Why is it that every time Democrats don’t like a common characteristic of a group of people, they want them on some sort of public list. Gun owners, Trump supporters, etc. creates a dangerous precedent that looks a lot like Socialism and Communism.
In his proposal, 2020 Democratic Candidate Bernie Sanders said, “Today, the United States has more income and wealth inequality than almost any major country on Earth, and it is worse now than at any time since the 1920’s.”
Sanders plans to roll out an ‘extreme wealth tax’ which will be enforced through “the creation of a ‘national wealth registry” according to National Review.
The Senator’s plan wants to combat “capital flight” and other forms of tax avoidance through the national wealth registry and also add “significant additional third party reporting requirements.”
This would require more funding to the Internal Revenue Service “to cover the bureaucratic costs associated with enforcing the wealth tax.” Under the plan, “the IRS will be required to audit 30 percent of the top one percent’s wealth tax returns and 100 percent for billionaires.”
National Review reports that the new tax will “partially fund Sanders’ Medicare for All plan as well as his affordable housing and universal childcare plans.”
Sanders touted that “under this plan, the wealth of billionaires would be cut in half over 15 years which would substantially beak up the concentration of wealth and power of this small privileged class.”