Simon Hunt and Ben Steverman, of Bloomberg Wealth, have recently made available their article, “Richest 100 Americans Would Pay $78 Billion Under Warren Tax,” which begins as follows:
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.
Posted by Jessica Ji, Associate Editor, Wealth Strategies Journal.