Billionaire Wealth Tax Proposed by Sanders and Khanna
Senators Bernie Sanders and Ro Khanna introduce legislation to impose a 5% annual wealth tax on U.S. billionaires with a net worth of $1 billion or more.
Two prominent Democratic lawmakers, Senator Bernie Sanders and Representative Ro Khanna, have proposed a new bill that aims to tax the wealth of America's billionaires. The legislation, titled the Make Billionaires Pay Their Fair Share Act, would impose a 5% annual wealth tax on individuals in the U.S. with a net worth of $1 billion or more.
According to Sanders' office, there are currently 938 people in the United States who meet this $1 billion net worth threshold. The proposed tax would generate an estimated $300 billion in revenue each year, which the lawmakers say could be used to invest in programs that benefit working families, such as affordable housing, childcare, and healthcare.
{{IMAGE_PLACEHOLDER}}Source: The Guardian
