Amazon CEO Jeff Bezos attends a commemoration ceremony held in entrance of Saudi consulate on the primary anniversary of his homicide, in Istanbul,
Amazon CEO Jeff Bezos attends a commemoration ceremony held in entrance of Saudi consulate on the primary anniversary of his homicide, in Istanbul, Turkey on October 02, 2019.
Elif Ozturk | Anadolu Company | Getty Pictures
The presidential primaries are nonetheless months away, however Sen. Elizabeth Warren has already doubled her wealth tax.
As a part of her plan to pay for “Medicare for All,” Warren would double the highest charge of her wealth tax to six% from 3%.
That will imply Jeff Bezos would pay greater than $6.5 billion in wealth taxes this 12 months alone. To not point out the opposite new taxes Warren plans for the wealthy, which incorporates taxing capital beneficial properties on the similar marginal tax charge as bizarre earnings, which implies that if Bezos sells Amazon inventory – as he does yearly to fund Blue Origin – he would pay a tax charge of 37% on the inventory. Beforehand, the speed was 23.8%.
However there’s one other less-publicized function of Warren’s health-care tax that could possibly be even bigger. Along with taxing capital beneficial properties as bizarre earnings, she would additionally tax unrealized capital beneficial properties. That implies that Bill Gates, whose fortune has enhance $18 billion this 12 months from Microsoft inventory appreciation, would pay a wealth tax of greater than $6 billion, plus one other $6 billion on the appreciation of his inventory – even when he did not promote any shares. So Gates would owe over $12 billion in taxes this…