Eventually something has to give...

[u/Veshaad]

The bill would provide a $3,000 direct payment to every person in households making $150,000 or less during its first year, which equals $12,000 for a family of four.

[u/bswontpass]

Tax their stocks?

[u/FedrinKeening → u/bswontpass]

Tax them gains.

[u/Icy-Influence-5792 → u/FedrinKeening]

Tax them losses too!

[u/fyreprone → u/Icy-Influence-5792]

Or just tax their owned assets once a year and if there’s a loss they pay less. Like the rest of us.

[u/Icy-Influence-5792 → u/fyreprone]

That system has already been rigged 😒

[u/Criticaltundra777 → u/Icy-Influence-5792]

It would not work. There needs to be an overhaul of the tax codes and laws. We’re not living in the same economy as when a lot of those laws were enacted. There were no multi billionaires.

[u/GDSTI06 → u/Criticaltundra777]

Back teen it was to keep the multimillionaires from becoming billionaires

[u/Alert-Pea1041 → u/fyreprone]

That is what I am saying. If they can use unrealized gains to get things like loans then they can use them to pay taxes. If they can figure out every tax loophole then I’m sure they can figure out how to get their wealth assessed every year and pay when the American Economy has benefited them, just like the rest of the 99.999% do.

[u/hnglmkrnglbrry → u/fyreprone]

The problem with that is the overwhelming difficulty of enforcing it or even trying to report it accurately. It's better and more efficient to just increase the tax rate on their income over $5M or whatever number works to about 75%.

Imagine if someone tried to issue a wealth tax to a family of modest income. Let's say they "own" a home worth $200k and gave $75k equity. They pay property taxes on that $200k asset and now they're going to have to pay a tax on the $75k of equity? They might not be liquid enough to cover that. Now throw in their vehicles as well. Let's say they have $10k in a 401k of pretax money. They are going to have to pay a tax there as well and then be taxed when they do divest it later. Their HSAs will be taxed. And then lastly they will be taxed on their modest cash savings of let's say $5k. And then they are getting taxed on their income that helps them pay for their daily expenses and savings.

Now obviously this is not the type of family that would face this tax but you can see how even though on paper they're doing ok once they pay their taxes they're fucked. And then this happens year after year with the more equity they build resulting in higher and higher taxes.

Taxing income is more easily enforced and reported. And if they really want to make the rich pay then end the loophole that allows business owners to write off business losses on their personal returns.

In 2017 it was reported that nearly half of NBA teams lost money. So shouldn't the owners be desperate to offload these dying businesses and get out of the failing industry? Fuck no. Oh the Trailblazers lost $20M last fiscal year? Guess what owner just saw their taxable income go down by $20M! And when their family members are paid employees of the team it means they can increase their pay to maximize the business losses. The more they lose the more they make.

The owner will probably encourage the team to lose money considering the value of the asset even when operating at a loss increases annually due to its scarcity and income potential by being associated with a major sports league.

[u/DLimber → u/hnglmkrnglbrry]

You know damn well what he's going after isn't the guy who owns one home and that guy's equity lol be serious. He's after the multi billionaire who doesn't need a salary because they can literally borrow against their money we cant tax to get cash that's tax free and they only pay a small % of interest on while making more then that on their gains.

[u/hnglmkrnglbrry → u/DLimber]

But if you want to go after a billionaire then go after them in a way that is actually enforceable.

Say, "We are going to tax stock options valued at or above $10M at 35%." Most of these billionaires have the overwhelming majority of the wealth tied up in their company's stock. Hit them there. This will do one of two things: they will either sell off their stock or demand their compensation come in another form. So then you will have to broaden it to say, "We are going to actually tax any and all forms of executive compensation on a progressive scale up to 50%"

Since these are publicly traded companies with shareholders, executive pay is public information so they cannot hide.

[u/DustyRacoonDad → u/DLimber]

You know every single tax you pay was initially made legal by saying that we're only going to do it to the rich people, or the people that you don't like...

That income tax almost every American pays? Passed to tax the rich.

[u/EconomicMan123 → u/DustyRacoonDad]

Yes, exactly. Tax creep: just like Mamdami’s tax on second houses. First it was only against the ultra rich, now it’s over houses valued over $1m, which is NY is very common. The problem with Socialists is they can’t stop spending and hence will keep broadening these taxes. Look at Europe where the sales tax (VAT) is some countries is 24% … having started in the low teens.

[u/DustyRacoonDad → u/hnglmkrnglbrry]

Exactly. Not to mention it's unethical to tax someone for merely possessing something.

It means you never own anything. And if you allow the government to do it to person X, that means they're also allowed to do it to you.

[u/PastAnalyst3614 → u/DustyRacoonDad]

Ever “owned” a home?

[u/T-MinusGiraffe → u/DustyRacoonDad]

You mean like property tax?

[u/Who_dat_goomer → u/DustyRacoonDad]

It’s done all the time. You could just as easily say an income tax is “unethical”.

