Elizabeth Warren is making headlines for the Ultra-Millionaire Tax Act that she, along with some of her Democratic colleagues in the Senate and Bernie Sanders want to get approved.
It targets the wealthiest 100,000 American families, and has the potential to raise about $3 trillion over the next decade.
The list of names that would be affected is the who’s who of Silicon Valley, and the usual suspects of hedge fund owners, captains of industry, run of the mill billionaires, media tycoons, and oh yes, Jeff Bezos.
If you want to get a full perspective of just how incredibly rich Bezos is, considering this truly unbelievable fact…
Bezos alone would be required to pay $5.7 billion if this proposal becomes a law.
In 2020, there were 11 states that collected less total revenue in taxes rom every person that lives in that particular state.
Let that sink in for a second; Bezos alone would pay more through this one single tax, than the entire amount of tax revenue that was collected by over 20% of U.S. states.
Alaska raked in $1.78 billion, that is the lowest amount of tax revenue taken in by an individual state. The other 10 states that were under the total amount Bezos would pay is South Dakota, Wyoming, New Hampshire, Montana, Vermont, Rhode Island, Delaware, Maine, Idaho and North Dakota.
The fine print of Warren’s tax reveals how the government would fund efforts to make sure the ultra wealthy aren’t finding loopholes to avoid paying.
One way is by providing $100 billion to the IRS to ramp up enforcement. The bill also would include a 30% minimum audit rate for households with $50 million or more in assets. The bill would fund better and newer technology tools for the IRS to hunt down hard-to-appraise assets.
And if anyone thought of moving to another country to get out of paying, that might be a little costly. The bill includes a 40% “exit tax” for anyone that thinks they can dodge it.
Bezos would have some company when it comes to writing a big fat check. Elon Musk would owe $4.6 billion, and Bill Gates is looking at a $3 billion bill.