Democratic presidential candidate U.S. Sen. Bernie Sanders, I-Vt., speaks during a brief campaign stop at Town Clock Plaza in Dubuque, Iowa, Monday, Sept. 23, 2019. (Nicki Kohl/Telegraph Herald via AP)

Sanders proposes wealth tax, setting up clash with Warren

September 24, 2019 - 5:22 am

WASHINGTON (AP) — Bernie Sanders has unveiled a plan to tax the nation's top earners that he says will generate $4 trillion-plus over the next decade. It's his version of fellow Democratic presidential rival Elizabeth Warren's signature issue.

Sanders wants a 1% levy on households worth over $32 million. His proposed tax rate would increase for wealthier people, up to 8% for $10-plus billion fortunes.

Warren, a Massachusetts senator, has promised a 2% wealth tax on households worth more than $50 million, prompting crowds at her rallies to chant, "2 cents!"

The dueling wealth tax proposals are the clearest sign yet that Sanders and Warren may have to compete for the Democratic Party's liberal wing in its presidential primary.