Here’s how many billions of dollars America’s 20 richest—including Elon Musk and Jeff Bezos—might owe under proposed billionaire tax:
400 2021 valuation date, our 20 billionaires would owe another $106 billion for 2021. So in just the first two years of the tax, these 20 billionaires could have owed $345 billion—about 19% of their collective current net worth of $1.8 trillion—assuming they didn’t take a big charitable out, written into the bill. That’s more than the $200 billion to $250 billion over ten yearsNot surprisingly, Musk was quick to denounce the new proposal, firing off several tweets attacking the plan on Monday.
Billionaires with non publicly traded assets would also have the option of paying gains on their built-in gains in the first year they became subject to the tax—an option they would presumably be unlikely to take if they believed a future Republican Congress would repeal the tax with a future Republican President signing that repeal. The relatively modest rate of interest would also likely make them less likely to take this option.
Lesser billionaires would also get some significant relief—they could treat up to $1 billion of their holdings in a public company as if they were non-publicly traded assets, thus deferring gains tax on that lump of stock. One big beneficiary of the deferral for non-publicly traded assets: Michael Bloomberg, a key Democraticwhose $59 billion net worth makes him the richest American with a predominantly private company fortune, thanks to his 88% stake in financial information and media giant Bloomberg LP.
It wasn’t immediately clear whether cryptocurrencies would be treated as publicly traded assets or non-tradable ones, taxed only on sale or transfer, potentially exempting from the annual levy more than half the net worth of billionaires like
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