Bernie Sanders, a presidential candidate for the 2020 election, has revealed his new tax plan on Tuesday that would help solve income inequality in America. The tax would target the 0.01% of Americans that earn more than all of the working people combined.
Sanders’ incentive on taxing the wealthiest Americans stems from the income inequality the lower class of Americans face. Many Americans have to take two to three jobs to be able to support their families. For example, high school history teacher Hope Brown, a 52-year-old woman who resorts to working three jobs and selling plasma to make ends meet says, “I truly love teaching, but we are not paid for the work that we do.”
The plan targets individuals who have a net worth of $32 million dollars and above. The plan does not apply to those with a net worth under $32 million dollars. Married couples with a net worth of $32 million dollars are taxed 1%. Americans with a net worth of $50 million to $250 million dollars are taxed 2%, Americans with a net worth of $250 million to $500 million are taxed 3%, 4% from $500 million to $1 billion, 5% from $1 to $2.5 billion, 6% from $2.5 to $5 billion, 7% from $5 to $10 billion, 8% on wealth over $10 billion.
Bernie stated on Twitter that, “There should be no billionaires. We are going to tax their extreme wealth and invest in working people.” Bernie plans to “rebuild the disappearing middle class…” Sanders’ argues that America’s current economic system favors multi-billion dollar corporations over the working class.
However, the spokesperson of the Trump administration argues that “By repealing President Trump’s tax cuts, Sanders and the rest of the Democrats would raise taxes on almost all Americans, not just the very rich.” The Republican National Committee spokesperson Michael Joyce stated, “…no matter how many new taxes Bernie proposes, it still won’t come even close to covering the costs of Bernie’s socialist pie-in-the-sky policy proposals.”
Both political parties are going on and off on whether or not Sanders’ new tax plan is going to be beneficial to the future of the United States or not.