Bernie Sanders is proposing a new wealth tax on billionaires called the ‘Make Billionaires Pay’ act.
He wants to tax wealth they have generated during the Coronavirus pandemic, to fund healthcare for all Americans for one year.
His socialist instincts always get the best of him.
CNBC reports:
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Sen. Sanders proposes one-time tax that would cost Bezos $42.8 billion, Musk $27.5 billion
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.
Isn’t this just basically theft?
LULZ…this is literally theft: Sen. Sanders proposes one-time tax that would cost Bezos $42.8 billion, Musk $27.5 billion https://t.co/iIsTCCKjAU
— Pradheep J. Shanker (@Neoavatara) August 7, 2020
Today, with @SenMarkey and @SenGillibrand, I am introducing a 60% tax on the obscene wealth gains of 467 billionaires during this pandemic in order to guarantee healthcare as a right to all for an entire year. #MakeBillionairesPay https://t.co/6BxIHVTYvF
— Bernie Sanders (@SenSanders) August 6, 2020
This is a one-time tax?
So what happens next year? Does everyone give up their new healthcare?
Cross posted from American Lookout.
