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Home / US / According to Sanders plan, billionaires could face tax rates of up to 97.5 percent: economists

According to Sanders plan, billionaires could face tax rates of up to 97.5 percent: economists



Two University of California economists, Berkeley, claim that billionaires, according to Senator Bernie Sanders' plan, could face an average effective tax rate of 97.5 percent, while other Democrats who applied for president in 2020, would beat easily.

Emmanuel Saez, One of the professors told Bloomberg, "With wealth tax you get directly to the stock instead of influencing the income stream. This makes it a far more powerful tool for reducing concentration than income taxes. "The report pointed out that Sanders did so. Sanders said the number of billionaires in the US would halve in 15 years.

The plan presented by Sanders provides for a 1

percent royalty on households worth more than $ 32 million, and suggests tax rates that would increase for wealthier people, up to 8 percent for assets over 10 Billions of dollars.

Sanders pledged to go beyond Sen. Elizabeth Warren and raise more than $ 4 trillion over the next decade. Billionaires would expect Warren to have an average effective tax rate of 62 percent.

Sander's plan goes further because it begins with lower assets of $ 32 million. Warren also proposes to raise wealth tax to a net worth of more than $ 1 billion by up to 3 percent, while Sanders' tax rates for the richest households are only 8 percent.

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The Massachusetts senator has outperformed Sanders in recent polls among Democrats in Iowa and New Hampshire who prove that they are even the long-time front runners, former vice president Joe Biden, who is racing in these states.

Fox News "Edmund DeMarche and the Associated Press have contributed to this report


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