We are beginning to hear the cost of a proposal to tax the wealthy.
Amazon CEO Jeff Bezos would have to pay over five-billion dollars in taxes under a new plan announced by Democrats. Senator Elizabeth Warren of Massachusetts, Independent Senator Bernie Sanders of Vermont and other lawmakers announced a new bill this week called the Ultra-Millionaire Tax Act. Warren says the wealth tax would raise trillions in much-needed revenue and help reduce a wealth divide that has grown wider during the pandemic.
CNBC is reporting, if the bill were to pass, Bezos would have to pay five-point-seven-billion dollars in taxes, but would still have a net worth of over 185-billion dollars.
(Photo by Paul Morigi/Getty Images for Amazon)