This new calculator tells billionaires how much tax Elizabeth Warren would make them pay
For the billionaires out there who are confused about how much they’d pay in taxes under Elizabeth Warren’s Ultra-Millionaire tax plan, the Warren campaign has a new calculator to help. “Are you a billionaire?” it asks, and then prompts users to enter their net worth.
If you’re Bill Gates, for example, who criticized Warren’s plan (November 12, 2019)—prompting Warren to reach out on Twitter and clarify how much he would actually pay—the calculator explains that you’d owe $6.379 billion next year:
WOW — YOU’VE GOT A LOT OF MONEY!
Your wealth puts you in the top 0.0002% of Americans.
Now you have the opportunity to invest some of it back into our society so everyone has a chance to succeed.
You’d pay $6.379 billion next year under Elizabeth’s wealth tax. This amount, which you likely won’t even feel, will help us invest in education from birth through college and help finance health care for everyone.
Good news – you’ll still be extraordinarily rich! And if history is any guide, if you do nothing other than invest your wealth in the stock market, it’s likely that your wealth will continue to grow.
For those of us who aren’t billionaires, the calculator offers links to examples of others, including Jeff Bezos (who would owe $6.697 billion next year under the plan, but who has a net worth of $112,300,000,000) and Mark Zuckerberg (who would owe $4.249 billion but has a net worth of $71,500,000,000).