Elizabeth Warren Helps ‘Confused’ Billionaires With New Tax Calculator | Elizabeth warren

Bbillionaires seem to be nervous about Elizabeth Warren or Bernie Sanders winning the Democratic presidential nomination. Former New York Mayor Michael Bloomberg on Thursday opened the door to a possible race in 2020 – which would make him the second billionaire, alongside Tom Steyer, to fund a race for the White House. A day earlier, Bill Gates had expressed his contempt for the wealth tax proposed by Warren.

“I have paid over $ 10 billion in taxes,” Gates told the New York Times Dealbook on Wednesday. “I paid more taxes than anyone. If I had to pay $ 20 billion, that’s fine. But when you say I should pay $ 100 billion, okay, then I start doing a little math on what I’m left with.

Gates, whose net worth is estimated at $ 107 billion, would only have $ 7 billion to survive in this scenario.

But as the Warren campaign was quick to point out, he wouldn’t be forced to pay that much. To illustrate this point, Warren shared a tool on his site called A Calculator for Billionaires to help Gates, Bloomberg and other wealth hoarders figure out how much they would pay.

“Some billionaires seem confused as to how much they would pay under Elizabeth’s ultra-millionaire tax,” the site explains. “Don’t worry, we now have a calculator for that too.”

The tool. Are you a billionaire? Photography: Elizabeth Warren website

The page first asks visitors if they are billionaires or not. A yes answer offers a prompt to enter your net worth, with quick links available to Bloomberg, Gates, or Leon Cooperman, the hedge fund billionaire who recently criticized Warren’s tax proposals as “silly” and “bull.”

By clicking on Gates you get an exciting result. “Wow! You have a lot of money,” it reads. “Your wealth puts you in the top 0.0002% of Americans. Now you have the opportunity to reinvest some of it in our society so that everyone have a chance to succeed. ”

Gates would pay $ 6.379 billion in taxes next year, according to the calculator. Bloomberg is said to pay $ 3.079 billion.

Overall, Warren’s tax would install a rate of 2% on a net worth of $ 50 million to $ 1 billion, and 6% for those earning more than $ 1 billion.

“Good news, you will always be extremely rich! Said the calculator. “And if history is any guide, if you don’t do anything other than invest your wealth in the stock market, it’s likely that your wealth will continue to grow.”

Esther L. Steinbach