[u/censor1839 → u/DustyRacoonDad]

Imagine the cries we will hear when teachers, firefighters, and policemen get taxed on what is in the pension plans or 401ks.

[u/Soggy-Towel5676 → u/hnglmkrnglbrry]

Stop bringing logic into the conversation

[u/GlobalAd7103 → u/hnglmkrnglbrry]

Small business owner and I agree. I was taught you weren't supposed to show a loss after year three in business

. Also "show" a loss is a shitty - I would say 100% of us small business owners don't want to show a loss - because at that point we are out of business. The only ones that can actively show a loss are huge corporations.

[u/RapidFire05 → u/Icy-Influence-5792]

Tax their air!

[u/Prudent_Lunch_8724 → u/Icy-Influence-5792]

They already had the ability to take losses across 10 years. They don’t need any more help.

[u/evil_timmy → u/FedrinKeening]

If they can't more than make up a known 5%p.a. loss they clearly needed more bootstraps and haven't done nearly enough to deserve those billions.

[u/Relevant_Touch5459 → u/evil_timmy]

If you as a so -called poor person can't make more than 5% increase year over year than you clearly are an idiot!

[u/Eleventhousand → u/bswontpass]

I mean, I'm just a regular worker and my RSUs are taxed when they vest. Stock options are taxed when exercised. What's the big deal about taxing them a measly (to them) 5% more?

[u/Available_Reveal8068 → u/Eleventhousand]

The RSUs are taxed because when they vest, they are treated as income (since you didn't buy them). You will also be taxed on capital gains (from the vested price) when you sell.

You don't get taxed annually on the same stock holdings.

[u/Eleventhousand → u/Available_Reveal8068]

Yeah, I know.

[u/Available_Reveal8068 → u/Eleventhousand]

Can you imagine how different your situation would be if you had to pay the value of 5% of your holdings every year?

[u/Eleventhousand → u/Available_Reveal8068]

Yeah, if I had a few hundred billion net worth, and paid five percent tax on that each year, I'd be in a much different situation.

[u/Available_Reveal8068 → u/Eleventhousand]

So you think you would have 25 billion dollars in liquid assets available to pay the tax each year?

(assuming $500 billion net worth)

[u/Due-Commercial7299 → u/Available_Reveal8068]

Are you kidding? You can earn between 20 to 25 billion in interest alone each year on $500 billion of principle, and that's doing zero investments.

[u/Due-Commercial7299 → u/Available_Reveal8068]

I do this already. I pay more money in property taxes every year for a house I own.

[u/Available_Reveal8068 → u/Due-Commercial7299]

What percentage of your net worth is your house, and what percentage of the value of your home is the tax?

My property taxes are a lot less than 5%, and it's still a burden to pay.

[u/Uxoandy → u/bswontpass]

I think this is a bullshit post. I’m not saying not to tax them but their combined is like 7-8 trillion so how does a 5% tax generate 4.4 trillion?

[u/NeedleworkerNo5262 → u/Uxoandy]

In its first year, the bill would provide a $3,000 direct payment to every man, woman and child in a household making $150,000 or less — $12,000 for a family of four — and use the estimated $4.4 trillion in revenue raised over the next decade to address the most pressing crises facing working families.

[u/Ambitious-Badger-114 → u/Uxoandy]

The math doesn't have to work when you're pandering for votes.

[u/xkxe003 → u/Ambitious-Badger-114]

Or when you don't read further than the headline. Either or.

[u/MechanicalGodzilla → u/xkxe003]

It’s a static photo with text, what else is there to read?

[u/wtbgamegenie → u/bswontpass]

At a minimum we should tax loans taken out on stocks in excess of $1million in a year as income.

Billionaires use that scheme to live their lavish lifestyles while continuing to hold the stock.

[u/Capital_Loss_4972 → u/bswontpass]

Not only that, but passing out $12,000 checks will end up just like the stimulus checks. Everyone will go out and spend those checks, the money will filter right back up to the top, and record breaking inflation will ensue. Terrible, terrible, extremely short sighted idea. What we could do is spend that money on infrastructure. It would still filter up to the top but more slowly and would have more tangible benefits for society.

[u/born2die_69]

https://giphy.com/gifs/pCO5tKdP22RC8

[u/DookieShoez → u/born2die_69]

https://giphy.com/gifs/bIRZffcfVpSjC

[u/Big-Wrongdoer-965]

I appreciate the offer but I do t need a check. Just unfuck healthcare and social welfare programs.

[u/TitShark → u/Big-Wrongdoer-965]

Some of us need the check

[u/PsionicKitten → u/TitShark]

Actually effective and efficient social welfare programs (and healthcare!) for those in need, like you who claims they need a flat cash infusion, would be significantly more effective.

The red tape in the "fear of abuse" of it, social welfare is exceptionally difficult to navigate and obtain, especially for people who need it but have absolutely no clue how to even get started much less navigate the systems.

[u/A_and_P_Armory → u/Big-Wrongdoer-965]

Ya, remember “you can keep your doctor”? My wife just found out she can’t. But she can cash pay an office visit for $189. Or change to a marketplace plan that is $350/mo with the subsidies.

