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The only way that rich people could pay Bernie Sanders’s proposed annual 8% wealth tax would be by selling enough stock to get the money to pay the tax. This would drive down stock prices, and would hurt every single middle class person who has a pension, a 401K, or an IRA.
Billionaires don’t just have billions of dollars in cash just sitting around, waiting to pay Bernie Sanders’s proposed annual 8% wealth tax.
Example - Person - World - Jeff - Bezos
For example, the richest person in the world is Jeff Bezos, the guy who created amazon. 99.9% of his wealth is in the form of stock in the company that he himself created. In the beginning, that company was worth zero. The only reason that it has value today is because he created that value. The stock in any company is worth only as much as what people are willing to pay for it.
If Sanders forced Bezos to pay an 8% annual wealth tax, Bezos would have to sell enough of his amazon stock to get the money to pay the tax.
Price - Stock
That would drive the price of the stock down.
And that would hurt every single middle class person who has a pension, a 401K, or an IRA.
And it gets even worse than that.
“Billionaires should not exist.”
Billionaires - Companies - Billionaires
But if billionaires don’t exist, then the companies that those billionaires created would not exist either.
And the goods and services that are provided by those companies would not exist either.
Sanders - People - US - Choices - Shoes
Which is why Sanders also said that people in the U.S. have too many choices when it comes to deodorant and shoes, and that it’s a “good thing” when people have to wait in line to buy food.
Sanders said that Americans have too many choices when it comes to deodorant and shoes. These are his exact words:
“You don’t necessarily need a choice of 23...
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It had only one fault, it was useless.