yahoo news | Who would benefit from Bernie Sanders’ wealth tax on billionaires?
Lawmakers introduced the “Make Billionaires Pay Their Fair Share Act,” co‑sponsored by Sen. Bernie Sanders and Rep. Ro Khanna, which would impose a 5 % annual wealth tax on the 938 billionaires who collectively hold about $8.2 trillion in assets. The bill estimates that the tax would generate roughly $4.4 trillion over the next ten years, funds that proponents say would be redirected to the nation’s most vulnerable citizens.
According to the bill’s summary, the revenue would be used to provide $3,000 direct payments to every household earning less than $150,000 in its first year, reverse the $1.1 trillion in Medicaid and Affordable Care Act cuts made under the previous administration, and expand Medicare to cover dental, vision, and hearing care for seniors. Additional provisions would cap family child‑care costs at 7 % of household income, set a $60,000 minimum annual salary for public‑school teachers nationwide, and fund the creation of more than 7 million affordable‑housing units over the next decade.
The proposal builds on a similar one‑time 5 % tax targeting California residents with net worth over $1 billion, which a UC Berkeley poll shows 52 % of registered voters support. Yet six high‑profile billionaires—including the Google founders and PayPal co‑founder Peter Thiel—relocated before the Jan. 1, 2026 cutoff, potentially eliminating about $27 billion in revenue. Supporters argue the broader legislation could raise up to $100 billion for health care, food assistance, and education, but the exodus highlights the political challenges of implementing a wealth tax at the national level.
Read more: https://finance.yahoo.com/economy/policy/articles/benefit-bernie-sanders-wealth-tax-210631394.html?fr=sycsrp_catchall
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