After spending the better half of last year touring the country to "fight oligarchy," Sen. Bernie Sanders (I–Vt.) has introduced legislation to confiscate billionaires' property.
On Monday, Sanders introduced the Make Billionaires Pay Their Fair Share Act. The bill, which was also introduced by Rep. Ro Khanna (D–Calif.) in the House, would impose a 5 percent annual wealth tax on 938 American billionaires to raise an estimated $4.4 trillion over the next decade. Instead of reducing the $1.9 trillion deficit projected for this year, the money raised from this tax would go to expanding Medicare and Medicaid (which already receive $1.7 trillion in combined federal spending), giving public schoolteachers a raise, and providing a one-time "$3,000 direct payment to every man, woman and child in a household making $150,000 or less."
