On Friday, Sen. Elizabeth Warren announced that her proposed Medicare-For-All health plan would be financed with a tax on the wealthy that could cost Amazon CEO Jeff Bezos nearly $7 billion dollars — though he’d still be very much the richest person alive.
Warren’s proposal outlined $20.5 trillion in spending over a 10 year period. To help reach that figure, Warren revamped her “Ultra-Millionaire Tax” on Friday, bumping it from a 3% tax to a 6% tax on every dollar over $1 billion in net worth.
This increase, Warren said in her Medium post on the plan, would bring in $1 trillion within a decade.
Under Warren’s plan, Bezos, whose net worth is an estimated $111.4 billion, would end up owing about $6.6 billion to the U.S. government and still be the world’s richest man by at least $1 billion. His ex-wife MacKenzie Bezos, who received $35.4 billion earlier this year as part of their divorce settlement, would pay $2 billion. Her remaining $33 billion would still be more money than the GDP of Latvia.
“Put it this way — should we ask billionaires to pitch in an extra three cents on every dollar above $1 billion, or force middle-class families to bear another $1 trillion in health care costs?” Warren asked in her Medium post.
Bezos isn’t the only rich tech executive that would pay more in taxes under Warren’s proposed health care plan, of course. Microsoft co-founder Bill Gates, whose estimated net worth is around $106 billion, would pay almost as much as Jeff Bezos, approximately $6 billion. He would remain either the second or third richest person on earth afterward.
Meanwhile Facebook chief Mark Zuckerberg, with a net worth of about $71 billion, would owe approximately $4 billion — and definitely continue to be among the top ten richest people alive.
Read original story Elizabeth Warren’s Health Plan Could Cost Jeff Bezos Billions (He’d Still Be the Richest Man Alive) At TheWrap