A new bill co-sponsored by Bernie Sanders would force a one-time windfall tax on the wealth that billionaires have gained during the COVID-19 pandemic, using the proceeds to pay for free out-of-pocket health-care costs for all Americans for a year. Elon Musk is one of the billionaires that forced to pay a one-time windfall tax if a bill passed through the United States’ Senate.
Bernie Sanders wants Elon Musk to pay a whopping $27.5 billion one-time tax
The bill proposes a one-time 60% tax on wealth gains made during the coronavirus pandemic. The money made from imposing the tax on some of the nation’s wealthiest people would be used to pay out-of-pocket-healthcare expenses for Americans.
The release said, “According to Americans for Tax Fairness and Institute for Policy, if we taxed 60 percent of the windfall gains these billionaires made from March 18th until August 5th we could raise $421.7 billion, That’s enough revenue to allow Medicare to pay all of the out-of-pocket healthcare expenses for everyone in America over the next 12 months.”
“At a time of enormous economic pain and suffering, we have a fundamental choice to make,” Sanders said. “We can continue to allow the very rich to get much richer while everyone else gets poorer and poorer. Or we can tax the winnings a handful of billionaires made during the pandemic to improve the health and well-being of tens of millions of Americans.”
The tax would adequately take care of many medical and hospital bills that have been accrued by Americans since the start of the coronavirus pandemic.