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The Billionaire Wealth Tax Would Raise $275 Billion From The Top 10 Richest Americans. It Could Help Pay For The Social Spending Bill.

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Americans for Tax Fairness

On this edition of Your Call, we're discussing the Democrats’ new billionaire wealth tax. On Wednesday, Senator Ron Wyden (D-Ore.) released details for the bill, which would help pay for part of the Democrat’s social spending package.

Only the very wealthy — those with over $1 billion in assets of three straight years of income over $100 million — would be impacted. UC Berkeley economics professor Gabriel Zucman tweeted: “Think of it as a big one-time wealth tax of 23.8% on billionaires’ equities (minus purchase price), payable in five years + an annual tax on their future gains. The one-time tax alone would raise $275 billion from the top 10 billionaires, including Elon Musk, Jeff Bezos, Bill Gates, and Mark Zuckerberg.

During the pandemic, total US billionaire wealth increased by $2.1 trillion. California’s 183 billionaires captured 40 percent, which is $824 billion.

Guest:

Maura Quint, Wealth Tax Campaign Director of the Americans for Tax Fairness, a diverse campaign of more than 420 national, state and local endorsing organizations in support of a fair tax system that works for all Americans

Web Resources: 

Americans For Tax Fairness: BILLIONAIRES INCOME TAX

The New York Times, Neil Irwin: Proposed Tax on Billionaires Raises Question: What’s Income?

Lea is a producer for Your Call on KALW Local Public Radio. She graduated from the Craig Newmark Graduate School of Journalism at CUNY in 2018.
Rose Aguilar has been the host of Your Call since 2006. She became a regular Friday media roundtable guest in 2001.