Elizabeth Warren unveils wealth tax calculator for ‘confused’ billionaires
The Massachusetts senator exchanged Tweets with billionaire Microsoft (MSFT) co-founder Bill Gates after he spoke out against her wealth tax. Now Warren has revealed just how much he would pay under her wealth tax plan — and how much other well-known, high-wealth figures would pay as well.
“Don’t worry too much about Bill Gates,” Warren’s website stated. “If history is any guide, if billionaires do nothing other than invest their wealth in the stock market, it’s likely that their wealth will continue to grow.”
Meanwhile, Dimon, another vocal critic of Warren’s wealth tax, would pay $55 million based on his net worth of $1.6 billion. Betsy DeVos’s family would be taxed a whopping $283 million for their collective net worth of $5.4 billion.
Experts project that Warren’s wealth tax would generate $2.75 trillion in revenue over a 10-year period.
Yet, many billionaires have come out against Warren’s plan, including Dimon, Gates, Mark Cuban, and Leon Cooperman.
One notable billionaire — Warren Buffett — has voiced support for a sort of wealth tax in the past.
Adriana is an associate editor for Yahoo Finance. Follow her on Twitter .‘ data-reactid=”97″ type=”text”>Adriana is an associate editor for Yahoo Finance. Follow her on Twitter .