Senator Bernie Sander shocked everyone by introducing a draconian bill that would force billionaires to pay billions of dollars from their accounts for the aid in Coronavirus pandemic.
The bill called Make Billionaires Pay Act is seeking to impose 60% one-time tax on wealth garnered by billionaires during March 18, 2020- January 1, 2021. The money will get used to paying for the health concerns of all Americans until a year.
So far, the total tax amount from 467 billionaires from the starting date is $ 731 billion (August 5).
So, if the bill gets effective, then the business tycoons, tech giants and tycoons who recently saw a jump in their wealth would have to let go of vast amounts of money.
Here’s the amount of wealth most significant billionaires will lose:
Amazon:-The Jeff Bezos owned conglomerate will have to pay a wealth tax of $ 42.8 billion.
Walton Family:-They will be required to shed $12.9 billion ( one-time wealth tax).
Space X and Tesla:- The CEO of the company Elon Musk will have to offer $27.5 billion as the wealth tax.
Facebook:- Mark Zuckerberg, the CEO of the social media giant, will pay $22.8 billion.
Interestingly, both Walmart and Amazon have witnessed their stocks rise continuously during the pandemic as Americans are heavily relying on home delivery services.