How Much Would Elizabeth Warren’s Ultra-Millionaire Tax Really Cost Jeff Bezos, Elon Musk, Bill Gates? Former Microsoft executives Steve Ballmer and Bill Gates Photo: Microsoft
An Ultra-Millionaire Tax Act could mean big tax payments for some of the wealthiest entrepreneurs in the U.S.
The act which was proposed by Sens. Elizabeth Warren, D-Mass., Bernie Sanders, I-Vt., and some members of Congress would hand down a 3% tax on Americans with a net worth over $1 billion, and 2% on those with a net worth from $50 million to $1 billion.
According to Warren, the Ultra-Millionaire Tax Act would bring in at least $3 trillion in revenue over 10 years without having to raise taxes for 99.95% of Americans that have a net worth below $50 million.