Nothing says liberty and equality quite like swooping in and passing a piece of legislation that instantly absconds with the wealth of America’s most successful businessmen.
But that’s the vision that Bernie Sanders has for America. Apparently unaware that taxation is no longer necessary, as the Fed can now solve the country’s money problems with its printing press, Sanders has proposed a “Make Billionaires Pay Act” that would impose a “one-time 60% tax on wealth gains made by billionaires between March 18, 2020, and Jan. 1, 2021,” according to CNBC.
The proceeds from the tax would be used to pay for out-of-pocket healthcare expenses for all Americans for one year, Sanders says. It would tax $731 billion in wealth accumulated by 467 billionaires since March 18, his PR says.
Essentially, the tax amounts to a massive charge for many executives who have seen their wealth shoot up during the pandemic. The boost in asset prices, of course, has nothing to do with those executives and everything to do with monetary policy. Sanders, like the rest of the left, still hasn’t figured out the problem is the Central Banks – not the billionaires. But we digress.
According to CNBC, under the new tax, here’s how much some of the country’s richest will pay:
- Amazon CEO Jeff Bezos would pay a one-time wealth tax of $42.8 billion.
- Tesla and SpaceX CEO Elon Musk would pay a one-time wealth tax of $27.5 billion.
- Facebook CEO Mark Zuckerberg would pay a one-time wealth tax of $22.8 billion.
- The Walton family would pay a one-time wealth tax of $12.9 billion.
We have to ask, however: how much of Sanders’ wealth has also increased due to the Fed’s flawed policies? He owns two homes – we’re assuming he owns financial assets. Have they appreciated due to the Fed’s bailing out of the market? If so, shouldn’t he be parting with those proceeds and volunteering them up for taxation as well?
Come on, comrade. We all have to do our part…