Elizabeth Warrens New Wealth Tax Could Cost Billionaires $85 Billion A Year

(Forbes) Presidential contender Elizabeth Warren suggested a new tax on the rich Thursday that could cost American billionaires $85 billion a year according to a Forbes analysis. The plan would not directly affect anyone worth less than $50 million but it would subject those with fortunes of more than $50 million to a 2 incremental wealth tax. The rate would rise to 3 for any fortune that crossed the $1 billion threshold. That means billions of dollars would be transferred from the richest Americans to the larger population. Jeff Bezos whose $137 billion fortune makes him the wealthiest person in the world would have to fork over $4.1 billion annually under such a plan. Bill Gates would pay an additional $2.9 billion in taxes and Warren Buffett would owe $2.5 billion more. President Donald Trump whose estimated $3.1 billion fortune made him the 259th-richest person in America as of September would owe an additional $80 million. We are now in an America where one-tenth of 1 has about the same wealth as 90 of America" Warren a senator from Massachusetts said in an appearance on MSNBC. And heres the deal. Forty percent of America today cant come up with $400 bucks in an emergency. That is not an economy that is sustainable and its not a democracy thats sustainable." Some billionaires who would be paying the tax characterized it as a step toward communism. The leftists are communist light for now" Rockstar Energy Drink founder Russ Weiner who is worth an estimated $4.5 billion wrote in an email to Forbes. They will continue to get more dangerous with their demands and actions. It will never be enough."