. For example, when Jeff bezos became a billionaire in 1997 Amazon had 600 employees. Today it has over 1.5 million employees. Do you think if Bernie Sanders had confiscated Bezos wealth in 1997 he would have devised a government program to create 1.499 million jobs?"
It is a tax on all wealth. Most billionaires like Bezos have their wealth in stock of companies, so they would have to sell their stock. It would make much more sense to tax poor people because they don't create the products and the jobs we need for survival. Also keep in mind that any stock that Jeff Bezos sold, you have to pay a 40% capital gains tax on and then pay an extra 5% after that. A 5% tax would probably cost him 10% off his wealth.
. For example, when Jeff bezos became a billionaire in 1997 Amazon had 600 employees. Today it has over 1.5 million employees. Do you think if Bernie Sanders had confiscated Bezos wealth in 1997 he would have devised a government program to create 1.499 million jobs?"
It is a tax on all wealth. Most billionaires like Bezos have their wealth in stock of companies, so they would have to sell their stock. It would make much more sense to tax poor people because they don't create the products and the jobs we need for survival. Also keep in mind that any stock that Jeff Bezos sold, you have to pay a 40% capital gains tax on and then pay an extra 5% after that. A 5% tax would probably cost him 10% off his wealth.
Ted — Prop 40 doesn't touch Amazon or the jobs Bezos built. It's a one-time 5% tax on net worth over $1 billion to keep hospitals open.
Well said