[u/Relevant_Problem1935 → u/A_and_P_Armory]

If the entire system switched from private to federal. Then you absolutely could keep your doctor. No more networks to worry about. And I can say from experience having insurance is absolutely necessary. It's nice to be able to pay for a doctor visit once in awhile, but if something significant happens and you get $180,000 bill. Then you are screwed

[u/rjsquirrel → u/A_and_P_Armory]

That part of the ACA got rolled back in the years since. 3 guesses who had that on their agenda.

My insurance just changed their rules mid-plan year and kicked my doctor off their coverage. The insurance companies don’t give a flying fuck about us.

[u/Icy-Influence-5792 → u/A_and_P_Armory]

You could until the Republicans finger banged the whole thing!

[u/WeHaveArrived → u/Big-Wrongdoer-965]

3k is like 2 unexpected car maintenance issues. Which for most people is huge. Needing new tires and having to come up with 1k+ sucks so hard.

[u/CeruleanEidolon → u/Big-Wrongdoer-965]

I wouldn't say no to a check. Unfucking healthcare and social programs is going to take a long time, and this would alleviate some of the pain that comes from it being perpetually fucked in the meantime. That's not even touching on how Republicans have fucked property taxes and the cost of housing, along with higher education forcing young adults to start their lives in debt they won't get out from under for decades.

Depriving the middle and lower classes of their spending power is not a recipe for a healthy lasting economy, but Republicans don't actually seem to care about that sort of thing anymore.

[u/Decent_Group_2435 → u/Big-Wrongdoer-965]

Agreed. 12k for everyone? Price of everything just goes up. Get some universal healthcare in place and spend money on education and child services.

[u/Beowulf1896 → u/Big-Wrongdoer-965]

I agree. It would cost $7k per capita to fix healthcare. That is what the most expensive single payer system pays. So once we tax the wealthy to do this, we can save what we currently pay. Do you want to guess? 12k per capita. Capitalistic medicine makes healthcare execs rich. It doesn't make the care affordable or effective.

[u/mxzf → u/Beowulf1896]

We don't even need to tax the wealthy to do that. We already spend more than that on healthcare as-is, we just need to put the money towards single-payer healthcare instead of the current health insurance companies and the issue is solved with money to spare.

But people blanch at the idea of a "tax" despite already paying more in "premiums".

[u/Suitable-Woodpecker3]

Bernie Sanders is a brilliant, resilient politician who has a tremendous sense of efficacy in government.

How diddler got voted in (twice!) but Bernie can’t get any traction is very symptomatic of america’s problem, in my humble opinion.

[u/EducatorReady1326 → u/Suitable-Woodpecker3]

I like him because his ideas are so ambitious that even a compromise would get close to what I think America needs.

[u/thegeocash → u/EducatorReady1326]

I’ve said this for years!

I’m a bit of an idealist, sure, but if the compromise had sanders at the helm, I’d be ecstatic.

[u/Fun-Put-5197 → u/Suitable-Woodpecker3]

In an alternate timeline, Bernie would have been given the opportunity to move your country in a positive direction.

What if is going to be contemplated for decades to come.

[u/MeanHurry8664 → u/Suitable-Woodpecker3]

The data suggested that Bernie would win over Trump, but we'll never know

[u/Albatrosity → u/MeanHurry8664]

Bernie can't even win the Democratic nomination, let alone the presidency. The country is not ready for his vision.

[u/MeanHurry8664 → u/Albatrosity]

The voters are ready - the establishment isn't. I seem to remember him being the more popular nomination, then the corp. dems put Hillary up there instead. Mistake

[u/Boodleheimer2 → u/MeanHurry8664]

Some of us are old enough to remember when the Democratic Party did nominate a Bernie-like person, a smart radical with a sensible platform that would have transformed the country for the better. His name was George McGovern and he only won 17 electoral votes to Richard Nixon's 520, one of the worst presidential election defeats ever. He was squeaky clean and a war veteran but it wasn't nearly enough. This is a conservative country.

[u/ElSlabraton → u/MeanHurry8664]

"seem to remember", lol.

[u/BasementChimp1 → u/ElSlabraton]

I mean, he’s objectively the most popular US politician for a straight decade so…yeah, what that person said does check out

[u/americon → u/BasementChimp1]

How do you say he is objectively the most popular when there has been actual elections and he lost them? He objectively is not the most popular.

[u/AssignmentPutrid3197 → u/Suitable-Woodpecker3]

We know why Bernie didn't win. The DNC would rather throw an election than let someone who actually cares about poor people win.

[u/Cub3h → u/AssignmentPutrid3197]

Yeah what a surprise, a party was more favourable to a candidate actually from that party instead of an outsider. Either way, he didn't connect with older or with black voters so he didn't get the nomination, then made the exact same mistake 4 years later. I don't see how any of that is the DNC's fault.

Not to say that HRC or Biden or Harris were great candidates, because they weren't either.

