Bernie Sanders Introduces New Bill To Tax Billionaire's Insane Wealth Gains During Coronavirus!
August 6, 2020
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4:01Now PlayingBernie Sanders Introduces New Bill To Tax Billionaire's Insane Wealth Gains During Coronavirus!
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as posted by the channelBernie Sanders Introduces New Bill To Tax Billionaire's Insane Wealth Gains During Coronavirus!
#BernieSanders #Bernie #Sanders
Sanders offers bill to tax billionaires' wealth gains during pandemic
Sen. Bernie Sanders (I-Vt.) on Thursday introduced legislation to impose a 60-percent tax on billionaires’ wealth gains from March 18 through the end of the year, and to use the revenue raised by the tax to direct Medicare to pay all Americans’ out-of-pocket health-care expenses for a 1-year period.
The bill from Sanders, a prominent progressive and runner-up in the 2020 Democratic presidential primary, connects two of his longtime priorities: reducing inequality and providing federal health-care coverage for all Americans.
Sanders said Thursday that the measure is designed to help people who are struggling during the pandemic.
"The legislation I am introducing today will tax the obscene wealth gains billionaires have made during this extraordinary crisis to guarantee healthcare as a right to all for an entire year,” Sanders said in a news release.
"At a time of enormous economic pain and suffering, we have a fundamental choice to make,” he added. “We can continue to allow the very rich to get much richer while everyone else gets poorer and poorer. Or we can tax the winnings a handful of billionaires made during the pandemic to improve the health and well-being of tens of millions of Americans.”
Sanders introduced the bill along with Sens. Ed Markey (D-Mass.) and Kirsten Gillibrand (D-N.Y.).
“Not only is this a common-sense proposal, but it’s a moral one and Congress should be doing all we can to assist Americans struggling right now," Gillibrand said.
The bill would impose the 60-percent tax on the amount of billionaires’ increases in the net value of their assets between March 18 and the end of the year. The net value of assets on a specified day would be the difference between the value of all tangible and intangible property and the amount of debt owed.
The bill would direct the Treasury Department to create rules and methods for determining the value of assets for the purposes of calculating the tax, as well as anti-abuse rules to prevent billionaires from avoiding the 60-percent tax.
The health-care portion of the bill is similar to legislation that Sanders and Rep. Pramila Jayapal (D-Wash.) introduced earlier this year. It would, for a 1-year period, have Medicare fully cover costs of medically necessary health care for those who are uninsured, as well as out-of-pocket expenses related to medically necessary health care for those who are insured.
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