2020 Democrats have certainly embraced the idea of introducing bold reforms. Progressive candidates strongly adhere to the ideology that problems in America are systemic and therefore merit huge, structural change.

Candidates who are currently running have introduced proposals which are not only structural in nature, but also highly expensive; examples of the aforementioned plans include Medicare-for-All, cancellation of student loan debt, free housing, and more. Many critics of progressivism view leftist proposals as socialism.

Of course, whenever 2020 Democrats are asked about means to fund their programs, they cite taxing the wealthy as the answer. This is a path which Bernie Sanders has taken to the extreme. Earlier this week, Sanders introduced a wealth tax plan and furthermore declared that billionaires "shouldn't exist."

Why Doesn't Sanders Believe Billionaires Should Exist?

Sanders doesn't believe that billionaires should exist because he thinks he can put their money to better use. This is the reality; since launching his 2020 presidential campaign, Sanders has remained highly critical of billionaires. After introducing this wealth tax plan of his, Sanders stated that the money from taxing wealthy Americans will go to "working people."

If Sanders gets his way, individuals with net worths between $32 million and $10 billion will face taxes between 2% and 8%.

Over time, the taxes which Sanders proposes would gradually reduce the net worths of some of America's most successful individuals. Of course, Sanders plans to use this money to "fund affordable housing plans, universal childcare, and help fund work to guarantee health care as a right for every man, woman, and child in this country."

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Criticism of Sanders' Wealth Tax Plan

Each of the proposals which Sanders has vowed to upon winning the presidency is set to cost trillions of dollars each.

RNC spokesperson Michael Joyce weighed in on why Sanders' plans are not realistic; Joyce's remarks come with the knowledge of Sanders' proposals to hike taxes on the wealthy:

"No matter how many new taxes Bernie proposes, it still won’t come even close to covering the costs of Bernie’s socialist, pie-in-the-sky policy proposals."

Since announcing his wealth tax plan, Sanders has also called to use the government to ensure that wealthy people are unable to protect their money. The 2020 Democrat proposed creating a national registry and increasing IRS audits on the wealthy 1%.

Conservatives remain highly critical of Sanders' wealth tax plan; many on the right-wing moreover maintain that taxing the wealthy out of existence will not aid the poor.

Sanders is also the first 2020 Democrat to outrightly declare that billionaires "shouldn't exist."