Taxing times for Musk, Bezos, Gates and other ultra-millionaires | Editorji
  1. home
  2. > business
  3. > Taxing times for Musk, Bezos, Gates and other ultra-millionaires?
replay trump newslist
up NEXT IN 5 SECONDS sports newslist
tap to unmute
00:00/00:00
NaN/0

Taxing times for Musk, Bezos, Gates and other ultra-millionaires?

Mar 04, 2021 10:47 IST | By Editorji News Desk

A new tax proposal in the US, The Ultra-Millionaire Tax Act would raise the tax bill for the billionaires significantly. The act proposes an annual levy of 2% tax on wealth over $50 million and 3% on wealth over $1 billion. 


So if this act was to become law, here is what the Ultra-Millionaires  tax bill would look like for 2020-: 

  • Jeff Bezos would owe $5.7 billion  
  • Elon Musk would owe $4.6 billion 
  • Bill Gates would have to pay $3.6 billion 
  • Mark Zuckerberg would have to pay $3 billion 

As per a report 650 billionaires in the US have a collective wealth of more than $4.2 trillion, in fact 30% of the wealth tax would be paid by the 15 richest Americans, who combined have a fortune of more than $2.1 trillion.

Business