuni]

40. LOL

"Establishment."

[Oopsie Daisy]

39. That headline is as far as it will go.

It'll never happen. What realistic plans are being proposed?