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?
