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Sanders Goes After Billionaires’ ‘Obscene’ Gains With Tax Bill

  • A 60% tax on gains may raise $420 billion-plus, senator tweets
  • Market value of 5 of largest tech firms represents 30% of GDP
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U.S. Senator Bernie Sanders plans to introduce legislation to tax what he called “obscene wealth gains” during the coronavirus crisis.

The “Make Billionaires Pay Act” would tax 60% of the increase in the ultra-wealthy’s net worth from March 18 through the end of the year and use the revenue to cover out-of-pocket health-care expenses of all Americans, according to a statement from Sanders’s office. The bill, which would apply to individuals with assets exceeding $1 billion as of Dec. 31, 2020, is co-sponsored by Democratic senators Ed Markey and Kirsten Gillibrand.