Mr. Sanders, of Vermont, would create an annual tax that would apply to households with a net worth above $32 million — about 180,000 households in total, or about the top 0.1 percent, according to the economists who worked on the plan.
He would create a 1 percent tax on net worth above $32 million, with increasing marginal rates topping out at 8 percent on net worth over $10 billion. For single filers, the brackets would be halved, meaning the tax would kick in at $16 million.
By contrast, the wealth tax proposed by Ms. Warren, of Massachusetts, would apply to households with a net worth above $50 million — an estimated 70,000 households in total.
The structure of her plan is simpler: She would apply a 2 percent tax on net worth from $50 million to $1 billion, and a 3 percent tax on net worth above $1 billion. Unlike the Sanders plan, the tax brackets would be the same for married and single filers.
Bernie Sanders’s wealth tax proposal
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$32 million to $50 million net worth: 1 percent marginal tax rate
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$50 million to $250 million: 2 percent
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$250 million to $500 million: 3 percent
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$500 million to $1 billion: 4 percent
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$1 billion to $2.5 billion: 5 percent
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$2.5 billion to $5 billion: 6 percent
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$5 billion to $10 billion: 7 percent
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Over $10 billion: 8 percent
Elizabeth Warren’s wealth tax proposal
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$50 million to $1 billion: 2 percent
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Over $1 billion: 3 percent
Note: The brackets shown for the Sanders proposal are for married filers; the brackets would be halved for single filers. The Warren proposal uses the same brackets for married and single filers.
Source Article from https://www.nytimes.com/2019/09/24/us/politics/bernie-sanders-wealth-tax.html
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