WASHINGTON – Today, Senators Bernie Sanders (I-Vt.), Ed Markey (D-Mass.), and Kirsten Gillibrand (D-N.Y.) introduced a 60-percent tax on the windfall wealth increases of billionaires during this pandemic, creating enough revenue to cover all out-of-pocket medical expenses for every person in America for a year.
The Make Billionaires Pay Act would tax the $731 billion in wealth accumulated by 467 billionaires—the richest 0.001% of America—a from March 18th until August 5th, a period in which 5.4 million Americans recently lost their health insurance and 50 million applied for unemployment insurance.
“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,” said Sanders.
“At a time of enormous economic pain and suffering, we have a fundamental choice to make. 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.
In my view, it is time for the Senate to act on behalf of the working class […]
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