EuphoricVibez 9 Posted August 7, 2020 Share Posted August 7, 2020 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. https://www.cnbc.com/amp/2020/08/06/sanders-billionaire-tax-bill-would-cost-bezos-musk-zuckerberg.html He/him/his Link to post Share on other sites More sharing options...
Brecht 7 Posted August 7, 2020 Share Posted August 7, 2020 The greatest president America will never have. Link to post Share on other sites More sharing options...
StarstruckIllusion 53,563 Posted August 7, 2020 Share Posted August 7, 2020 Well... is there any hope of it passing? Someone pls say yes Link to post Share on other sites More sharing options...
EuphoricVibez 9 Posted August 7, 2020 Author Share Posted August 7, 2020 Just now, StarstruckIllusion said: Well... is there any hope of it passing? Someone pls say yes I sure hope so He/him/his Link to post Share on other sites More sharing options...
Lemonky 671 Posted August 7, 2020 Share Posted August 7, 2020 What about decreasing military budget Link to post Share on other sites More sharing options...
EuphoricVibez 9 Posted August 7, 2020 Author Share Posted August 7, 2020 I would be here for this bill. They already have more than enough money, more than we could ever dream of having. He/him/his Link to post Share on other sites More sharing options...
HeavyMetalLover 16 Posted August 7, 2020 Share Posted August 7, 2020 2 minutes ago, Brecht said: The greatest president America will never have. Yep. Passing on Bernie is going to be seen as one of the biggest mistakes in our history. i don't remember ARTPOP Link to post Share on other sites More sharing options...
MJHolland 12,725 Posted August 7, 2020 Share Posted August 7, 2020 I would love to see this, but it has a snowball’s chance in hell of getting past McConnell’s desk. But maybe they could push it next year with a blue senate IF WE ALL GET OUT AND VOTE IN NOVEMBER ;))) And honestly, I rather them focus on the next stimulus bill rn in the Senate. This bill pales in comparison to the 1-2 trillion we could be seeing this month. Link to post Share on other sites More sharing options...
KillerMonster 2,361 Posted August 7, 2020 Share Posted August 7, 2020 Why couldn’t Bernie take Biden’s place. Don’t play with me, it just hurts me. Link to post Share on other sites More sharing options...
littlepotter 76,610 Posted August 7, 2020 Share Posted August 7, 2020 So since the pandemic Jeff Bezos made nearly DOUBLE 42 billion?! chaeri pls Link to post Share on other sites More sharing options...
littlepotter 76,610 Posted August 7, 2020 Share Posted August 7, 2020 1 minute ago, KillerMonster said: Why couldn’t Bernie take Biden’s place. Because the media and the dnc ****ed him over chaeri pls Link to post Share on other sites More sharing options...
EuphoricVibez 9 Posted August 7, 2020 Author Share Posted August 7, 2020 3 minutes ago, MJHolland said: I would love to see this, but it has a snowball’s chance in hell of getting past McConnell’s desk. But maybe they could push it next year with a blue senate IF WE ALL GET OUT AND VOTE IN NOVEMBER ;))) And honestly, I rather them focus on the next stimulus bill rn in the Senate. This bill pales in comparison to the 1-2 trillion we could be seeing this month. I agree. I don't see it getting past the Senate at all He/him/his Link to post Share on other sites More sharing options...
EuphoricVibez 9 Posted August 7, 2020 Author Share Posted August 7, 2020 1 minute ago, littlepotter said: So since the pandemic Jeff Bezos made nearly DOUBLE 42 billion?! Pretty much He/him/his Link to post Share on other sites More sharing options...
Lemonky 671 Posted August 7, 2020 Share Posted August 7, 2020 I think this is generally a good idea, but why doesn't anyone talk about bad sides? They can go to other countries (progressive taxing in France made rich people go away), and they usually invest or spend their wealth in better ways than government could... Link to post Share on other sites More sharing options...
BillieGOAT 5,272 Posted August 7, 2020 Share Posted August 7, 2020 15 minutes ago, littlepotter said: Because the media and the dnc ****ed him over Your new avi!! I’m OT: Theres no way this bill is getting this past M*tch McConnell 🥴 Link to post Share on other sites More sharing options...
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