The 'Make Billionaires Pay Act' would impose a one-time 60% tax on wealth gains made by billionaires during the pandemic to fund healthcare.
Sens. Bernie Sanders, I-Vt., Ed Markey D-Mass., and Kirsten Gillibrand D-N.Y. introduced the "Make Billionaires Pay Act" Thursday, which would tax tech's top leaders tens of billions of dollars in wealth made during the pandemic.
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.In this screengrab taken from a berniesanders.com webcast, Democratic presidential candidate Sen. Bernie Sanders talks about his plan to deal with the coronavirus pandemic on March 17, 2020 in Washington, D.C.
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 healthcare 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 Jan. 1, 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.WalmartHere's how much some would pay under the bill as of wealth gains between March 18 and Aug.
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