Politics

Bernie Sanders says billionaires shouldn't exist as he rolls out a wealth-tax plan that's even more aggressive than Elizabeth Warren's

Sen. Bernie Sanders on Tuesday rolled out a plan to tax the wealth of the nation's ultra-rich, going further than his Democratic primary rival Sen. Elizabeth Warren with a proposal that could greatly erode the fortunes of billionaires with steep taxes. Sanders' wealth tax is more aggressive than Warren's. It would affect more households, levy a higher marginal tax rate, and ultimately bring in more money for government coffers to help pay for some of his ambitious proposals, like "Medicare for All," as well as fund other social programs.Two economists consulted by that Sanders' campaign estimated that the wealth tax would raise $4.35 trillion over a decade, though conservative economists are likely to criticize those figures as overstated. The plan is designed to hit the wealthiest 180,000 American households in the top 0.1% and cut the wealth of billionaires in half over 15 years.