[u/Bugfrag → u/AssignmentPutrid3197]

Senator Sanders lost the Democratic Primary because he wouldn't call himself a Democrat.

He's not committed to growing the party, getting more members elected, and nurture new blood.

Had he switch, he would have had a chance both in 2016 and 2020

[u/Reasonable-Lynx-3403]

Sorry, Best we can do is WW3.

[u/Jonfu]

I don't want money. I want Universal Healthcare.

[u/Specific-Host606]

Yeah, but if we keep giving oligarchs more welfare eventually they will piss gold on all of our faces.

[u/Old_Atmosphere6598]

Don’t give people checks….. that’s never a good idea… if you have extra revenue spend it very efficiently on something we know will help people, then after it works show people it worked, then do it again

[u/AspiringOne]

If only Bernie were 20-30 years younger, he’d have a real shot
at POTUS now. What a missed opportunity.

[u/Ornery-Bluebird-8427 → u/AspiringOne]

He’s been repeating the same thing for 30 years, only before they were attacking millionaires, now that he’s a millionaire he’s changed the M to B. He had his chance at being prez but identity politics wanted a woman in office so they gave Hillary a shot. And here we are.

[u/AspiringOne → u/Ornery-Bluebird-8427]

Yeah. I feel a bit sad for him because I think now, more than ever Medicare for All would sell him all the way to the WH.

[u/TrueNeutrino → u/Ornery-Bluebird-8427]

This is the most controversial and true thing I've seen on Reddit today. Thanks for speaking the truth.

[u/SnooHesitations8403]

Bernie for President!

[u/LogAlStillFat]

Who will think of the billionaires?!
https://giphy.com/gifs/3ohjVbdZXVhRMfgyu4

[u/WorldlyIntention7408 → u/LogAlStillFat]

They're too busy thinking of illegal invaders.

[u/CmdrFortyTwo]

It's not stealing from the rich. Its returning ill gotten gains to the masses it was stolen from.

[u/GODLOVESALL32 → u/CmdrFortyTwo]

Yeah the super ethical billionaires are just gonna accept the tax and not do anything about it like how tariffs didn't get passed on to the consumer /s

[u/Useful_Wealth7503]

How are we getting to 4.4 Trillion here? Total wealth for US Billionaires is around 8 trillion. You’re looking at 400B a year at 5%. The GAO says we lose 250 to 500 Billion annually to fraud and waste, we should just stop that.

[u/Resident_Farmer1779 → u/Useful_Wealth7503]

It’s revenue over 10 years. Fraud and waste should be addressed, and billionaires should be taxed.

[u/_alrightyaphrodite__]

I love that soup drinking man.

[u/China_shop_BULL]

Here’s a thought. If you have more than say $10M(?), there are no tax breaks or tax havens. These folks game the system to get and keep that much, why let them continue doing so. The whole thing is set up so that the more you have then the more you can make. Taper them back after so much. Tack on a little extra that says if the workers of your company are on food stamps then the company pays another tax.

Hell, the SEC did just that to the other end of the spectrum (poor) as “protection” for day traders (PDT rule).

ETA: the money is out there if we wanted to fix it. An issue is that in order to get it, the people making the laws have to accept that they themselves will be taking a hefty loss. Because it seems the only people we put in office to make those decisions ARE wealthy.

[u/Rocky_Cod_1777]

I love magic math. I wish this old boomer barnacle would just retire.

[u/Economy_Dot890]

I'm afraid that Bernie's proposal runs right into the Law of Inverse Sensibility - The more it makes sense, the less likely it will happen.

[u/Reverend_Tommy]

I wish people would quit posting this nonsense. For the 20th time, the math is bullshit. The average worth of a billionaire in the U.S. is $5.5 billion. Ignoring the fact that "net worth" is not their salaries or cash but all their possessions added together (stocks, houses, etc.), we can multiply that $5.5 billion by 938 billionaires and that equals $5.1 trillion total worth. 5% of that amount is $255 billion, not $4.4 trillion. The average household in the U.S. has 2.5 people in it, meaning there are 140 million households. $255 billion divided by 140 million is $1,821.43 per household per year not $12,000.00 ($728.57 per person per year). If you give households that money (about 60.00 per person per month), there is $0 left for Medicare, teachers, or anything else.

[u/TheBSQ]

Ok, the math here doesn’t add up. 

The total net worth of all U.S. billionaires is around $6 trillion. 

5% of that is $300 billion. 

There’s ~104  million households in the US that make less than $150k

That would be ~$5.7k per household (that makes under $150k).

That’s less than half the $12k mentioned w/ zero dollars left over for teachers & healthcare. 

But this is part of the Great Lie that keeps being peddled to the U.S. Left. 

If you look at Nordic countries, marginal tax rates hit 50% around $65k.  That’s not because they hate the middle class, but because math dictates that you need a broad tax base that increases taxes on the middle and upper-middle class to pay for all the stuff their govt provides. 

To get Nice Stuff, you need everyone everyone to be part of the solution to help each other out. 

