Bernie Sanders proposes directing funds to Medicare
Berni Sanders Tweeted Against The Billionaires Reaped During The Pandemic Today “By imposing a 60% tax on the $731 billion in windfall gains 467 billionaires made during the pandemic, we could guarantee healthcare as a right to all for an entire year. It’s time to make billionaires pay and expand Medicare to all” he tweeted.
Hundreds of thousands of Americans have died from COVID-19 and over 32 million have lost their jobs .U.S. households lost an estimated $6.5 trillion in wealth during the first quarter of 2020 alone. Since March 18, The billionaire wealth is surging. By the beginning of the pandemic lockdown, the 467 U.S. billionaires have seen their wealth increase by over $730 billion, or 30%, according to an analysis of Forbes data by Americans for Tax Fairness and the Institute for Policy Studies.
It is time to levy an emergency wealth tax on billionaire profiteers and direct the funds to offset the cost of the nation’s health-care costs. The Fed has used emergency measures to prop up the economy that reversed the stock-market crash caused by the pandemic, even as the rest of the economy falters. The biggest beneficiaries have been the billionaire class, which keeps on growing wealthier.
Independent Vermont Sen. Bernie Sanders-backed by Democratic Sens.Sanders proposes directing funds to Medicare to pay all out-of-pocket health-care expenses for uninsured and underinsured households over the next year, including prescription-drug costs. That would “guarantee health care as a right to all for an entire year,” said Sanders in a press statement.
Kirsten Gillibrand of New York and Ed Markey of Massachusetts–has introduced the Make Billionaires Pay Act to recapture over half the extreme wealth gains made by billionaires during the pandemic. It would raise about $420 billion, based on the increased wealth of the country’s billionaires as of Aug. 5. The bill proposes a one-time, 60% tax exclusively on billionaires’ gains between March 18 and the end of this year.