Sen. Bernie Sanders has introduced a new tax bill that would tax the top billionaires on the wealth they made during the coronavirus pandemic.
The new tax bill is called "Make Billionaires Pay Act", and would impose a one-time 60% tax on the wealth generated by the billionaires between March 18, 2020, and January 1, 2021. The tax bill's goal would be to redirect the taxed funds to pay for out-of-pocket healthcare expenses for all Americans for a year.
Under this new bill proposed by Sanders, top tech leaders and other billionaires that fall into the 0.001% category would be forced to hand over $731 billion in wealth accumulated by 467 billionaires since March 18. Companies such as Amazon and Walmart have seen their stocks grow significantly throughout the pandemic, as more Americans are relying on stay-at-home orders. Sanders wants to redirect a portion of those generated funds back into the American healthcare system.
For example, under the new bill the following billionaires would be required to pay:
- Amazon CEO Jeff Bezos would pay a one-time wealth tax of $42.8 billion.
- Tesla and SpaceX CEO Elon Musk would pay a one-time wealth tax of $27.5 billion.
- Facebook CEO Mark Zuckerberg would pay a one-time wealth tax of $22.8 billion.
- The Walton family would pay a one-time wealth tax of $12.9 billion.
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