Sen. Sanders proposes one-time tax that may value Bezos $42.eight billion, Musk $27.5 billion

In this screengrab taken from a berniesanders.com webcast, Democratic presidential candidate Sen. Bernie Sanders (I-VT) talks about his plan to cope with the coronavirus pandemic on March 17, 2020 in Washington, D.C. Businesses are being severely impacted, colleges are closing quickly and enormous occasions are being postponed because the COVID-19 virus continues to unfold throughout the nation.

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Top tech leaders and different billionaires could be pressured handy over billions of {dollars} in wealth they’ve gained throughout the coronavirus pandemic underneath 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 good points made by billionaires between March 18, 2020 and Jan. 1, 2021. The funds could be used to pay for out-of-pocket healthcare bills for all Americans for a yr. As of Aug. 5, the invoice would tax $731 billion in wealth gathered by 467 billionaires since March 18, in response to a press launch. If handed, the invoice would tax billionaires on wealth gathered via Jan. 1, nevertheless.

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

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

Here’s how a lot some would pay underneath the invoice as of wealth good points between March 18 and Aug. 5, in response to 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.

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

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