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politics

Bernie Sanders proposes "Make Billionaires Pay Act"

EuphoricVibez

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

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Brecht

The greatest president America will never have. 

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StarstruckIllusion

Well... is there any hope of it passing? Someone pls say yes :fatcat:

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EuphoricVibez
Just now, StarstruckIllusion said:

Well... is there any hope of it passing? Someone pls say yes :fatcat:

I sure hope so :messga:

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Lemonky

What about decreasing military budget :huntyga:

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EuphoricVibez

I would be here for this bill. They already have more than enough money, more than we could ever dream of having. :cyanlights:

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HeavyMetalLover
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
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MJHolland

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. 

Go to iwillvote.com and make a plan to vote TODAY!
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KillerMonster

Why couldn’t Bernie take Biden’s place. :messga:

Don’t play with me, it just hurts me.
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littlepotter

So since the pandemic Jeff Bezos made nearly DOUBLE 42 billion?! :rip::rip::rip::rip::rip::rip:  

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littlepotter
1 minute ago, KillerMonster said:

Why couldn’t Bernie take Biden’s place. :messga:

Because the media and the dnc ****ed him over

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EuphoricVibez
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 :bear:

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EuphoricVibez
1 minute ago, littlepotter said:

So since the pandemic Jeff Bezos made nearly DOUBLE 42 billion?! :rip::rip::rip::rip::rip::rip:  

Pretty much :cyanlights:

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Lemonky

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...

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BillieGOAT
15 minutes ago, littlepotter said:

Because the media and the dnc ****ed him over

Your new avi!! I’m :air:

OT: Theres no way this bill is getting this past M*tch McConnell 🥴

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