"I Don't Think Billionaires Should Exist": Sanders Proposes Wealth Tax to Slash Fortunes of Nation's Ultra-Rich. "Enough is enough. 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."

Yes. The problem is wealth inequality. The problem is one person having control over hundreds of billions of dollars in some cases.

That's not good, and that kind of power leads to the problems we are seeing today.

Once a company gets to a certain size, no one person should have absolute control over it. And if they really REALLY want to keep that absolute control, they are going to need to pay for it in the form of high taxes that will continue to happen until they don't have as much wealth.

If they are able, they can continue to own the company and just pour a good chunk of their growth into taxes (the 8% highest tax that is proposed is below the amounts that these individuals are increasing their wealth every year, so they'll continue to get richer, just much more slowly).

This isn't a loophole or a mistake, ceding control over multi-billion dollar companies from one person to more people is the point of this, not a side effect.

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