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March 01, 2021 at 04:56 PM
What You Need to Know
- The bill says households with a net worth of over $50 million must pay a 2% tax on their wealth each year.
- Jeff Bezos would face an extra tax charge of at least $5.4 billion in 2021 if the bill became law.
- About 100,000 families and roughly 1,000 billionaires would end up paying the proposed tax.
The 100 richest Americans would hand over more than $78 billion of their personal fortunes under a wealth tax proposed Monday by Democratic Senator Elizabeth Warren and other progressive lawmakers.
Dubbed the Ultra Millionaire Tax Act, the bill would require households with a net worth of more than $50 million to pay a 2% tax on their wealth annually, with an additional 1% surtax for fortunes exceeding $1 billion.
Warren’s proposal is unlikely to go anywhere in a narrowly divided Congress.
Jeff Bezos, the world’s richest person, would face an extra tax charge of at least $5.4 billion in 2021 if the bill became law, while Elon Musk would pay $5.2 billion, according to a Bloomberg analysis.
The measure would cost Bill Gates an additional $4 billion and Mark Zuckerberg would have to fork over $2.9 billion to cover the tax.
In 2020, the richest 100 Americans added $598 billion to their wealth, according to the Bloomberg Billionaires Index.
