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Billionaire candidate Tom Steyer: America’s income inequality is ‘unbearable, unjust’

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Democratic presidential candidate Tom Steyer may be worth $1.6 billion, but he says he knows the extreme wealth gap in the United States is a problem. 

“I believe that the income inequality in this country is unbearable, unjust, and unsupportable,” Steyer said during Tuesday’s Democratic debate at Drake University in Iowa.

“The redistribution of wealth to the richest Americans from everyone else has to end,” he said.

Part of the solution, Steyer says is a wealth tax on “1 percenters like me,” he wrote in an op ed in USA Today in October.

“If you are worth more than $20 million, you’ll pay a single penny on every dollar you have above that level. No deductions, no exemptions, no loopholes at all. Every .1 percenter pays,” Steyer wrote of his wealth tax proposal.

“One percent for your country would be a rounding error for the richest Americans. But it adds up for the American people.”

Steyer’s one fellow billionaire in the Democratic presidential race, Michael Bloomberg, has a different take on implementing a tax on high net worth: It “just doesn’t work,” he said on CBS’ “The Late Show with Stephen Colbert” on Tuesday.

Instead, Bloomberg proposes raising income taxes (among other things). “[T]hat’s the way you fix income inequality and that’s where you get money to do the things we need to do that keeps this country safe and keep the economy going,” he said.

Source: Buffett Watch