Bernie Sanders wants Elon Musk to pay a one-time $27.5 billion tax

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Tesla CEO Elon Musk is among four billionaires which may be made to cover a one-time multi-billion dollar tax when your bill introduced by Vermont Senator Bernie Sanders is passed via the United States’ Senate.

The “Make Billionaires Pay Act” was launched by Sanders, an Independent from Vermont, along with Democrats Ed Markey from Massachusetts and Kirsten Gillibrand of New York.

The action suggests a one-time, 60% tax on any prosperity gains which billionaires have created between March 18th, 2020, along with January 1st, 2021. The money made of imposing the tax s wealthiest people would be utilized to cover expenses for Americans.

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If passed, it would tax around $731 billion in prosperity that has been accumulated by 467 distinct billionaires since March 18th, an press launch from Sanders’ website states.

“According to Americans for Tax Fairness and Institute for Policy, in case we awakened 60 percent of their windfall gains these billionaires made from March 18th until August 5th we might raise $421.7 billion, even ” the release said. “That’s revenue allowing Medicare to cover the out-of-pocket healthcare expenses for everyone all in America over the subsequent 12 weeks. ”

Musk would be required to pay a hefty $27.5 billion amount of his current earnings, including tranches of the Tesla bonus structure. However, Amazon CEO Jeff Bezos and Facebook CEO Mark Zuckerberg would also pay substantial quantities of riches. The two technology CEOs will cost $42.8 billion and $22.8 billion, respectively.

Moreover, the Walton family, famous for Wal-Mart along with Sam’therefore Club, would cover a $12.9 billion tax.

The tax would take care of several medical and hospital bills which have been accrued by American families since the start of the COVID-19 pandemic. Cases of this virus also have continued to rise after leveling away from April to mid-June. After June 15th, U.S. cases began to rise again, with the many confirmed cases being recorded in California, Florida, and Texas.

Since the beginning of the pandemic, 160,000 Americans have died due to the virus.

In regard to Musk’s involvement in the bill, his $38.5 billion purchase since the March 18th beginning period of this proposed tax plan has been gained from a gain in Tesla’s market capitalization along with a rise in stock price. Musk does not take a salary from his employer, however, he does receive the California State minimum salary, which he states he has never touched.

“I don’t cash it,” he told that the New York Times. “It just ends up accumulating into a Tesla bank account somewhere. ”

The post Bernie Sanders wants Elon Musk to cover a one-time $27.5 billion tax appeared first on TESLARATI.

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