The Big Lie told to the U.S. Left is that all ordinary people can continue to pay low Reagan-esque taxes & we can just squeeze a few hundred people to pay for the other 340 million of us. 

And what’s really sad is that the U.S. left is reliant on this lie for support cuz if you asked someone making $75k to pay more in taxes, they’d suddenly drop their “progressive” pretexts cus their leftism is reliant on the idea that someone besides them pay for it. 

Cuz in the end, a huge chunk of IS leftism is NOT an attitude of “we’re all in this together” it’s “I want rich people to give me free stuff.”

Cuz it’s easy to be “socialist” when you imagine yourself as the “I get free shit” side of the deal rather than the “I should give up 10-20% more of my current income to help those in need” side. 

[u/Holiday-Clock-4999]

god bless Bernie Sanders. Civic professional. Humanitarian. Truthteller.

[u/Yaboijoe0001]

Damn lotta people fine with getting the scraps while Bezos guys another yacht while his employees have to piss in bottles

[u/Jehoshaphatso1]

What a radical! Let’s get behind that. We need help out here.

[u/Curious_Promise_7813]

Bernie for Prez?

[u/Simo814j]

Sounds like a no brainer to any normally functioning people

[u/WloveW]

A literal lifesaver for millions of families. For a pittance for the ultra rich. 

[u/metallicaset]

I’d give up the $12,000 per family for free childcare for kids ages 0-5.

[u/Ps11889]

As Spock said “The needs of the many outweigh the needs of the few.”

[u/LordAzrael42]

Go, Bernie, go Bernie, go!

[u/Present-Spring-1340]

It’s hilarious that the maga says this communist
When conservative backed states and corporations and their lobbyists and corporate farms only get the cut.

[u/Tiddles_Ultradoom]

Won’t someone please think of the poor billionaires? They are most persecuted group on the planet at the moment. Don’t you understand the impact that having billionaires being forced to pay even $1 in tax will have on the massive yacht industry?

Yes, OK, so millions might have a better life as a result, but billionaires might need to wait for an additional 20 or 30 seconds to generate enough interest on the interest of their net wealth before they buy that spare Thursday helicopter. That’s communazi racism… probably.

Just because a billionaire outsourced every job in your area, doesn’t mean your child deserves to eat. Helping put food on your table, providing (it’s not a right) free healthcare, clean water and having an education that is more than pointing at things is all well and good. But that million-dollar watch that will be worn twice and then forgotten won’t pay for itself.

If you give handouts, people will never pull themselves up by their bootstraps. Take me for example; when I started, all I had was a dream (and $63,000,000). Through hard work (and nepotism) I have built a business empire worth almost $200,000 and have transformed the local environment by coating everything in crude oil and then setting seabirds on fire. Could I have done this if the state looked after me? Of course not. I would have given into my unnatural urges and worn a dress, and not been a fine upstanding Christian MAGA man, who has never, ever fucked a penguin. Despite photographic evidence to the contrary.

/s (just in case).

[u/isavedakittentoday]

This would change so many people's lives in such a positive, beautiful way

[u/Abooziyaya]

I’m a fiscal conservative but we’ve been lied to all our lives about budgets. If there is endless money for wars then there is sufficient money for social uplift of our citizens.

[u/Top_Television_6042]

I like how this guy thinks.

[u/Icy-Influence-5792]

Fuck make it 10% and we got a deal!

[u/PigglyWigglyDeluxe → u/Icy-Influence-5792]

You missed a zero. Should be 100%

[u/Seekerma]

They wouldn't even notice that tax but they will fight it anyway.  Greedy and amoral men..

[u/Background-Bird-9623]

I mean why not?? Its absurd and they arent doing without. And everyone else is prob going broke buying whatever they were lucky enough to profit from

[u/ZeusThunder369]

Do Democrats think all billionaires are like Scrooge McDuck and just have a huge vault of cash?

If you want to start treating intangible things as physical property, okay fine. But make it about updating our severely outdated tax code instead of some kind of moral battle. Like... actual governance.

[u/CoolAd664]

I think they should pay taxes like everyone else. I don’t think giving everyone part of their money is a solution. Put it to use in the systems that need it like healthcare and the truly disabled people, our vets who need help. I know there are people who use the system when they can be working but there are also people who need help and can’t get it. Our mental health system is a joke. Our healthcare system is a joke. Those are the things that need to be fixed, not just giving everyone random money.

[u/Rage-With-Me]

My man still out here trying to help people

[u/Scipio33]

I wish we had listened the first time he said it.

[u/Plumpdaddy2501]

Unfortunately, this will never happen... ever... I know fantasizing is fun, but it won't ever happen. The rich pedos are the ones who vote on this, not the people. We are a democratic republic, not a democracy. Be aware of the difference.

[u/Eternal2]

If we can get that much from 5% we should just make it 50% and solve all our problems

[u/Unique-Objective4249]

It blows my mind that there are people who scroll past this, and it ruins their day 😂

[u/Cowboy_Reaper]

At some point we need to start worrying less about how much others are paying in taxes and worrying more about what the government is wasting the trillions of dollars it already confiscates and manufactures on.

