Jeff Bezos would owe $5.7 billion in taxes for 2020 under the Ultra-Millionaire Tax Act proposed by a group of Senate and House Democrats and independent Sen. Bernie Sanders.
Sens. Elizabeth Warren and others unveiled their proposed wealth tax, saying it would raise trillions in much-needed revenue and help reduce a wealth divide that has only grown wider during the pandemic. The tax would be a 2% annual levy on wealth over $50 million and 3% on wealth over $1 billion.
Warren said the tax would only affect the wealthiest 100,000 American families — or the top 0.05% — and would raise about $3 trillion over 10 years. She said the added revenue would go to help pay for child care, education infrastructure and clean energy.
“We do understand the direction we’ve been going. This pandemic has created more billionaires. The people at the top are not barely hanging on by their fingernails,” Warren said.
About half of the revenue from the tax would come from billionaires, who Warren said had added more than $1 trillion to their wealth during the pandemic.
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