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 ...
If something happens and their shareprice drops will Bernie lead the charge to reimburse them?
Socialists and commies love confiscating rich people’s money.
Ya you could only steal that kind of money once ,LOL
Anyone who supports this idea is a fool.
Remember the income tax back in 1914?
A small tax on upper income people. Look at the nightmare that has evolved into.
It wouldn’t be long before this billionaire’s tax would be a “one time tax” on anyone with over a million dollars in assets.
Yes. They’re morons.
Here’s an old hippie bum who has done nothing in his whole life but hold various public offices, and his plan is to take the wealth of people who have actually worked to create something useful. Once that money is p*ssed away (and you know it will be), then what?
I strain to disagree with you.
The parasites will eat this up and the majority of Americans may be hoodwinked into believing this is a valid “request”.
The commies are in full court press mode. Seems to me this is intended to push the parasite vs producer paradigm to the breaking point, as in attempting to force Americans to choose one path or the other under false pretenses.
I’m sure they’ll stick around and pay it and not move their money to Monaco 30 seconds before it ever becomes law.
It’s just a drop in the bucket compared to the trillions that Congress is spending.
The Marxist left does not do anything punitive, “one time.”
One time? They would spend that money in record time and then what?
But it’s never a “one time tax”.
What would come next ?
“One time” raids on IRAs, 401(K)s ?
(That’s been talked about many times).
Who cares? This is Blue-on-Blue that we’re talking about.
Tell me which one of these billionaires supports the MAGA agenda, and why should I want to preserve their billions so that they can tear down America with their riches and ship your jobs overseas or replace you at here at home with foreign scabs?
Add it all up and it does not come close to the levels of deficient spending congress is doing now.
Calling it a “tax” sounds so much nicer than “extortion.”
Works for me, with those two.
Throw in Bill Gates and George Soros too, while you are at it.
It’s not like it’s real money anymore.
***wink***
Yeah, I'm sick of seeing Amazon pimp the whole BanditsLootersMurderers con on Prime. They've even got a whole run of black 'B' movies called "Black Stories."
But it's not right to target Amazon's owners simply because they're rich. The money is not sequestered in some off shore account. It's tied up in a Corporation that employs thousands. Sanders would know that if he weren't some old, shriveled, wrinkled, demented coot.
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