US Economy: Elizabeth Warren Pushes for a Wealth Tax and Slams Amazon CEO Jeff Bezos
Sen. Elizabeth Warren, D-Massachusetts, has proposed a wealth tax on the wealthiest Americans, after publicly criticizing Amazon CEO Jeff Bezos for not paying his fair share of taxes.
“I’d like to see us tax riches, but your wealth is tethered. It shouldn’t matter if you have real estate, cash, or a gazillion shares of Amazon; yes, Jeff Bezos, I’m looking at you,” Warren added.
Senator Elizabeth Warren argues for a wealth tax in the United States, saying, “Yes, Jeff Bezos, I’m looking at you.” pic.twitter.com/iUfTNuAGaN
Bezos has a net worth of $208 billion, according to Bloomberg’s Billionaire Index, making him the world’s wealthiest person.
Warren and Vermont Senator Bernie Sanders, I-Vt., ran for the Democratic presidential nomination on similar wealth tax plans. A wealth tax’s revenue would be used to fund healthcare, childcare, housing, education, infrastructure, and climate change mitigation.
According to Forbes, the COVID-19 pandemic increased the wealth of the country’s millionaires by $1.2 trillion.
Is it supposed to impress me that a millionaire flew to space while paying no federal income taxes some years and his employees struggle to pay medical bills, rent, and feed their children? Nope. It’s past time to put money into the hands of the world’s workers. pic.twitter.com/F1NVBPu6TJ
Warren suggested a 2% “ultra-millionaire tax” on wealth over $50 million and a 6% tax on fortunes over $1 billion during her 2020 campaign. According to the Wharton School of Business at the University of Pennsylvania, the revenue would produce between $2.3 trillion and $2.7 trillion in new income during a 10-year period from 2021 to 2030, while lowering GDP by 1 to 2% in 2050, depending on how the money is spent.
Sanders ran on a tax on the richest 180,000 American households with a net worth of at least $32 million. According to economists Gabriel Zucman and Emmanuel Saez of the University of California Berkley, the idea would slash billionaires’ wealth in half in 15 years and completely bridge the wealth gap between billionaires and the ordinary American family. Over a decade, Sanders’ plan would generate $1.6 trillion more revenue than Warren’s.
Bezos has been chastised by Warren and Sanders for not paying his fair share of taxes.
“He’s worth a billion dollars, but he hasn’t paid taxes on any of it. Actually, Brief News from Washington Newsday.