Sen. Bernie Sanders (I-Vt.) joined Amazon.com Inc (NASDAQ:AMZN) founder Jeff Bezos in a wealth tax debate on whether the money received from taxes could improve public services, or billionaires should be taxed more.
Taxes Could Improve Public Service Activities
In a Thursday post on X, Sanders argued that the proposed 5% wealth tax could fund $12,000 payments for a working family of four, expand Medicare benefits for dental, vision, and hearing, guarantee universal childcare and increase starting teacher pay to $60,000.
“And you’d still be worth $269 billion after taxes,” Sanders argued, saying that Bezos would remain rich after paying higher taxes.
Bezos Ready To Pay More Taxes
In a previous CNBC interview, Bezos said he is open to paying more taxes if there is a debate, but “don’t pretend that that’s gonna solve the problem,” according to More Perfect Union.
The billionaire said that paying billions more in taxes would not alleviate the financial struggles faced by many, such as a nurse in Queens paying $1,000 a month in taxes,
Bezos, who is worth $287 billion, according to Bloomberg Billionaires Index, noted that the bottom half of earners contribute only 3% of taxes, suggesting that eliminating their federal income tax could alleviate some burdens on struggling families. He said there should be zero federal income tax for the bottom half of earners.
Divided View On Billionaires Taxes
Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk recently claimed he has “paid over $10B in taxes in a single year,” more than anyone in history. Musk criticized calls for taxing billionaires, arguing that his potential tax payments, including a hefty 45% on stock options and estate taxes, illustrate the significant contributions the wealthy already make to the system.
Rep. Pramila Jayapal (D-Wash.) and Senator Elizabeth Warren recently criticized the tax rates of billionaires, claiming they often pay less than the “average nurse” in the United States.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by a Benzinga editor.
Photo Courtesy: Lev Radin on Shutterstock.com
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