Bernie Sanders wants to tax top billionaires to pay for coronavirus

Bernie Sanders has introduced a new tax bill that taxes Americas top 0.001% of billionaires to pay $731 billion for healthcare.

@Jak_ConnorTT
Published Fri, Aug 7 2020 8:32 AM CDT   |   Updated Tue, Nov 3 2020 11:42 AM CST

Sen. Bernie Sanders has introduced a new tax bill that would tax the top billionaires on the wealth they made during the coronavirus pandemic.

Bernie Sanders wants to tax top billionaires to pay for coronavirus 01 | TweakTown.com

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.

If you are interested in reading any more about this topic, check out this link here.

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Jak's love for technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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