A wealth tax is a tax on an entity’s holdings of assets. This includes the total value of personal assets, including cash, bank deposits, real estate, assets in insurance and pension plans, ownership of unincorporated businesses, financial securities, and personal trusts.
Recently, US representative Pramile Jayapal recently tweeted about the wealth tax:
Here’s what a few billionaires would owe with a #WealthTax:
💵Jeff Bezos: $5.7B
💵Elon Musk: $4.6B
💵Bill Gates: $3.6B
That'd leave them with:
Something tells me they’d be okay. It’s time for the ultra-rich to pay their fair share.
— Pramila Jayapal (@PramilaJayapal) March 6, 2021
This tweet seems to address a lot of people’s concern over how a wealth tax will be unfair even to billionaires. However, this tweet demonstrates that the wealth tax may be a fair concept to implement.
Jayapal has used the examples of Jeff Bezos, Elon Musk and Bill Gates, all three self made billionaires, and how the wealth tax would affect their net worth.
She says: “it’s time for the ultra rick to pay their fair share”.