• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • WATCH NEWS
    • WHAT’S ON FOX
  • ABOUT
    • Meet Our Team
      • Our Journalists
      • Sales & Programming
      • Job Openings
    • Contact WSFX
      • Sales & Programming
  • Welcome Home
  • Go With The Pros
  • Medically Speaking
  • Wilmington Eats

Fox Wilmington WSFX-TV

Wilmington, NC | Local news Weather and Sports

  • Local News
    • Unsung Heroes
      • Nominate an Unsung Hero
  • Coronavirus
  • Local Weather
  • National
  • Sports
    • Carolina Panthers
    • Panthers Game Schedule
  • Politics
    • NC Voter Information
  • Health
  • MORE…
    • Entertainment
      • What’s on TV?
    • Technology
    • Science
    • Lifestyle
    • What’s Happening Wilmington

Billionaires could face up to 97.5 percent tax rates under Sanders’ plan: economists

October 14, 2019 By Fox Wilmington

Two economists at the University of California, Berkeley claim that billionaires could face a 97.5 percent average effective tax rate under Sen. Bernie Sanders’ plan, which would easily thump other Democrats running for president in 2020.

Emmanuel Saez, one of the professors, told Bloomberg that “with the wealth tax, you get directly at the stock instead of hitting the flow of income, making it a  much more powerful de-concentration tool than income taxes.” The report pointed out that Sanders has said that the number of billionaires in the U.S. would be cut in half within 15 years under the plan.

The plan unveiled by Sanders seeks a 1 percent levy on households worth more than $32 million and proposes tax rates that would increase for wealthier people, up to 8 percent for fortunes in excess of $10 billion.

Sanders vowed to go further than Sen. Elizabeth Warren and generate more than $4 trillion over the next decade, substantially reducing billionaires’ fortunes. Billionaires would face a 62 percent average effective tax rate under Warren.

Sanders’ plan goes further because it starts on fortunes worth less, kicking in at $32 million. Warren also proposes increasing the wealth tax up to 3 percent on any net worth of more than $1 billion, while Sanders’ tax rates don’t top out until 8 percent for the richest households.

CLICK HERE FOR THE ALL-NEW FOXBUSINESS.COM

The Massachusetts senator has topped Sanders in recent polls of Democrats in Iowa and New Hampshire that show her running about even with the longtime front-runner, former Vice President Joe Biden, in those states.

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

Filed Under: Politics

Primary Sidebar

 

Follow Us On Facebook



TRENDING NOW

Here’s your chance to give back on #GivingTuesday

Oregon police arrest 10 outside pregnancy center after Supreme Court overturns Roe v. Wade

Alex Murdaugh’s alleged hitman Curtis Smith arrested in South Carolina

Browns’ Deshaun Watson disciplinary hearing set to begin Tuesday: report

Jason Kokrak disqualified from Travelers Championship after failing to finish round

Coast Guard auxiliary hosts boating safety course

Footer

PUBLIC FILE INFO

Individuals with disabilities who have questions about the content of our public file or website may contact Isabella Gano by phone at
(910) 343-8826 or by email at Isabella.gano@foxwilmington.com

 
 » WSFX FCC Public File
»EEO Report
»Closed Captioning

 

  • Home
  • WATCH NEWS
    • WHAT’S ON FOX
  • ABOUT
    • Meet Our Team
      • Our Journalists
      • Sales & Programming
      • Job Openings
    • Contact WSFX
      • Sales & Programming
  • Welcome Home
  • Go With The Pros
  • Medically Speaking
  • Wilmington Eats

 

  • Local News
    • Unsung Heroes
      • Nominate an Unsung Hero
  • Coronavirus
  • Local Weather
  • National
  • Sports
    • Carolina Panthers
    • Panthers Game Schedule
  • Politics
    • NC Voter Information
  • Health
  • MORE…
    • Entertainment
      • What’s on TV?
    • Technology
    • Science
    • Lifestyle
    • What’s Happening Wilmington

Copyright © 2022 · American Spirit Media LLC · WSFX TV · Wilmington NC · Terms of Service · Privacy Policy