2023-05-03 19:10:24
Senator Bernie Sanders proposed the idea of a 100% tax on income over $1 billion while doing an interview with CNN’s Chris Wallace. This means that all income over the billion-dollar mark would be confiscated, which some argue would effectively tax the ultra-rich. However, the specifics of the proposal are not entirely clear, and it's uncertain whether Sanders is proposing a wealth tax or an income tax. There is no historical precedent for a 100% marginal tax rate, but some governments have implemented very high tax rates on the wealthy. Achieving the goal of collecting more taxes from the ultra-rich is popular among the American people, and various mechanisms could be used, such as raising the top marginal income tax rate or imposing a wealth tax. The Forbes billionaire list states that there are currently 735 billionaires in the United States, but not all of them earn a billion dollars per year, and many receive income in ways that are not subject to income tax rates. Despite the complexities of taxing the ultra-rich, achieving the goal of collecting more taxes from them is considered relatively uncontroversial among the American people.
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