"In its first year, the bill would provide a $3,000 direct payment to every man, woman and child in a household making $150,000 or less—$12,000 for a family of four—and use the estimated $4.4 trillion in revenue raised over the next decade to address the most pressing crises facing working families."
"An analysis by economists at the University of California, Berkeley, estimates that the legislation would raise $4.4tn over the next decade. The lawmakers said that the revenue from the bill would be used to improve the lives of the American people."
"The bill would use revenue from the wealth tax to expand medicare to cover dental, vision and hearing for millions of seniors, build, rehabilitate and preserve over 7m affordable homes and more."
Senator Bernie Sanders and Representative Ro Khanna introduced the Make Billionaires Pay Their Fair Share Act, imposing a 5% annual wealth tax on individuals with net worth exceeding $1 billion. The proposal targets approximately 938 billionaires in the United States. According to UC Berkeley economists, the legislation would generate $4.4 trillion over ten years. Revenue would fund direct $3,000 payments to individuals in households earning $150,000 or less, expand Medicare to cover dental, vision, and hearing services for seniors, and construct or rehabilitate over 7 million affordable homes. The bill would require billionaires like Elon Musk to pay approximately $42 billion in taxes, Mark Zuckerberg $11 billion, and Jeff Bezos $11 billion. Despite unlikely passage under Republican-controlled Congress, the proposal could influence Democratic party policy discussions.
Read at www.theguardian.com
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