A series of giants like Bill Gates, Jeff Bezos, Elon Musk, … are about to pay billions of dollars for the administration of President Joe Biden?

According to Senator Elizabeth Warren’s draft, US billionaires will have to pay a total of $ 114 billion for the new tax system.

Specifically, a new rule called “tax for the super rich” (UMTA) will apply a 2% rate to any individual with assets between $ 50 million and $ 1 billion. Those with more than $ 1 billion will have to pay 3% more tax.

If this draft is approved, about 100,000 wealthy families in the US will be affected and American billionaires will have to pay 50% of the total tax value of the country. In which the 15 richest people in the United States with a total assets of more than 2.1 trillion USD will have to pay up to one third of the total new taxes.

Data from the American Institute for Policy Research (PSPI) shows that the country has about 650 billionaires with a total assets of more than $ 4.2 trillion. The wealth of the American wealthy has risen about 44% since March 2020 when the pandemic hit, and many politicians believe they are subject to pay for the costs of the season.

Proponents of the new tax policy say that if applied in 10 years of new regulations, half of the US President Joe Biden’s $ 1.9 trillion bailout has found the financial resources. Agreeing, the University of California study estimates that the new tax regulations will help the US budget collect $ 3 trillion in 10 years.

Here is a list of some of the top billionaires who will have to pay taxes to President Biden according to the amount of assets they have:

Jeff Bezos: $ 5.7 billion

Elon Musk: $ 4.6 billion

Bill Gates: $ 3.6 billion

Mark Zuckerberg: $ 3 billion

According to Oxfam’s research, the wealth of the rich increased to 3.9 trillion between March and December 2020. Therefore, the amount of tax they pay can be enough to buy vaccines for everyone as well as help many families avoid poverty. In the second half of 2020, about 8 million Americans fell into poverty due to loss of income.

Before that, Argentina became the first country in the world to collect taxes from the rich to save money against the Covid-19 epidemic. The new tax law only targets those with assets over $ 2.5 million, which accounts for only 0.8% of the total population, or 12,000 people. The Argentine government expects it will collect about 3.78 billion USD from the new tax to finance the procurement of equipment and vaccines for the people.