Bernie Sanders is using the Coronavirus crisis to push a massive one-time tax on billionaires, dubbed the ‘Make Billionaires Pay’ act.

His socialist instincts never fail him.

Lauren Feiner reports at CNBC:

Sen. Sanders proposes one-time tax that would cost Bezos $42.8 billion, Musk $27.5 billion

Top tech leaders and other billionaires would be forced to hand over billions of dollars in wealth they’ve gained during the coronavirus pandemic under a new bill introduced by Sens. Bernie Sanders, I-Vt., Ed Markey, D-Mass., and Kirsten Gillibrand, D-N.Y.

The “Make Billionaires Pay Act” would impose a one-time 60% tax on wealth gains made by billionaires between March 18, 2020, and Jan. 1, 2021. The funds would be used to pay for out-of-pocket health-care expenses for all Americans for a year. As of Aug. 5, the bill would tax $731 billion in wealth accumulated by 467 billionaires since March 18, according to a press release. If passed, the bill would tax billionaires on wealth accumulated through the end of the year, however.

Under the bill, tech and other business titans who have seen their wealth shoot up during the pandemic would take huge charges. Amazon and Walmart, for example, have both seen their stocks grow as Americans increasingly relied on their services during stay-at-home orders during the pandemic.

Here’s an alternative way of describing this:

Bernie wants to use the money to pay for healthcare for all Americans for one year. What happens next year?

Adriana Belmonte writes at Yahoo Finance:

Bernie Sanders wants to tax billionaires’ pandemic gains to fund health care

A new bill introduced by Sens. Bernie Sanders (I-VT), Kirsten Gillibrand (D-NY), and Ed Markey (D-MA) would implement a one-time 60% tax on billionaires to cover the health care costs of every American for a year.

The Make Billionaires Pay Act would tax the $731 billion in wealth accumulated by the richest 0.001% of America between March 18 through August 5. This would apply towards 467 individuals.

“The legislation I am introducing today will tax the obscene wealth gains billionaires have made during this extraordinary crisis to guarantee healthcare as a right to all for an entire year,” Sen. Sanders said in a statement. “At a time of enormous economic pain and suffering, we have a fundamental choice to make. We can continue to allow the very rich to get much richer while everyone else gets poorer and poorer. Or we can tax the winnings a handful of billionaires made during the pandemic to improve the health and well-being of tens of millions of Americans.

The money generated from this 60% tax would go towards covering out-of-pocket expenses for the uninsured and underinsured for one year.

This is a one-time tax, so again I ask, what happens next year?

Are we supposed to believe people will just give this up after one year?

 

 
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