"The Vermont senator, along with Democratic Rep. Ro Khanna of California, unveiled a bill on Monday that would enact a 5% annual wealth tax on America's billionaires, which Sanders's office estimates to be 938 people. The legislation would raise $4.4 trillion over 10 years, according to an economic analysis by two economics professors at the University of California at Berkeley."
"The flashiest proposal is a one-time, $3,000 direct payment to each American in households making $150,000 annually or less - meaning $12,000 for a family of four. Beyond that, the duo also says they would use the revenue to fund recently expired ACA tax credits, expand Medicare to cover dental, vision, and hearing for seniors, and build, rehabilitate, and preserve over seven million affordable homes."
"In a press release, Sanders's office specifically said that Elon Musk - the world's richest man - would owe $42 billion in taxes in the first year. The proposal is unlikely to become law, particularly given GOP control of Congress. But it's a proposal that could influence the course of Democratic politics over the next several years."
Senators Bernie Sanders and Representative Ro Khanna introduced legislation imposing a 5% annual wealth tax on approximately 938 American billionaires. Economic analysis projects the tax would generate $4.4 trillion over ten years. Revenue would fund a one-time $3,000 direct payment to households earning $150,000 or less annually, restore expired ACA tax credits, expand Medicare coverage for dental and vision services, build affordable housing, cap childcare costs at 7% of household income, raise teacher salaries to $60,000 minimum, and expand Medicaid home health services. The proposal targets billionaires like Elon Musk, estimated to owe $42 billion in first-year taxes. While unlikely to pass under current GOP-controlled Congress, the proposal may shape Democratic policy discussions leading toward the 2028 presidential election.
Read at Business Insider
Unable to calculate read time
Collection
[
|
...
]