In light of the need for trillions in revenue and to reduce the wealth gap that has widened during the Corona epidemic, Senators Elizabeth Warren and Bernie Sanders introduced a wealth tax bill.
and according to Arabnet, Senators Elizabeth Warren and Bernie Sanders presented the wealth tax bill, saying it would raise trillions in much-needed revenue and help reduce the gap. The wealth expanded during the pandemic.
The annual tax will be 2% on wealth that exceeds $ 50 million, and 3% on wealth that exceeds $ 1 billion.
Warren said the tax would only affect the richest 100,000 American households, or above 0.05% - and raise about $ 3 trillion over 10 years.
She explained that the additional revenues will be allocated to help pay for childcare, educational infrastructure and clean energy.
Billionaire tax bills
About half of the revenue will come from taxes from billionaires, who Warren said have added more than $ 1 trillion to their fortunes during the pandemic.
According to the Institute for Policy Studies calculations, Jeff Bezos, the richest person in the world, will owe $ 5.7 billion in 2020 under the millionaire tax, according to CNBC and seen by Al Arabiya.net.
Elon Musk will be owed $ 4.6 billion in 2020 and will still have a fortune of more than $ 148 billion at the end of the year. Bill Gates will have to pay $ 3.6 billion for 2020, and Mark Zuckerberg will have to pay $ 3 billion.
Chuck Collins, director of the Inequality Program at the Institute for Policy Studies, said: The wealth tax on billionaires alone will fund nearly three-quarters of President Biden's $ 1.9 trillion pandemic rescue package that is currently pending before the Senate.
