Categories: World

Bernie Sanders mulls one-time 'Make Billionaires Pay Act', for uber rich

Three Senators, led by Bernie Sanders, have attracted global attention for introducing the "Make Billionaires Pay Act," aiming to tax US tech's top leaders tens of billions of dollars in wealth made during the coronavirus pandemic.

The "Make Billionaires Pay Act" would impose a one-time 60 per cent tax on wealth gains made by billionaires between March 18, 2020, and January 1, 2021.

Riding growing global despair about inequity, the Senators suggest that funds would be used to pay for out-of-pocket health-care expenses for all Americans for a year. Besides Sanders, the Senators are Ed Markey and Kirsten Gillibrand.

"Over and over again, we have been told that we cannot possibly afford to guarantee healthcare as a right by moving to a Medicare for All system – even on a temporary basis during the worst public health emergency in over a hundred years. Well, it turns out that is not quite accurate," a post on Sanders' Senate page argued.

"While a record-breaking 5.4 million Americans recently lost their health insurance, 467 billionaires in our country increased their wealth by an estimated $731.8 billion during the pandemic. Incredibly, as a result of the Trump tax giveaway to the rich, these billionaires currently pay a lower effective tax rate than teachers or truck drivers."

Citing the Americans for Tax Fairness and Institute for Policy, Sanders said: "If we taxed 60 per cent of the windfall gains these billionaires made from March 18th until August 5th, we could raise $421.7 billion. That's enough revenue to allow Medicare to pay all of the out-of-pocket healthcare expenses for everyone in America over the next 12 months (based on an estimate from the Committee for a Responsible Federal Budget).

"Yes, that's right. By taxing 60 per cent of the wealth gains made by just 467 billionaires during this horrific pandemic, we could guarantee healthcare as a right for an entire year. And billionaires would still be able to pocket more than $310.1 billion in wealth gains during the worst economic downturn since the Great Depression."

Illustrative examples cited include Jeff Bezos, whose wealth has gone up by 63 per cent or $71.3 billion during the pandemic, paying a one-time wealth tax of $42.8 billion; Elon Musk, whose wealth has nearly tripled during the pandemic from $24.6 billion to $70.5 billion, would pay a one-time wealth tax of $27.5 billion; Mark Zuckerberg, who is now worth $92.7 billion, up from $54.7 billion, would pay a one-time wealth tax of $22.8 billion and the Walton family, the wealthiest family in America, which has seen their wealth grow by $21.5 billion, would pay a one-time wealth tax of $12.9 billion.

"At a time of massive wealth and income inequality, when so many of our people are hurting, it is time to fundamentally change our national priorities. Instead of more tax breaks for the rich while more Americans die because they cannot afford to go to a doctor, let us expand Medicare and save lives by demanding that billionaires pay their fair share of taxes."

Aiming to distinguish the not-so-super-rich from their moves, those with net worth of less than $1 billion wouldn't pay more in taxes. While Zuckerberg, Bezos and the Waltons haven't yet reacted, Musk took the challenge head on, with a meme. "Every time the Bernster mentions a free government program, chug somebody else's beer", the irrepressible billionaire tweeted back..

IANS

Recent Posts

Protests erupt across PoGB over Kurram attack, shia community seeks justice

Protest demonstrations broke out across different areas of Pakistan-occupied Gilgit-Baltistan after Friday prayers, with thousands…

11 hours ago

UKPNP Slams Pakistan’s Unconstitutional Presidential Order in PoJK

Jamil Maqsood, the President of the Foreign Affairs Committee of the United Kashmir People's National…

14 hours ago

Meeting of ASEAN-India Trade in Goods Agreement committee concludes in Delhi

The 6th meeting of the ASEAN-India Trade in Goods Agreement (AITIGA) Joint Committee concluded in…

14 hours ago

US adds 29 Chinese firms to Uyghur Forced Labor Prevention Act Entity list

The US Department of Homeland Security (DHS), on behalf of the Forced Labor Enforcement Task…

14 hours ago

Tibetan Parliament-in-Exile calls for UK’s action on China’s Abuses

A delegation from the Tibetan Parliament-in-Exile (TPiE), led by Speaker Khenpo Sonam Tenphel and accompanied…

15 hours ago

Indian Dornier 228 aircraft flypast on the sidelines of India-CARICOM Summit

On the sidelines of the 2nd India-CARICOM Summit, leaders of the member countries witnessed a…

15 hours ago