Richest 100 Americans Would Pay $78 Billion Under Warren Tax

[Omaha Steve]

Source: Bloomberg

By Simon Hunt and Ben Steverman

The 100 richest Americans would hand over more than $78 billion of their personal fortunes under a wealth tax proposed Monday by Democratic Senator Elizabeth Warren and other progressive lawmakers.

Dubbed the Ultra Millionaire Tax Act, the bill would require households with a net worth of more than $50 million to pay a 2% tax on their wealth annually, with an additional 1% surtax for fortunes exceeding $1 billion. Warren’s proposal is unlikely to go anywhere in a narrowly divided Congress.

Jeff Bezos, the world’s richest person, would face an extra tax charge of at least $5.4 billion in 2021 if the bill became law, while Elon Musk would pay $5.2 billion, according to a Bloomberg analysis. The measure would cost Bill Gates an additional $4 billion and Mark Zuckerberg would have to fork over $2.9 billion to cover the tax.

Raiding America's Richest
How much the Ultra Millionaire Tax could cost the top 10 richest in the U.S. (See chart at link)


Read more: https://www.bloomberg.com/news/articles/2021-03-01/richest-100-americans-would-pay-78-billion-under-warren-tax

[lagomorph777]

1. It's a start. A few trillion more and we could call it even-steven.

[Hoyt]

2. That's over 10 years, hardly a drop in the bucket of what we need for healthcare, bolstering Social

Security, education, jobs programs, etc. Sure it helps, but not by much.

Point is, we are all going to have to pony up at some point.

[jimfields33]

5. I thought it was every year. Lol

Even I thought it would take long to get under the tax limit. But over 10 years seems fair. This is on top of what they pay now. I know some don’t because they have so much debt. But like someone mentioned, it won’t pass yet.

[Yavin4]

8. I don't think that her tax plan would be the lone funding source for all of those programs.

I don't think that was her intention.

[jayschool2013]

11. That's just the top 100

Other billionaires and the super-wealthy would also be taxed. Basically it's saying that if you're in the top 100 wealthiest people, this wealth tax would cost you about $780 million individually, or $78 billion for those top 100.

$78B isn't the total revenue generated by the tax.

Later in the story:

About 100,000 families and roughly 1,000 billionaires would end up paying the proposed tax, according to an analysis by University of California at Berkeley economists Emmanuel Saez and Gabriel Zucman. They estimate it would raise about $3 trillion over a decade.

[Hoyt]

17. $300 Billion a year at best. About 6% of her estimate of

the cost of her healthcare plan.

Every little bit helps, but we’ll need a lot more than that.

[Vinca]

3. And the kicker is they wouldn't even miss it.

[OldBaldy1701E]

23. Based on what I have seen of these Smaug-ites

They most certainly would. Remember... "I will not part with a single coin of it!"

[Ka-Dinh Oy]

4. That's it?

For how rich they are and for how long they have gotten away with not paying their fair share you would think it would be more.

[Auggie]

6. Bet it's probably the largest amount that could get passed

[Ka-Dinh Oy]

9. Sad but probably true.

[Maraya1969]

7. Why is it likely not to go anywhere? Do we need a supermajority in congress?

We need to tax the very rich. Our country is failing because of wealth disparity.

[rickyhall]

10. They'd cry like babies.

[jayschool2013]

12. $3 trillion raised over a decade from 100K families and 1K billionaires

The lede is just about the top 100. Other richies would pay as well.

Later in the story:
About 100,000 families and roughly 1,000 billionaires would end up paying the proposed tax, according to an analysis by University of California at Berkeley economists Emmanuel Saez and Gabriel Zucman. They estimate it would raise about $3 trillion over a decade.

[onecaliberal]

13. Not nearly enough, but it is a beginning.

[blm]

14. ✔️

[turbinetree]

15. For example Jeff Bezo's..........

How much money Jeff Bezos makes per day, hour and minute


The CEO of Amazon had net profits of around 67.4 billion dollars between January and mid-July of this 2020, as reported by the GC portal.

Thus, because of how his fortune has behaved in this pandemic year, Bezos earned an average of 8,990 million dollars a month, 2,250 million dollars per week, $ 321 million per day, $ 13.4 million per hour, and about $ 223,000 per minute.

The growth of Bezos’s fortune this year has been such that he got used to billing more than $ 3,000 per second.

Note: Bezo's stepped down from day to day operations of the oligarch

[ZonkerHarris]

16. i want more

[Deminpenn]

18. I am very surprised the House member

introducing their companion bill is Brendan Boyle.

[Beastly Boy]

19. Can we call it The Filthy Rich Bastards' Lunch Money Tax?

Just to put it in the proper perspective.

[flibbitygiblets]

22. The FRBLM tax it is.

[LudwigPastorius]

20. That'd be a start, at least.

[mpcamb]

21. Hey, Send a Little More! You rich benighted bastards!

You didn't earn it!
System is rigged by guys like you that you pay off every 2 years when they run for office!

[Maxheader]

24. Its gone...poof!!

You never get back what you give up in the name of trickle down.

However we can put the pre stumpy tax rates back. ...

[VarryOn]

25. Many of them will end up moving...

You'd be a damned fool, if you didn't. Just sit there and pay a few billion in taxes every year?

This wont collect near what they're saying.

[TexasBushwhacker]

26. Considering their wealth grows by far more than 2% per year

they really shouldn't have a problem with it.

[myohmy2]

27. chump change...

...double it...