US Senator Bernie Sanders said he will introduce legislation to tax what he called the "obscene wealth gains" from billionaires during the coronavirus crisis.
This time, he's directed his focus to the profits billionaires have made since the COVID-19 crisis started. Sanders wrote that a 60 per cent tax on the windfall gains from 467 billionaires between March 18 and August 3 could raise more than $US420 billion, which he said would be enough to allow the national health insurance programme Medicare to pay all out-of-pocket health-care expenses for everyone in the US in the next year.
The world's wealthiest family, the Waltons of the Walmart stores chain, is richer than ever, and tech companies have become so powerful that some of the industry's moguls had to defend their businesses to US Congress last week. The market value of five of the largest American tech companies now represents almost a third of US gross domestic product.
A Sanders tax on billionaire gains during the pandemic would need to get through Congress to take effect, which is virtually impossible given that Republicans control the Senate. And while the pandemic has renewed progressive demands to soak the rich, many Democrats have steered clear from backing a direct wealth tax.
He’s onto something, although I doubt it will happen. At least he’s highlighting what the Fed have done since March. Pumping trillions to bail out the stock market, line the pockets of billionaires while tens of millions of Americans are unemployed. Corruption.
tHeY wOrKeD HaRd fOr iT
Need to tax way more than that when it comes to billionaires.
Sounds good to me
Not a bad idea it’s going to happen one day in Australia auspol
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