Democratic candidate Bernie Sanders unveils a plan to tax the nation's top earners and says it will generate more than $4 trillion in the next decade.
In Iowa, Sen. Elizabeth Warren has moved into the lead. She’s grown her support with attention to detail and an ability to connect with voters.
Sanders’ plan goes further than Warren’s because it would start on fortunes worth at least $32 million, or nearly a third lower than the threshold for Warren’s plan to kick in. Warren’s plan also proposes increasing the wealth tax up to 3% on any net worth of more than $1 billion, while Sanders’ tax rates don’t top out until 8% for the richest Americans.
“A progressive wealth tax is the most direct policy tool to curb the growing concentration of wealth in the United States,” Zucman and Saez wrote in a letter analyzing Sanders’ proposal.
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