This week, presidential candidate Sen. Bernie Sanders unveiled his latest plan to recoup funds from our wealthiest citizens. For the country’s more than 60 million gig workers, who endure some of the lowest pay and levels of support in our workforce, it could also be a great first step toward improving quality of life for decades to come.
On Tuesday, Sen. Sanders released his plan for an “Extreme WealthTax,” designed to help bring just some of the concentrated wealth held by our very richest few back into systems for supporting the rest of us, such as affordable housing, universal childcare, and Medicarefor All.”In order to reduce the outrageous level of inequality that exists in America today and to rebuild the disappearing middle class, the time has come for the United States to establish an annual tax on the extreme wealth of the top 0.1 percent,” the Sanders campaign explained on its website.
The proposed annual tax would only apply to individuals with a net worth over $32 million, starting at 1% for married couples with $32 to $50 million, and rising gradually to 8% for those worth over $10 billion; for single persons, those wealth brackets would be cut in half. For a married couple with $32.5 million to their name, the new wealth tax would amount to just $5000. For a married couple with $4 billion, it would be closer to $250 million.
According to Sanders—who’s been openly promoting a wealth tax since 1997, and formally introduced such a plan in 2017—his latest version would raise an estimated $4.35 trillion over the next decade. It would also “cut in half” the wealth of the nation’s few billionaires in 15 years, and “substantially break up the concentration of wealth and power of this small privileged class,” his campaign wrote. It would be constitutional, and it would be fair, according to Sanders.