Berkshire Hathaway vice chairman Charlie Munger lauded Vermont Sen Bernie Sanders as the victor in the fight against income inequality in the US.
Munger joined billionaire Warren Buffett for Berkshire's annual meeting on Saturday when he made the remarks.
'With everything boomed up so high and interest rates so low, what's going to happen is the millennial generation is going to have a hell of a time getting rich compared to our generation,' Munger said during the meeting.
'The difference between the rich and the poor in the generation that's rising is going to be a lot less,' he adds. 'So Bernie has won. He did it by accident, but he won,' Munger said.
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Berkshire Hathaway vice chairman Charlie Munger (right) lauded Vermont Sen Bernie Sanders as the victor in the fight against income inequality in the US
In 2019, when Sanders was a presidential candidate, he proposed raising taxes 0.5 percentage points on companies paying top executives more than 50 times the median salaries of workers.
Tax penalties would've risen from there, up to a maximum of 5 percentage points for firms whose highest-paid official earns 500-plus times median worker pay.
His policy contrasted with Sanders' rival for the presidency, Massachusetts Sen Elizabeth Warren.
She had also decried skyrocketing top executive pay, but proposed legislation that would bar CEOs from selling company shares for five years after receiving them or three years after a stock buyback — while also letting workers elect 40 per cent of the board at large corporations.
Both Sanders and Warren proposed sweeping plans to increase taxes on the fortunes of some of America's wealthiest families, proposals that would have affected CEOs outside their corporations had they been elected president.
Sanders said his income inequality tax plan would've apply to all private and publicly held corporations with annual revenues of $100million. His campaign estimated that it would've raised $150billion over a decade, which could've been used to eliminate medical debt nationwide.
However, Munger's recent remarks are a stark contrast from what he said about Congresswoman Alexandria Ocasio-Cortez and Sen Warren in 2019.
'I don't think [Ocasio-Cortez] knows who Adam Smith was,' Munger told Yahoo at the time.