American radical lawmakers such as Elizabeth Warren and Bernie Sanders formally submitted a wealth tax bill on Monday, levying a 2% annual tax on households with a net worth of more than US$50 million and an annual tax on households with a net worth of more than US$1 billion. Tax 3%.
The bill, called the “Ultra-Millionaire Tax Act”, aims to curb the gap between the rich and the poor in the United States that has been exacerbated by the new crown pandemic.
Warren said in a statement: “The super-rich and the right holders manipulate the rules for their own benefit, so that the richest 0.1% of people pay a lower actual tax rate than the poorest 99%. Billionaires ‘S wealth has increased by 40% compared to before the start of the new crown virus crisis.”
It is estimated that if this bill becomes law and is implemented, the 100 richest people in the United States will have to pay more than $78 billion in taxes this year. Among them, Amazon founder Bezos will need to pay at least US$5.4 billion in taxes this year, Musk needs to pay US$5.2 billion, Bill Gates needs to pay US$4 billion, and Mark Zuckerberg needs to pay more than US$2.9 billion. US dollars.
In 2020, the total wealth of the 100 richest people in the United States increased by $598 billion. If the bill is implemented, 13% of it will be paid as tax. The bill includes anti-avoidance provisions, such as stricter reporting requirements, and a 40% exit tax on wealthy Americans who renounce their American citizenship.
According to the analysis of economists Emmanuel Saez and Gabriel Zucman of the University of California, Berkeley, approximately 100,000 households and approximately 1,000 billionaires will be affected by this The impact of the proposed tax. They estimate that this will bring about 3 trillion U.S. dollars in revenue to the US government within 10 years.
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