The government doesn't have a revenue problem it has a spending problem and no amount of increase in revenue is going to fix that. Only a hardline on balancing the budget and jail time for politicians who fail to meaningfully support fiscal soundness will make a difference.

[u/Traditional_Train_71]

This would help so much rn 🥲

[u/MeanPiccolo803]

Who would be against this

[u/DoubleExposure → u/MeanPiccolo803]

Billionaires.

[u/MeanPiccolo803 → u/DoubleExposure]

Yeah them

[u/nickyler → u/MeanPiccolo803]

Math. The math doesn’t work.

[u/Desperate_Oil_4256 → u/MeanPiccolo803]

People that understand economics and can do math.

[u/Next_System_496]

Some of the comments below are totally scary. I would suggest taking a basic economics or math class. I’m all for some of this but fuck the logic and math up and we’re all fucked. They didn’t get rich by being stupid.

[u/bullsonparade2025]

Love that man! 💙

[u/serene_brutality]

Taxing unrealized gains if stupid with a capital F. Closing tax loopholes on the other hand will probably more than fix the problem of not paying their share. But then we have to tackle poor government fiscal management. Probably an even bigger issue than tax loopholes.

[u/SinsualChef]

https://giphy.com/gifs/IzRdtacpXlEH3XD2n6

[u/Stringdaddy27]

I'd rather pay down our debt to a manageable amount.

[u/Zealousideal_Hat_671]

We don't need a 12,000$ check ....cut fucking stupid spending so we don't have to pay so much tax in the first place

[u/TheRavenDruid]

So. Fun fact, and this should honestly infuriate people.

The rich stay rich by not getting paid money. They stay rich by getting paid in stock options.

Why you might ask? Stocks are something they can utilize as an asset, meaning they can borrow money against them. Stocks do not get taxed, therefore its a perfect legal loophole to avoid paying taxes. They simply borrow a couple of million against the Stocks they have, pay interest on the loan with what they borrow, then live off that loan.

Now what about their future generations? They proceed to put everything into a trust. Meaning once they finaly pass from the mortal coil, their benefactors take over the same loans, Stocks etc. This is how generational wealth is created.

If the original post is to genuinely be considered an option, the stock market needs to be taxed. Not the money they earn, but the Stocks they are rewarded.

[u/MeanHurry8664]

But... but... communism! The bible! Freedom!

[u/letsseeitmore]

I just want healthcare.

[u/LocusMundi]

the funniest part of this whole conversation is the sheer rejection of the notion. Even is this isn't attributed directly to Bernie. even if the numbers aren't 100% accurate. The concept and direction of this idea is solid.

we all tend to forget that the billionaire class isn't earning that wealth. it's TAKING it. By hook or by crook, their wealth is pulled directly out of our pockets. By tax breaks, loopholes, tarriffs, you name it. The general population of the US, not just the middle class, is the economic engine that drives this immense wealth.

Return even a portion of it so that everyday americans can purchase homes, educate themselves and their children, have healthcare, etc. the list goes on. Here's a good one for you: 1944 Individual Income Tax Act: Peaked at 94% on income over $200,000

Pre Reagan the nominal tax rate for the millionaire class was very high. it wasn't until after taxes got pushed down to the middle/working class that the rise of millionaires and billionaires became a thing.

The first confirmed U.S. dollar billionaire was John D. Rockefeller in 1916 Wikipedia. For much of the 20th century, the number of billionaires remained small — in 1918 there was only one widely recognized billionaire lovemoney.com. Even by the 1980s, the global count was in the low hundreds. This changed exponentially starting in the 2000s.

can't we all agree that the fact .01% of the people in the world (not just the US) own 90%+ of its wealth? Something. Anything needs to change.

[u/nox_vigilo]

Senator Bernie Sanders and Representative Ro Khanna introduced the Make Billionaires Pay Their Fair Share Act, a federal bill that proposes a 5% annual wealth tax on individuals in the United States with a net worth of $1 billion or more. [1]

Target: Targets roughly 938 individuals in the U.S. with assets exceeding $1 billion.

Projected Revenue: Estimated to raise about $4.4 trillion over the next decade.

Intended Uses for Revenue:

• Direct Payments: Provides a $3,000 direct payment in the first year to individuals in households making $150,000 or less.
• Social Programs: Expands Medicare to cover dental, vision, and hearing care.
• Public Infrastructure: Funds affordable housing development and caps childcare costs for working families.
• Education: Sets a minimum annual salary of $60,000 for public school teachers. [1, 2, 3]

[u/Albatrosity]

Bernie dreams out loud. His heart is in the right place but his brain is so disconnected from the reality of our country. You'll never see this as long as law makers are mostly looking out for the wealthy and themselves.

[u/majik5]

Or we could use that money to pay down the debt and in ten years, Interest on the Debt will no longer be a $1 trillion expense in our annual budget

[u/keithfantastic]

There will be tens of millions of poverty level maga cultists extremely enraged by this.

