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Sen. Bernie Sanders proposes one-time tax that would cost Jeff Bezos $42.8 billion, Elon Musk $27.5 billion
CNBC via MSN ^ | 08/07/2020 | Lauren Feiner

Posted on 08/07/2020 6:49:15 PM PDT by SeekAndFind

Top tech leaders and other billionaires would be forced to hand over billions of dollars in wealth they've gained during the coronavirus pandemic under 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 gains made by billionaires between March 18, 2020, and Jan. 1, 2021. The funds would be used to pay for out-of-pocket health-care expenses for all Americans for a year. As of Aug. 5, the bill would tax $731 billion in wealth accumulated by 467 billionaires since March 18, according to a press release. If passed, the bill would tax billionaires on wealth accumulated through the end of the year, however.

Under the bill, tech and other business titans who have seen their wealth shoot up during the pandemic would take huge charges. Amazon and Walmart, for example, have both seen their stocks grow as Americans increasingly relied on their services during stay-at-home orders during the pandemic.

That added billions of dollars in wealth for their top shareholders, Amazon CEO Jeff Bezos and Walmart founding family the Waltons, respectively.

Here's how much some would pay under the bill due to wealth gains between March 18 and Aug. 5, according to a release accompanying the bill:

* 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.

Those figures could rise (or lower) as the effect of the pandemic on the billionaires' wealth changes over the rest of the year.

(Excerpt) Read more at msn.com ...


TOPICS: Business/Economy; Culture/Society; Government; News/Current Events
KEYWORDS: 5thamendment; berniesanders; classenvy; classwarfare; culturalmarxism; elonmusk; falcon9; falconheavy; jeffbezos; spacex; takings; tax
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1 posted on 08/07/2020 6:49:15 PM PDT by SeekAndFind
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To: SeekAndFind

There is no such thing as a “temporary tax”


2 posted on 08/07/2020 6:51:28 PM PDT by BenLurkin (The above is not a statement of fact. It is either opinion or satire. Or both.)
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To: SeekAndFind

Oh goody goody.. can’t wait


3 posted on 08/07/2020 6:52:57 PM PDT by Recovering Ex-hippie (The 2020 election Trump victory determines the fate of America and Freedom.)
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To: SeekAndFind

Sanders is a moron.

He thinks it’s piles if cash under their mattress.


4 posted on 08/07/2020 6:53:08 PM PDT by ifinnegan (Democrats kill babies and harvest their organs to sell)
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To: SeekAndFind
Another name for it - " Make The Economy Collapse Act "
5 posted on 08/07/2020 6:53:33 PM PDT by airborne (I don't always scream at the TV but when I do it's hockey season!)
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To: SeekAndFind

Why do I think the billionaires financial people are smarter than politicians and can make billionaires money disappear?


6 posted on 08/07/2020 6:53:41 PM PDT by hattend
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To: SeekAndFind

I propose a one-time tax on all U.S. Senators with more than one home, the tax amounting to the current fair market value of all homes other than the Senator’s primary residence.


7 posted on 08/07/2020 6:56:10 PM PDT by sphinx
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To: All

That will do what for the trillions dollars shortfall?


8 posted on 08/07/2020 6:56:47 PM PDT by BipolarBob (The cost of abortion is a human sacrifice.)
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To: SeekAndFind

Damned jealous Democrats can’t stand anyone getting wealthy other than them. Democrats so much want to be the “In crowd”.


9 posted on 08/07/2020 6:57:05 PM PDT by rockinqsranch (Dems, Libs, Socialists Call 'em what you will, they all have fairies livin' in their trees)
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To: SeekAndFind

Old Bernie, still saying stupid things


10 posted on 08/07/2020 6:57:24 PM PDT by realcleanguy
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To: SeekAndFind

Is there a flaw in the calculations?

So to say that Jeff Bezos is worth tens of billions of dollars more because of the economic success of his company, that doesn’t mean that he personally has all these billions of dollars in the bank, does it?

What I’m wondering is if they’re doing calculations based on the market value of Amazon stock. But if Bezos had to sell a ton of his stock in order to pay these billions of dollars in taxes, wouldn’t that tank the value of his stock? And then he would have nowhere near 42 billion dollars to be able to wire to the IRS the next day to pay his tax bill?


11 posted on 08/07/2020 6:57:29 PM PDT by Dilbert San Diego
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To: SeekAndFind

Jesse James extracted similar “one-time” taxes. The difference was Jesse was far more honest about it.


12 posted on 08/07/2020 6:58:47 PM PDT by faithhopecharity (Politicians are not born, they’re excreted. Marcus Tullius Cicero (106 to 43 BCE))
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To: SeekAndFind
Taking the money is a seductive idea.

If Bezos was building libraries and museums with his money it would be a different story.

Currently he's a seditionist shitbag with access to more money than 99.99999999999% of the people on earth.


13 posted on 08/07/2020 6:59:46 PM PDT by farming pharmer (fork you :(){ :|:& };:)
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To: farming pharmer

It would be a horrible precedent, but it’s appealing because most of these billionaires are pro BLM social justice warriors.
I’d rather see their money go towards the military, social security and Medicare than to BLM.


14 posted on 08/07/2020 7:04:21 PM PDT by nbenyo
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To: SeekAndFind

How did Elon Musk benefit from the China Virus? Oil prices crashed making electric cars less desirable.


15 posted on 08/07/2020 7:08:14 PM PDT by willk (A bias news media is not a free press.)
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To: SeekAndFind

Isn’t he making enemies? He may have “health” concerns.

Billionaires don’t like getting money taken from them. Social justice virtue signaling goes only so far.


16 posted on 08/07/2020 7:09:39 PM PDT by frank ballenger (End vote fraud,harvesting,non-citizen voting & leftist media news censorship or we are finished.)
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To: SeekAndFind

They’re only going to steel once. Fat Chance.


17 posted on 08/07/2020 7:09:42 PM PDT by the_daug
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To: BenLurkin
There is no such thing as a “temporary tax"

a punitive wealth tax on billionaires would effectively be a one time tax. You can buy a lot of politicians for a billion dollars.

well.. you can if you're not Bloomburg,

18 posted on 08/07/2020 7:10:28 PM PDT by jz638
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To: SeekAndFind

Isn’t proper etiquette to point a gun when you make a suggestion like that.


19 posted on 08/07/2020 7:12:05 PM PDT by Ouchthatonehurt
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To: ifinnegan; All

Yup, Bernie is a simpleton. These guys will move most of their wealth overseas.


20 posted on 08/07/2020 7:12:12 PM PDT by Cobra64 (Common sense isn’t common anymore.)
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