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Bernie Sanders unveils massive 'wealth tax,' admits that 'I don't think that billionaires should exist'

'This proposal does not eliminate billionaires, but it eliminates a lot of the wealth that billionaires have, and I think that's exactly what we should be doing.'

Sean Rayford/Getty Images

Democratic presidential contender Bernie Sanders (I-Vt.) finally admitted Tuesday that he believes billionaires "should not exist."

Although the far-left democratic socialist has never outright advocated for the eradication of billionaires, Sanders unveiled an aggressive "wealth tax" Tuesday that would heavily tax America's most wealthy families and seek to redistribute their wealth.

Here's how the wealth tax breaks down for married couples, based on household wealth:

  • $32 million - $50 million: 1 percent tax
  • $50 million - $250 million: 2 percent tax
  • $250 million - $500 million: 3 percent tax
  • $500 million - $1 billion: 4 percent tax
  • $1 billion - $2.5 billion: 5 percent tax
  • $2.5 billion - $5 billion: 6 percent tax
  • $5 billion - $10 billion: 7 percent tax
  • Above $10 billion: 8 percent tax

Sanders' plan targets the richest 180,000 American households and would raise about $4.35 trillion over 10 years, experts predict.

Economists who spoke to the New York Times said the plan "would cut in half the wealth of the typical billionaire after 15 years."

Revenue generated from the plan would be used to fund Sanders' far-left government policies, including his "affordable housing plan, universal childcare, and help fund our work to guarantee health care as a right for every man, woman, and child in this country," he said, Fox News reported.

Sanders' plan is significantly more aggressive than that of progressive counterpart Sen. Elizabeth Warren (D-Mass.), who released a wealth tax plan earlier this year. Her plan calls for a 2 percent tax on Americans whose assets total $50 million or more and a 3 percent tax on Americans with assets of $1 billion or more.

"I don't think that billionaires should exist," Sanders told the Times. "This proposal does not eliminate billionaires, but it eliminates a lot of the wealth that billionaires have, and I think that's exactly what we should be doing."

One last thing…
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