Asked where the money would come from, Abdul El-Sayed explains at a public event with Bernie that invested wealth earns about 7 to 10% a year, or $100 million on a billion. He says an 8% tax would still leave a billionaire about $20 million, and that it's easier to make a second billion than for a worker to make their first $100,000.
The receipt
- Who
- Abdul El-Sayed
- Where
- rally - Michigan town hall with Senator Bernie Sanders
- Original footage
- Project America | News · watch the full video from this moment
- Length
- 48 seconds, unedited within the cut
- Plays
- 169 on Instagram
Read the transcript
So on an average year your money is going to make about 7 to 10 percent. If you're a billionaire, how much is 10 percent of a billion? A hundred million dollars for doing Jack nothing. So let's say we tax you at 8 percent. I mean you're going to hear a lot of billionaires be like, how? If you tax them at 8 percent, they made 10 % so instead of making a hundred million dollars you're making what 20 million dollars for doing nothing and so it's easier in our current system for a billionaire to make a second billion than it is for the average worker to make the first 100 ,000 and I would rather live in America where it's harder to make a second billion than it is to make your first hundred thousand
Machine transcript of the clip's audio; names are checked, small words may differ.