Via Free Beacon:
Presidential hopeful Sen. Bernie Sanders (I., Vt.) debuted a proposal to directly tax the wealth of America’s richest families at an even higher rate than primary rival Sen. Elizabeth Warren (D., Mass.).
Sanders introduced an expansive wealth tax on Tuesday. The proposal is even more aggressive than that of the Warren campaign. It would levy a progressive wealth tax, starting at 1 percent for fortunes valued between $32 to $50 million and up to 8 percent on those in excess of $10 billion. That makes for a much more aggressive scheme than Warren’s plan, which has just two brackets: a 2 percent tax on wealth in excess of $50 million and a 3 percent tax on wealth in excess of $1 billion.
A wealth tax is a direct tax levied on the assets a person holds. This makes it distinct from many other taxes, such as income or sales, which are levied when money or assets change hands. Under Sanders’s plan, a tax would be levied on an individual reported net worth. To see that the wealth tax is actually paid, the Sanders campaign also called for harsher enforcement mechanisms. That includes the establishment of a “national wealth registry,” although what or who would be “registered” under such a system remains unclear.