Make Billionaires Pay Act is a new Legislation Bill introduced by Senators, Bernie Sanders, Ed Markey, and Kirsten Gillibrand. This bill was introduced to ensure Medicare for All. During the Coronavirus Pandemic, 5.4 million Americans lost their health insurance, whereas, on the other hand, 467 billionaires saw an increase in their wealth by around $731.8 billion during the pandemic. The senators came to an understanding that these billionaires were not paying their taxes in a legible amount as per their income.
Why was Make Billionaires Pay Act passed?
Make Billionaires Pay Act is a step to ensure income equality in the US as well as ensuring that even the poorest Americans can afford basic healthcare facilities in need. As stated by the Senate Department, these billionaires currently pay a lower effective tax rate than teachers or truck drivers. That is shocking to read. Imagine how tax-free the billionaires live when the common man has to live frugally to sustain.
The Bill passed will cut 60% of windfall gains of these billionaires during the pandemic to pay for all out-of-pocket medical expenses for every person in America for a year. That is a genuine step taken by the Senates.
Official Statements by the Senates
Senate Bernie Sanders said, “At a time of enormous economic pain and suffering, we have a fundamental choice to make. It is time for the Senate to act on behalf of the working class.”
Senate Markey said, “The American people pay with their lives every day to combat the Coronavirus. It is time the country’s wealthiest do the same off with their profits.”
Senate Gillibrand said, “Requiring billionaires to pay their fair share will help support workers and families dealing with job losses, food insecurity, housing instability, and health care.”
Implications of Make Billionaires Pay Act
This Act will ensure the following:
- Jeff Bezos, the richest man in America, would pay a one-time wealth tax of $42.8 billion.
- Elon Musk, whose wealth has nearly tripled during the pandemic, would pay a one-time wealth tax of $27.5 billion.
- Mark Zuckerberg, the co-founder of Facebook, would pay a one-time wealth tax of $22.8 billion.
- The Walton family, the wealthiest family in America, would pay a one-time wealth tax of $12.9 billion.
This amount pertains to the wealth earned by the billionaires between March 18, 2020, and January 1, 2021. Please note that this bill not only focuses on Bezos, Zuckerberg, or Musk but all the billionaires who have seen an upward trend during the pandemic.
This bill comes as a manna for people who are hurting badly. It sets the national priorities straight.
