In a recent interview on CNN’s “Who’s Talking to Chris Wallace,” Senator Bernie Sanders (I–VT) expressed his belief that any money made above $999 million per year should be confiscated by the government.
“I’m saying that we should go back to a very progressive tax policy like what we had under Dwight D. Eisenhower,” Sanders said when asked if billionaires should not exist. “Yeah, I think people can make it on $999 million.”
The statement has sparked a flurry of debate between Republicans and Democrats on the issue of taxation.
“Senator Sanders’ plan to confiscate money from people making more than $999 million in a year is an attack on the free–market system,” said Sen. Ted Cruz (R–TX). “It’s an attempt to redistribute wealth from those who have earned it to those who haven’t. It’s an irresponsible and dangerous policy that would destroy jobs, hurt small business owners, and stifle economic growth.”
Sen. Marco Rubio (R–FL) echoed similar sentiments, arguing that Sanders‘ plan was a “dangerous“ policy that would have a detrimental effect on the economy.
“Senator Sanders‘ proposal to tax away the wealth of individuals making over $999 million a year is a misguided policy that would be disastrous for the economy,” Rubio said. “This kind of confiscatory taxation would hurt businesses, reduce investment, and lead to job losses. It‘s an irresponsible policy that would have a devastating impact on our economy.”
The debate over Senator Sanders‘ proposed policy to confiscate money from individuals making more than $999 million a year is far from over. While Democrats may see it as a way to increase taxes on the wealthy, Republicans argue it would have a negative effect on the economy and do little to improve the lives of the working and middle classes.
"Are you basically saying that once you get to $999 million, the government should confiscate all the rest?"
BERNIE SANDERS: "I'm saying that we should go back to a very progressive tax policy."
"Over $1 billion basically all goes to the government?"
SANDERS: "Yeah" pic.twitter.com/YmIpTpI1oy
— RNC Research (@RNCResearch) April 29, 2023