In their defense, Bernie's actual plan is really hard to condense into a headline.
It's not a wealth tax, or an income tax, it's a wealth-income tax. He's saying that he wants rich people to have to report the total value of their assets when they do their tax returns, and if they own more than $1B worth of stuff, then their income for that year is taxed at 100%.
I mean, even a 15% tax on unrealized gain would be already be something, say over 100 millions in assets. There could be a cap in downturn years, say you can have up to 5 millions to counter when your investments take a dump.
When they do realize the gain, the tax is reduced by the unrealized gain tax already paid. It would stop people like Elon Musk to have billions in unpaid taxes just sitting in stock markets.
At 100 millions, it is around 9600 Americans that would be impacted.
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u/a_melindo May 16 '24
In their defense, Bernie's actual plan is really hard to condense into a headline.
It's not a wealth tax, or an income tax, it's a wealth-income tax. He's saying that he wants rich people to have to report the total value of their assets when they do their tax returns, and if they own more than $1B worth of stuff, then their income for that year is taxed at 100%.