A new proposed tax bill could see billionaires like Jeff Bezos paying more than $5 billion dollars in tax each year.
Here's the full story...
Now, did you know that around half of the world's entire wealth is in the hands of billionaires?
Yep, it's believed that the thousands of billionaires have as much wealth as around 60% of the world's population.
So, with all theses insanely rich people, you can't help but question why so much of the world is struggling.
Surely, just a fraction of their wealth could help to put an end to crises such as global warming?
Well, it hasn't worked that way as sadly, a significant percentage of the elite aren't too generous with their wealth, and prefer to keep it stashed away in offshore accounts to avoid one thing...
For decades now, certain people who acquire millionaire or billionaire status have come under fire for not paying their taxes like the rest of the world does.
But those millionaires and billionaires that do could be seeing a huge increase in the amount they pay.
A proposed bill, named the Ultra-Millionaire Tax Act, includes a 2% and 3% levy annually on wealth of certain amounts...
Meaning the likes of Jeff Bezos could owe billions...
Now, Jeff Bezos is one of the wealthiest men in the world.
Something we can only dream of one day acquiring.
But, where does Bezos' wealth come from?
via: GettyNobody is born with that kind of money, so where did it all start?
Well, we all know that he is the founder and CEO of the online retail giant, Amazon.
via: GettyBezos always held a huge passion for computers and went on to study computer science and electrical engineering at Princeton University.
After graduating, Bezos spent some time working on Wall Street...
GettyBut, 4 years later in 1995, he quit to open his own online bookstore from his garage - Amazon.com.
The birth of Amazon.com changed everything for Bezos.
via: GettyThe initial success of the online store was staggering. Within the first thirty days, Amazon.com had sold books all across the United States, and across forty-five foreign countries.
And the online retailer only went from strength to strength.
via: GettyIn the mere years following from its launch, Amazon.com began stocking a wider variety of products, such as electronics, clothing, and toys, making it the number one online retailer.
It's yearly earnings kept multiplying...
And, over the past couple of years it's continued to multiply.
Bezos's accomplishment with Amazon is staggering.
via: GettyAnd he didn't stop there. In 2013, Bezos revealed that he had purchased the Washington Post, which he has since made profitable with a revenue of over $100 million.
Bezos has embarked on many ambitious quests in his career.
A couple of years ago, he proudly unveiled Amazon's "Blue Moon," his very own lunar lander project.
He wants to help get man back on the moon.
via: GettyWhich, with all his money, could very well be possible. "My generation's job is to build the infrastructure," Bezos declared at the unveiling, "we're going to build the road to space."
But, despite all of his success...
via: GettyBezos has faced a significant amount of controversy regarding his work ethics and spending habits.
It has been revealed that Bezos provides a shockingly low standard of working conditions for his employees.Over the last couple of years, more and more stories of Amazon workers being forced to work unethical hours for ridiculously low wages - as little as $10 an hour, in some instances - have been emerging.
Oh, and Amazon paid $0 in federal taxes in 2018.Despite the retailer being one of the most valuable companies in the world, and pulling in $232.9 billion in global revenue in 2018, they paid absolutely nothing in federal tax that year. Doesn't look great for the wealthiest man in the world, does it?
In the years following, Amazon has paid it's taxes though its only a marginal proportion of their incredible wealth.
Though that could be set to change...
The proposed Ultra-Millionaire Tax Act was unveiled on Monday and includes a 2% levy annually on wealth that totals more than $50 million and 3% on wealth of more than $1 billion.
Proposed by several senators including Democrats Elizabeth Warren and Bernie Sanders, the bill has the possibility to bring in around $3 trillion over a 10-year period, if passed.
With these percentages, it's believed Jeff Bezos would owe around $5.7 billion in taxes for 2020.
As per The Independent, calculations by Institute for Policy Studies and Americans for Tax Fairness estimate it would leave him with a net worth of around $185 billion...
As per CNBC, Warren said that the money brought in would go towards child care, education infrastructure, and clean energy.
Emphasising the importance of tax following the pandemic, she said: "We do understand the direction we've been going. This pandemic has created more billionaires. The people at the top are not barely hanging on by their fingernails."
Warren also added: "The implementation part is really a lot easier than it looks. We learned from some of the mistakes they made in Europe. This version of the wealth tax covers all of your property. It doesn't matter if it's held in stock or in real estate or in racehorses. Everything is covered, so there's no point in moving property around. Also wherever you hold, it is covered, whether you hold it here in the US, [or] whether you hold it in the Cayman Islands."
Chuck Collins, director of the Program on Inequality of the Institute for Policy Studies also said: "The wealth tax on billionaires alone would fund almost three-quarters of President Biden's entire $1.9 trillion pandemic rescue package, currently pending before the Senate."
We can't imagine Bezos is too happy about this.
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