Elon Musk would have to pay an additional $50 billion in taxes while Jeff Bezos would be on the hook for an additional $35 billion, according to preliminary calculations.
Although it doesn’t just target households more than $1 billion, most of the new revenue that would be raised by the tax that would apply only to the top one-hundredth of 1 percent of American households would come from billionaires. Anyone who is a target for the tax and already pays at least 20 percent in taxes wouldn’t owe any more money while those paying below that rate would have to pay enough to. Under the plan, the wealthiest people in the country would suddenly owe a lot more tax.
Elon Musk, for example, would have to pay an additional $50 billion in taxes while Jeff Bezos would be on the hook for an additional $35 billion, according to calculations by Gabriel Zucman, an economist at the University of California Berkeley.The new tax would likely be popular with the Democratic Party’s base that has long called for higher taxes on the wealthiest Americans.
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