Sanders Proposes One-Time Tax That Would Cost Bezos $42.8 Billion, Musk $27.5 Billion

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Top tech leaders and other billionaires would be forced to hand over billions of dollars in wealth they’ve gained during the coronavirus pandemic under a new bill introduced by Sens. Bernie Sanders, I-Vt., Ed Markey, D-Mass., and Kirsten Gillibrand, D-N.Y.

The “Make Billionaires Pay Act” would impose a one-time 60% tax on wealth gains made by billionaires between March 18, 2020, and Jan. 1, 2021. The funds would be used to pay for out-of-pocket health-care expenses for all Americans for a year. As of Aug. 5, the bill would tax $731 billion in wealth accumulated by 467 billionaires since March 18, according to a press release. If passed, the bill would tax billionaires on wealth accumulated through the end of the year, however.

Under the bill, tech and other business titans who have seen their wealth shoot up during the pandemic would take huge charges.

Read more at CNBC.

{Matzav.com}

6 COMMENTS

  1. Has anyone considered the near-certainty that the so-called wealth is in the form of shares of stock (or something similar) and not in the form of cash? Dumping that amount of stock on the market to sell would drop its value to probably near-zero.

  2. IF SUCH A LAW LOOKED LIKE PASSING, THE MONEY WOULD FLOW OUT OF THE COUNTRY AT THE SPEED OF LIGHT. THE BILLIONAIRES THEMSELVES WOULD GIVE UP THEIR AMERICAN CITIZENSHIP SO AS NOT TO BE LIABLE FOR TAX – AFTER ALL, AMERICAN CITIZENSHIP IS NO BIG DEAL TODAY. THEIR FACTORIES WOULD MOVE TO CHINA OR CUBA!

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