PONY UP
Here's How Much Bezos, Musk, Gates And Zuckerberg Would Pay Under Warren's Proposed Wealth Tax
The country's roughly 650 billionaires would have paid about $114 billion for 2020 under Warren's proposed "ultra-millionaire" tax, research suggests.
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The Lede
Senator Elizabeth Warren's proposed wealth tax would levy an annual 2% charge on individual net worths of $50 million–$1 billion and a 3% charge on net worths above $1 billion. The plan would use the added tax revenue for public benefit, like childcare, education and infrastructure.
Key Details
- Under this proposal Jeff Bezos would pay the most in wealth taxes at $5.7B, followed by Elon Musk, who would owe $4.6B, and Bill Gates, who would owe $3.6B.
- Over 10 years, the tax would generate an estimated $3 trillion in revenue.
- Around the world, Argentina was the first country to implement a "millionaire tax," which its government hopes will raise billions for pandemic relief.