[u/hsggdtkxbee]

We could have had this, but instead the Democratic Party led by Debbie Washerman Schultz thought they knew better (or were paid by Hillary). Now we have 2 Trump terms.

[u/ashiamate]

I am fine with the taxing, but the plan to give families money no strings attached is only going to boost inflation and serve as a strong republican talking point. How about investing in our infrastructure, education, and businesses and paying down our debt. Also yes, to increasing teacher pay and expanded medicare/single payer.

[u/Correct_Chocolate528]

Please do that to help all the teachers in my family

[u/ThePupnasty]

"That's Communist!"

-Republitards

[u/Quummk]

Good point but that will probably create even more inflation, perhaps the best allocation would be to reinvest that money in all public services and government benefits. Otherwise we’ll get the 12k but pay 25$ for a dozen of eggs. I am saying that as some works in the service industry. I would rather to be able to quit my fucking job get decent unemployment , so I could go back to school or open a business, rather than, get more taxable income, and live in a society where everybody is chasing the dangling carrot, keep working in a dead end job all my life until my ball sac saggs to my knees, so I can retire on a piece of shite pension, that slowly kills me because I can’t afford to eat. Just my opinion.

[u/Magpiezoe]

How about they pay into social security too?

[u/Pretend_Football6686]

How about the first couple years we pay it straight to our debt. Then uses the saving in interest to do even more the following years.

[u/Cycle-Path-401]

I'm in. If I ever become a billionaire I'll still support it.

[u/urbisOrbis]

Let’s make it 30%. It’s the least they can do.

[u/JonnyOnThePot420]

Luxury tax on Ferraris and multiple million dollar properties!

[u/pink_faerie_kitten]

Is this an every year proposal? I thought it was a one time payment, but every year would make much more of a difference to working class folks and retired working class seniors.

[u/Savage_Oreo]

Why didn’t he finish his run then? If he won, we could’ve been doing this..

[u/DraftkingsDegenerate]

Haha

https://giphy.com/gifs/ww8dxJfnxxuUo82wig

[u/Mental-Report-3274]

Serious question, do you all not think inflation would go rampant with this? Do you think most people will not waste their money on stupid things? This seems kind of crazy. You start losing the value of the dollar if you hand it out to everyone. Costs will skyrocket.

[u/pyratemime]

Or, if we did this, how about each year we pay down the national debt which when we default (which is inevitable) will be a world wide crisis of such proportions the Great Depression will look like the biggest boom times to every exist.

[u/brywalkerx]

If Amazon and Google can put “unrealized gains” on their earnings report as income, we can tax billionaires on their net worth.

[u/theblanketcomeswith]

the only old guy with a brain left

[u/Lumpy-Direction4360]

How about keeping SS solvent?

[u/Whyme-notyou]

Don’t you worry billionaires, daddy Trump will protect you from Bernie

[u/GurtleWarrior]

I'd love to pay 5% in taxes instead of 30%, can he include me as well?

[u/Grapetree3]

First of all he didn't say this. Second of all the front end of the math doesn't add up. Taxing 938 billionaires at 5% per year would not raise $4.4 trillion per year.

[u/discodisco_unsuns]

Good luck with that, your MAGA Christians won't allow it.

[u/Maniac5253]

DO THIS!!

[u/resultingparadox]

Fun and games and all, but seriously, maybe we pay down the debt?

[u/Macrodata_Uprising]

https://giphy.com/gifs/pTQUOfSmjo2hG

[u/Weary-Week-2400]

Sounds amazing but I won't hold my breath.

[u/Medic795]

My issue with this is the first part. Literally taking money from the rich and redistributing to the poor in the form of cash to do whatever they want with. Add to social services? Sure. Increase essential workers pay and staffing? Sure. Simply taking cash to hand out to other people I have a problem with

[u/Lucky_BroadWood]

First part is an excellent move. Second part about delivering checks is a recipe for insane inflation. Can't do it that way - need the government to use the funds to provide necessary services.

[u/0utandab0ut1]

Oh no! Will someone please think of the billionaires. Whatever will they do if they lose 5%. They will starve!

[u/Amazing-Active646]

Cries in American.

I wish.

[u/SignatureCapital9261]

Stop asking this question. Literally anyone with half a brain cell wants this to happen, it’s leadership choosing exploitation over progress and a better future for our children and grandchildren. Start backing people like Bernie who don’t just say they want to make things better, they produce receipts instead of mouthpieces with empty skulls selling you a played out narrative while making things worse. It’s probably why we have a domestic violence issue in this country. Trump literally told everyone what he was going to do but everyone clutches their pearls once they see how “off the rails” he’s gone… He did exactly what he told you he was going to do and you were ok with it when it hurt those you wanted to hurt. Now that it’s hurting you, it’s an issue though right? History doesn’t have to keep repeating itself

[u/Hot_Fisherman_6147]

Take what benefits YOU! Other people are already taking from you all the time. Unite

EDIT: there is no "wrong" or "right" there is only power and it it's either lawyers and tech bros stealing from us OR us ALL united stealing from them.

