Bernie Sanders wants US to confiscate all wealth above $999 million

by sam

Samuel Case, FISM News


Senator Bernie Sanders (I-Vt.) is calling for the U.S. government to confiscate all wealth that exceeds $999 million, arguing that billionaires “should not exist.” 

“Do I think people who work hard, create new businesses should become rich? I do,” Sanders told CNN host Chris Wallace when talking about his book “It’s OK to Be Angry About Capitalism.”

He continued, “Do I think they should have $50 billion or $100 billion when you have got a half a million people who are homeless in America today, when you have 85 million people who can’t afford health insurance? No, I don’t.”

Wallace asked, “Are you basically saying that once you get to $999 million, the government should confiscate all the rest?” 

“Yes, I think people can make it on $999 million,” Sanders said. “I think that they can survive just fine.”

Sanders said he wants to go back to the “radical” and “very progressive” tax policies under Dwight D. Eisenhower, which had a top marginal tax rate of around 90%. 

“We need to create a culture in this country which says that, you know what, it’s not so great and not a good idea that some people have $150 billion, a family has $200 billion when so many people are struggling. We can do better,” Sander said. 

Last month a group of Democratic lawmakers along with an organization of wealthy individuals called Patriot Millionaires called on Congress to pass a 90% income tax on Americans making more than $100 million. 

Sen. Sanders, along with Sen. Elizabeth Warren (D-Mass.) and Rep. Jimmy Gomez (D-Calif.) also recently introduced legislation that would impose a 45% tax rate on estates worth at least $3.5 million and a 65% tax rate on estates worth over $1 billion.