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One chart shows how poor even the top 1% is compared to billionaires - and how far behind the average American is
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Here s how much tax Jeff Bezos, Elon Musk, Bill Gates, and Mark Zuckerberg would pay under Warren s proposed wealth tax
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By Vivian KaneMar 1st, 2021, 6:07 pm
Elizabeth Warren ran her presidential campaign on a number of platforms (a plan for everything, after all) but one of her core ideas was the promise of implementing a “wealth tax” on American billionaires. Now that Warren is on the Senate Finance Committee, she’s back in a position to push for the tax.
Warren introduced that legislation Monday, which would apply a 2% tax to a person’s net worth, starting after the $50 million mark. So if a person is worth $50 million and one dollars, they pay just two cents, and two more cents for every dollar up to $1 billion, at which point, they have to start paying an extra penny per dollar. Back during her campaign, this proposal was enough to make some billionaires break down in actual tears.