“We shouldn’t have billionaires”—Bernie Sanders says it’s time to tax them into extinction
Senator Bernie Sanders has reignited his call for wealth redistribution by asserting that poverty could be entirely eliminated if billionaires were taxed more heavily—arguing that their extreme accumulation of wealth is incompatible with a just society.
In a candid interview with PoliticsJOE, the longtime Vermont senator expressed his frustration over the global imbalance of wealth, pointing out how the top 1% of earners now hold more wealth than 95% of the world’s population combined. Sanders, a consistent critic of economic inequality, didn’t hold back when naming names—specifically referencing Elon Musk, a figure he believes epitomizes this disproportion.
Sanders said:
“We can literally abolish poverty right now. If we have the courage to make sure that this new technology, the creation of wealth, goes to all people, not just the people on top.”
He emphasized that in an age of such abundance and innovation, it’s a moral failure that millions still struggle to afford basic human necessities like housing, healthcare, and childcare. To Sanders, these are symptoms of a rigged economic system, one he insists must be dismantled to create a fairer world.
Pressed on whether he supported wealth taxes on the ultra-rich, Sanders made it clear he envisions more than incremental reform—he believes billionaires should be a thing of the past.
“We should be saying right now, in a world in which globally the top 1% owns more wealth than the bottom 95%, and in nation after nation you’re seeing more and more income and wealth inequality, I would say that in the United States we should not have billionaires.”
Calling out Tesla and SpaceX CEO Elon Musk by name, Sanders slammed the idea of a single individual holding hundreds of billions of dollars while ordinary Americans are forced to choose between medical treatment and paying rent.
“The idea that somebody now has $300-$400bn when we have people sleeping out on the streets, when people can’t afford healthcare, can’t afford childcare – that is insane.”
His solution? A complete restructuring of economic priorities—one that replaces corporate dominance with democratic engagement.
“So we need to democratise our society, get people involved and create an economy that works for all of us, not just the folks on Wall Street or the new high tech billionaires.”
Bernie Sanders: "We can literally abolish poverty right now."
— PoliticsJOE (@PoliticsJOE_UK) May 30, 2025
How? Tax billionaires into extinction.@BernieSanders @SenSanders pic.twitter.com/gudH0ld2QC
Note to our readers: We understand some may question the validity of this report. The information above is compiled from verified international and independent news outlets, including The New York Times, PoliticsJOE, and The Independent. All claims have been fact-checked against multiple reliable sources to ensure accuracy and transparency.