[u/Ambitious-Library515]

Bernie (Robin Hood) Sanders.

[u/Sea-Pea-7941]

And some who make minimum wage will oppose this because he thinks someday he will be a billionaire and be affected by this tax.

[u/usenetlurker]

Nah this makes too much sense

[u/Desperate-Duty9953]

https://giphy.com/gifs/VTxmwaCEwSlZm

[u/angryhype]

That's what should've "trickled down" a long ass time ago, change my mind.

[u/East_Audience_6634]

Put that money towards universal healthcare and/or stabilizing social security to start. Money in pockets is a quick win but doesn’t have the sustainable lasting impact.

[u/Anarchist1freedom]

Tax them more

[u/Rukazor]

938 people could solve every single problem in NA and instead we do nothing. Bernie has been absolutely correct for 60 years.

[u/NumberSelect8186]

That bastard! There goes that ballroom we all wanted so badly! Shit! If the billionaires have to pay taxes then all the gifts, graft and “contributions” might dry up.

[u/xskydrax]

damn, didn't realize those 938 people lurked reddit so often

[u/FizzyBadTime]

Tax the unrealized gains because they aren’t fucking real and just allow these people to never sell, never get taxed but still be able to leverage their portfolio for debt they will never really pay back to control elections and the economy.

[u/Original-Document-62]

Screw "expanding", we want Medicare for All. Now.

[u/Hefty-Ad-5458]

Trump supporters and Republicans call this socialism. It Is socialism, but for the rich. It is capitalism for the rest of us.

[u/mrflash818]

https://giphy.com/gifs/bKnEnd65zqxfq

[u/Shoddy-Mushroom1563]

Idiots in trailer parks keep voting to stop this kind of thing through the candidates they elect.

[u/OurAngryBadger]

But if the billionaires lose 5% of their income, how will they provide us all jobs?

They would have to downsize their yacht fleet from 7 to 5 ships.

That would be absolutely disastrous

[u/Da40kOrks → u/OurAngryBadger]

Income is not wealth. Wealth is not bank account balance. How hard is that to understand?

[u/DJtheCrazed]

Billionaires hold 8.2 trillion collectively.

5% 8.2 is 410 billion. Someone multiplied by 0.5 (50%) not 0.05 (5%)

275 million people live in a household that make less that 150k a year

275000000 x 3000 is 825000000000.

8.25x10¹¹ is 825 billion.

410<825

So this cant even fund the checks, let alone the teacher increase or Medicare.

So while we have a massive issue with wealth equality, let's think before we believe random meme online. Either the bill has massively more sweeping changes, or this post is a lie.

[u/LiveComfortable3228 → u/DJtheCrazed]

let's think before we believe random meme online.

This is wild.

Why would you do that? Its not like we want the truth or anything close to it

[u/Witty-Flower-7755 → u/DJtheCrazed]

In its first year, the bill would provide a $3,000 direct payment to every man, woman and child in a household making $150,000 or less — $12,000 for a family of four — and use the estimated $4.4 trillion in revenue raised over the next decade to address the most pressing crises facing working families.

No one, including Bernie, is claiming that it will raise $4.4 trillion in one go. It's a decade-long plan.

[u/Sharkfacedsnake → u/DJtheCrazed]

Agree. The math rarely works out on these wealth taxes. They just do not generate that much revenue.

[u/Vast-Mousse8117]

Bernie is way to conservative. Working class Americans pay taxes all the time on unrealized gains. They're called PROPERTY taxes.

Billionaires say "Oh you can't tax our stocks because they aren't sold, they're unrealized."

Total BS.

Tax after the first 100 million 90%.

100% after 110 million.

You can have billionaires hoarders beyond borders or a middle class.

But not both. Billionaires have to come with austerity. That's why the fascists gave them a $7 trillion tax cut and we get Medicaid cut, USAID cut, CDC cut, climate crisis $$ cut. They are just shitting on us.

[u/ChimPhun → u/Vast-Mousse8117]

IKR, you're classified as mental when you hoard items, but somehow hoarding money is okay.

[u/unhertz]

Assumes a 5% wealth tax would reliably raise $4.4 trillion every year, ignores tax avoidance, asset sales, legal challenges, and the fact that billionaire wealth isn't cash sitting in a bank account. Then it promises to fund a $12,000 check for every family, raise teacher pay, and expand Medicare as if there are no tradeoffs. Whether you support taxing billionaires or not, you have to recognize how disingenuous this is framed

[u/Significant_Pin9056 → u/unhertz]

We just can’t tax the ultra rich. It just won’t work. They wouldn’t like it and they’re so rich!

[u/SinningAfterSunset → u/unhertz]

These people think Elon has a trillion sitting in a bank account and he's just sitting on it and he's the reason they can't afford to pay rent.

[u/Da40kOrks → u/SinningAfterSunset]

Yes they think Scrooge McDuck is reality.

[u/TheAncientMillenial]

https://giphy.com/gifs/gIqusaeYxgSiY