Bill introduced in Senate to seize the assets of rich people, calls it a one-time only emergency tax so it’s okay

  • Sens. Bernie Sanders, I-Vt., Ed Markey, D-Mass., and Kirsten Gillibrand, D-N.Y., on Thursday introduced the “Make Billionaires Pay Act,” 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.

  • The funds would be used to pay for out-of-pocket health-care expenses for all Americans for a year.

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.

www.cnbc.com/2020/08/06/sanders-billionaire-tax-bill-would-cost-bezos-musk-zuckerberg.html