Bernie Sanders Raises 100% Income Tax on Billionaires and Urges It's Time to Make 'Greedy Billionaires' Pay Their Fair Share
Bernie Sanders is challenging the wealthiest Americans with his call for a 100% tax on income over $1 billion. In the HBO interview Who's Talking to Chris Wallace?
According to the Fortune article, Wallace asked, “Are you saying that once you get to $999 million, the government has to confiscate the rest?” Sanders answered “yes.”
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This reflects his belief that the ultrarich should not exist in a society with extreme economic inequality. On his official Facebook page in September 2024, Sanders doubled down, saying, “We live in a nation today with more income and wealth inequality than ever before in the history of the United States.” He painted a stark picture of the divide, saying that while the millionaire class is “doing pretty well,” 60% of Americans are “living paycheck to paycheck.”
Sanders also addressed critics of his approach, saying, “What I believe is that we should take the selfishness of the millionaire class and say, yeah, you know what, guys … you're going to start paying your fair share of taxes.”
His plan doesn't just focus on billionaires' incomes — it includes a progressive wealth tax on families worth more than $32 million, starting at 1% and rising to 8% for billionaires. He also proposed an exit tax of 40–60% on the assets of those who renounce US citizenship to avoid taxes.
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Critics argue that Sanders' wealth tax proposal could backfire, especially if it spurs innovation and entrepreneurship. The National Taxpayers Union Foundation warns, “At a time when new entrepreneurship should be encouraged, a wealth tax will do the opposite.” Their concern is that such taxes will stifle business growth and innovation, as founders may face higher tax liabilities simply for owning successful companies.
For example, a business owner with a $100 million company would owe $1.2 million a year under Sanders' plan, forcing him to sell part of his stock to pay taxes. In the long run, this could discourage the creation of transformative companies like Tesla or Apple. Critics fear that these measures will ultimately stifle the very kind of risk-taking that drives economic growth.
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