Tags: 2020 Elections | Education | Financial Markets | Healthcare Reform | Money | billionaire | tax

Warren Campaign Unveils Billionaire Tax 'Calculator'

elizabeth warren holds up both hands during a democratic presidential primary debate
Sen. Elizabeth Warren, D-Mass. (John Minchillo/AP)

By    |   Thursday, 07 November 2019 06:06 PM

After coming under attack by billionaires Bill Gates and Leon Cooperman over her wealth tax plan, Sen. Elizabeth Warren's 2020 presidential campaign on Thursday hit back with a "calculator for the billionaires."

"Some billionaires seem confused about how much they would pay under Elizabeth's Ultra-Millionaire Tax," the tool says on her campaign website. "Don't worry, now we have a calculator for that too."

Under Warren's plan, a 2% tax on household net worth of $50 million and $1 billion would be taxed at 2%, while those with a net worth above $1 billion would be taxed at a 3% rate.

Gates slammed Warren's proposed tax Wednesday, falsely claiming that he would pay $100 billion, and Cooperman derided Warren as "a parent chiding an ungrateful child" in a letter to the second-term Massachusetts Democratic senator last week.

The calculator allows users to pick from Gates, Cooperman, and six other billionaires to see determine how much tax they would pay based on their estimated net worth.

For example, Gates would pay about $6.4 billion under the wealth tax based on an estimated net worth of $107 billion.

"Don't worry too much about Bill Gates," the calculator says. "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."

For Cooperman, his tax would be about $151 million based on his net worth of $3.2 billion.

"This amount, which you likely won't even feel, will help us invest in education from birth through college and help finance healthcare for everyone," the calculator says.

Users can input their own "billionaire" wealth to estimate the tax cost.

They also can choose from Amazon founder Jeff Bezos, Facebook CEO Mark Zuckerberg, the family of Trump Education Secretary Betsy Devos, retired candy company heiress Victoria Mars, Walmart heir Jim Walton, and JPMorgan Chase CEO Jamie Dimon, who said Tuesday that Warren "vilifies successful people."

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Politics
After coming under attack by billionaires Bill Gates and Leon Cooperman over her wealth tax plan, Sen. Elizabeth Warren's 2020 presidential campaign on Thursday hit back with a "calculator for the billionaires."
billionaire, tax, wall street, elizabeth warren, medicare for all
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2019-06-07
Thursday, 07 November 2019 06:06 PM
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