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Sanders introduces ‘Make Billionaires Pay Their Fair Share’ Act
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WASHINGTON (WCAX) – Some lawmakers want to tax the nation’s billionaires and put money in the pockets of Americans in the process.
On Monday, Sen. Bernie Sanders introduced the Make Billionaires Pay Their Fair Share Act.
It would establish a 5% annual wealth tax on our country’s 938 billionaires.
In its first year, the bill would use that tax money to provide a $3,000 direct payment to every man, woman and child in households making less than $150,000 per year.
“At a time of unprecedented income and wealth inequality, this legislation demands that the billionaire class in America finally pay their fair share of taxes so that we can create an economy that works for all of us, not just the 1%,” Sanders, I-Vermont, said in a statement.
Over the next decade, revenue raised would address issues like home affordability, expanding health care and establishing a minimum salary for public school teachers.
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