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 ...
Your effective party, Bezos. And no doubt the tools that work for you at WAPO agree with Sanders the Socialist
Id rather see their money go exactly where they wanted it to go. You didnt earn it. I didnt earn it and for sure none of the greedy grasping thieves in Kongress earned it. In fact theyve been plundering it all along So lets spend whatever WE make on what we want and not speculate on what we would do with someone elses money
Da komrad take the wealth from those who earned it. What a great idea. Btw whats your DU name?
Except for Musk, the other bozos on that list absolutely love cheap foreign Indian labor. So yeah, take their ill-gotten wealth. Dont hire Americans, get taxed for the entirety of your wealth.
If the commies get full control, 401K’s and IRA’s would soon become community property.
Since retirees are not productive, all other assets would be seized in the name of the people and the retirees would be placed in housing projects and rationed food and medicine.
In the meantime, the elites would become richer.
Thank God for the 2A and the millions of fellow Americans that will not stand for this crap. The question is, what event will trigger CSII? I say massive voter fraud with Basement Biden installed as Prez.
They’re spending it on BLM which is a threat to my rights. So I’m not gonna come to their rescue, let them deal with what they helped create.
Don’t forget about Oprah!
Fedgov averages $10 billion a day in spending.
Sanders want’s Beezos and Musk to pony up about one week of federal spending. Where are the other 51 weeks going to come from?
What strikes me is that these people dont have cash laying around.
What business is Bezos going to close when he liquidates It to come up with the cash.
Cash he will give to the government, where nothing will be produced with. It will simply vanish.
And the government would immediately piss it away.
Short sighted crap. Taxing wealth of a few is like being a little be pregnant There is no upper bound to government rapaciousness. it wont stop until the government steals everything from everyone. Works for you. Doesnt work for me.
Brings to mind a post from earlier today...
“Rep. Thomas Massie: Compared To The Government, The Mafia Is A Light Touch”
“https://www.freerepublic.com/focus/f-chat/3872373/posts"
Can anyone even begin to imagine what this would do to the economy? Might make the COVID #PLANdemic shutdowns look like child’s play.
I live in Illinois. Temporary taxes here become permanent.
Just nationalize the companies. That’s what Comrade Sanders really wants to do.
Sure, let’s pull out the feathers of the Golden Goose one-by-one, so he’ll be sure the Goose will all his investments in American companies, buy gold bullion, and keep it safely locked up in a safe deposit vault in Switzerland.
Trouble is, with any advanced warning of the passage of such legislation, the stock market will crash, killing all hope of finding this money.
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Bozo and the Post would still support Burnie.
That's easy. Once they've soaked "the rich", they lower the bar and soak the "almost rich". When that runs out, they lower the bar so that it covers everyone who earns a living. Then ordinary schmucks end up with a 60 or 70 percent tax rate, which is a lot like the socialist paradises in Europe that the leftists are always lionizing have. There just aren't enough "rich people" around to fund everything these buttwipes want to do. Even if you took all their money, you'd be short, for just the first year alone.
I can’t fathom how one man, Jeff Bezos, could accumulate 113 billion dollars......
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