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Politics

Bernie Sanders Tables Bill to Tax the Obscene Wealth Gains Billionaires are Bagging from COVID-19 Crisis

President Donald Trumps fearless critic U.S. Senator Bernie Sanders has said that he will, today, be introducing legislation to tax the obscene wealth gains billionaires have made during the public health crisis.

According to Senator Sanders, a few billionaires have doubled if not tripled their fortunes during the coronavirus crisis in what he termed as ‘obscene gains’ as COVID-19 death toll bites the whole world.

But, will Sanders bill succeed? Methinks it will fail miserably because the majority of politicians live in the pocket of these billionaires. The legislation isn’t going to work. Americans should perhaps need to continue the momentum and revolt.

Last year, while running for the Democratic nomination, Sanders embraced a proposal that would tax fortunes above $32 million at 1%, with an increasing rate that would top out at 8% over $10 billion.

This time, he’s directed his focus to the profits billionaires have made since the Covid-19 crisis started. Sanders wrote that a 60% tax on the windfall gains from 467 billionaires between March 18 and Aug. 3 could raise more than $420 billion, which he said would be enough to allow Medicare to pay all out-of-pocket health-care expenses for everyone in the U.S. in the next year.

While the pandemic has left millions of Americans unemployed, the collective fortune of America’s billionaire class has surged since January, according to the Bloomberg Billionaires Index.

The world’s wealthiest family, the Waltons of Walmart Inc., is richer than ever, and tech companies have become so powerful that some of the industry’s moguls had to defend their businesses to Congress last week. The market value of five of the largest American tech companies now represents almost a third of U.S. gross domestic product.

A Sanders tax on billionaire gains during the pandemic would need to get through Congress to take effect, which is virtually impossible given that Republicans control the Senate.

“It is time for the Senate to act on behalf of the working class who are hurting like they have never hurt before, not the billionaire class who are doing phenomenally well and have never had it so good.”

Democratic Presidential candidate Joe Biden’s proposed $4 trillion in new taxes avoids such a levy entirely and focuses instead on added income and payroll taxes for high-income individuals.

In his Twitter post, Senator Sanders contrasted the gains made by the likes of Bezos and the Walton family with the U.S.’s continuing high unemployment and growing food insecurity.

Here are the tweets from the self-described democratic socialist.

 


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