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Bernie Sander’s 8% Wealth Tax is Coming for Your Money

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Senator Bernard Sanders (I-Vermont) (left), Chairman of the Senate Veterans Affairs Committee, joined Dr. Robert A. Petzel, Under Secretary for Health, in highlighting how VA is bridging health care and information technology. Photo courtesy of VA

“Enough is enough,” Bernie Sanders said Tuesday. “We are going to take on the billionaire class, substantially reduce wealth inequality in America and stop our democracy from turning into a corrupt oligarchy.”

Except there’s one small problem.

The billionaire class he’s after would apply to married couples with a net worth of at least $32 million and individuals with $16 million.

That’s not the billionaire class.

Uncle Bernie’s tax would rise to 8% for married couples with assets of at least $10 billion.

Believe me, if he thought being a billionaire was tough, try finding the billions when you want to tax it at 8%. You won’t find a penny once the tax advisors and lawyers are done with it.

It won’t take long before a Bernie-Sanders-type tax at a $32/$16 million threshold is lowered to capture the real meat, which are the millionaires next door.

Progressives always know what’s best for your money.

They will never understand what goes into making it and therefore will never respect it.

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E.J. Smith - Your Survival Guy

E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West and Paris. Please get in touch with E.J. at ejsmith@yoursurvivalguy.com To sign up for my free monthly Survive & Thrive letter, click here.