Tax calculator for billionaire Elizabeth Warren: Bill Gates

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Senator Elizabeth Warren has devoted much of her time to the 2020 presidential campaign by promising to raise taxes on billionaires. For some reason, many billionaires don’t care about this idea.

Earlier this week, Microsoft founder and philanthropist Bill Gates said during a New York Times DealBook conference that he has already paid $ 10 billion in taxes, and that if “had to pay $ 20 billion, that’s fine.” But when you say I should pay $ 100 billion, then I start to do a little math on what I’m left over. ”

Gates added that he was “kidding”. But Gates isn’t the only billionaire to question or have far worse things to say about Elizabeth Warren’s wealth tax. In a teary-eyed appearance on CNBC this week, hedge fund manager (and billionaire) Leon Cooperman said he “doesn’t need Elizabeth Warren to tell me I’m a deadbeat and billionaires are bad payers “. Michael Bloomberg, the billionaire entrepreneur, former New York mayor and possible 2020 presidential candidate, has said Elizabeth Warren’s wealth tax “is likely unconstitutional.”

But in addition to her open campaign to raise taxes for the rich, Senator Warren has distinguished herself from other candidates vying to be the Democratic presidential candidate through her social media savvy. In response to Gates’ comments, Warren tweeted “If we get the chance, I would like to explain to you exactly how much you would pay for my wealth tax. (I promise it’s not $ 100 billion.) “

To avoid further confusion and to make life “easier” for the ultra-rich, the Warren campaign unveiled an online calculator for billionaires.

Warren’s Wealth Tax Calculator comes preloaded with options to see how much Michael Bloomberg, Bill Gates, and Leon Cooperman would pay in taxes as part of his plan. You can also see how much billionaires like Jeff Bezos, Charles Koch, and Jamie Dimon would pay in taxes as part of Elizabeth Warren’s plan.

For the record, the calculator estimates that if Elizabeth Warren’s billionaire tax went into effect, Bill Gates would pay $ 6.379 billion in taxes next year, while the world’s richest man, Jeff Bezos, would pay a little more, $ 6.697 billion.

Bill Gates and Jeff Bezos net worth is currently estimated at $ 109 billion and $ 112 billion, respectively. They would therefore theoretically be worth more than $ 100 billion each, even after taking into account Elizabeth Warren’s wealth tax.

Meanwhile, Michael Bloomberg is expected to $ 3.079 billion under Warren’s tax plan, while Cooperman would only have to shell out $ 151 million.

You don’t worry too much about them, however, as the website says, “You will always be extraordinarily rich!” And if history is any guide, if you don’t do anything other than invest your wealth in the stock market, chances are your wealth will continue to grow.

The Warren campaign released its fun calculator online the same week that CNBC reports there are now “2,101 billionaires in the world, an increase of almost 40% from five years ago.” The report went on to say that during that “five-year period, their combined wealth increased by more than a third (34.5%) to a total of $ 8.5 trillion. The report covers the years 2013 to 2018. ”

We don’t know what all of these new billionaires think about Elizabeth Warren’s tax plans.

Esther L. Steinbach

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