Bernie Sanders Calls for Confiscation of Wealth Above $999 Million

Sen. Bernie Sanders (I-Vt.) speaks during a rally in front of the U.S. Supreme Court in Washington, on Feb. 28, 2023. (Drew Angerer/Getty Images)

Senator Bernie Sanders (I-Vt.) called for the U.S. government to confiscate assets over $999 million, and also announced his support for President Joe Biden.

The senator spoke with CNN anchor Chris Wallace last week for an interview when he declared that billionaires should not exist.

Sanders said he believes that the government should seize personal assets over his suggested limit before any American could become a billionaire.

He appeared on Wallace’s show to talk about his new book, “It’s OK to Be Angry About Capitalism.”

Sanders Calls for High Taxes to Reduce Existing Number of Billionaires

A former Democratic party presidential candidate, in 2016 and 2020, the senator amassed huge support in the primaries and raised large amounts of money, but failed to secure the nomination each time.

The CNN host questioned Sanders about a statement in his book that called for the government to prevent the creation of new billionaires.

“So are you basically saying that once you get to $999 million, that the government should confiscate all the rest?” Wallace asked.

“Yeah, I think people can make it on $999 million,” Bernie responded.

“Which would mean that all these billion dollars, basically, it all goes to the government,” said Wallace.

Sanders recently got into an exchange during a contentious Senate hearing over Starbuck’s labor practices, with a not too subtle remark on the billionaire status of the company’s former CEO, Howard Schultz.

“The fundamental issue we are facing today is whether we have a system of justice that applies to all—or whether billionaires and large corporations can break the law with impunity,” said Sanders.

“Your [billionaire] moniker constantly is unfair,” responded Schultz, adding, “Yes, I have billions of dollars. I earned it. No one gave it to me. And I’ve shared it constantly with the people of Starbucks.”

Democrat Senators Push Proposed Tax Legislation

Bernie, who is himself worth $3 million, according to GoBankingRates, previously criticized both millionaires and billionaires, but now only opposes those worth over a billion dollars.

“In your book you say flatly, billionaires should not exist,” said Wallace, who defended billionaires like Sam Walton and Elon Musk for building businesses that employ hundreds of thousands of workers.

“That’s right,” Sanders responded, adding, “you can have a vibrant economy without three people owning more wealth than the bottom half of American society.”

“Do I think people who work hard, create new businesses should become rich? I do. Do I think they should have $50 billion or $100 billion when you have got half a million people who are homeless in America today, when you have 85 million people who can’t afford health insurance? No, I don’t.”

“We should go back to a very progressive tax policy like what we had under Dwight D. Eisenhower,” Sanders added.

The Vermont senator said that a return to the 90 percent top marginal tax rate of the Eisenhower administration was a way to accomplish that.

Estate Tax Policy Needs to Be Reformed, Say Democrats

Sanders, alongside Sen. Elizabeth Warren (D-Mass.) and Rep. Jimmy Gomez (D-Calif.) had introduced new legislation in April, called the “For the 99.5 Percent Act,” which was announced on Sanders’ Senate website.

The proposed legislation calls for wealthy heirs to pay more on their inheritances by expanding the estate tax to 45 percent on estates worth at least $3.5 million.

It will also impose a 65 percent tax—a so-called “billionaire’s tax”—on estates worth over $1 billion.

“It is unacceptable that working families across the country today are struggling to file their taxes on time and put food on the table while the wealthiest among us profit off of enormous tax loopholes and giant tax breaks,” Sanders said in a press release.

The amount of inheritances exempt from the estate tax has gradually increased over the last two decades, according to the Tax Policy Center.

As of 2023, the estate tax exemption stands at just under $13 million, a rise from around $12 million the previous year.

The bill also targets loopholes that the very wealthy can exploit to shield their assets from taxation such as trusts that do not incur estate or gift taxes when money is doled out from an inherited trust.

However, any legislation to hike tax rates would be dead on arrival due to the Republican-controlled House.