Make billionaires pay their fair share act would apply to those with a net worth of $1bn or more
Senator Bernie Sanders and Ro Khanna, a representative, on Monday introduced legislation that would impose a 5% annual wealth tax on America’s billionaires.
The proposal, titled the make billionaires pay their fair share act, would apply to individuals in the US with a net worth of $1bn or more, of which Sanders’s office estimates there are 938 people who meet that threshold.
In a news release on Monday, Sanders, the independent senator of Vermont, and Khanna, the Democratic representative of California who has recently gained national attention for his role in pushing the government to release files related to Jeffrey Epstein, said that an analysis by economists at the University of California, Berkeley, estimates that “the legislation would raise $4.4tn over the next decade”.
The lawmakers said that the revenue from the bill would be used to “improve the lives of the American people”.
