Sen. Sanders proposes one-time tax that would cost Bezos $42.8 billion, Musk $27.5 billion

High tech leaders and different billionaires can be compelled handy over billions of {dollars} in wealth they’ve gained through the coronavirus pandemic below 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 beneficial properties made by billionaires between March 18, 2020, and Jan. 1, 2021. The funds can be used to pay for out-of-pocket health-care bills for all People for a 12 months. As of Aug. 5, the invoice would tax $731 billion in wealth gathered by 467 billionaires since March 18, in keeping with a press launch. If handed, the invoice would tax billionaires on wealth gathered by means of the tip of the 12 months, nonetheless.

Below the invoice, tech and different enterprise titans who’ve seen their wealth shoot up through the pandemic would take big prices. Amazon and Walmart, for instance, have each seen their shares develop as People more and more relied on their companies throughout stay-at-home orders through the pandemic.

That added billions of {dollars} in wealth for his or her prime shareholders, Amazon CEO Jeff Bezos and Walmart founding household the Waltons, respectively.

This is how a lot some would pay below the invoice as a result of wealth beneficial properties between March 18 and Aug. 5, in keeping with a release accompanying the invoice:

  • Amazon CEO Jeff Bezos would pay a one-time wealth tax of $42.eight 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.eight billion.
  • The Walton household would pay a one-time wealth tax of $12.9 billion.

These figures might rise (or decrease) because the impact of the pandemic on the billionaires’ wealth adjustments over the remainder of the 12 months.

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PJ is the Digital Marketer & Founder of PJ Digital Marketing, has involved in this field from 2010 onwards. Also the owner of a few more sites in different fields.