Here’s how much Jeff Bezos, Bill Gates, Warren Buffett could pay under Bernie Sanders’ tax plan
As the adage goes, there are only two certainties in life: death and taxes. And if Vermont Senator Bernie Sanders’ new tax plan were to go into effect, death would trigger much higher taxes for the billionaire set.
Under Sanders’ new tax plan announced Thursday, billionaires would be subject to a 77 percent estate tax, which is the tax levied on the cash, property, real estate and other assets (“everything you own or have certain interests in,” according to the Internal Revenue Service) of a deceased person when it is transferred to another person. In 2018, the Tax Cuts and Jobs Act put the estate tax at 40 percent after the first $11.18 million, according to the Internal Revenue Service.
“Our bill only applies to the richest 0.2% of Americans,” Sanders tweeted earlier on Thursday.
According to estimates made by Sanders’ office, here’s what the new bill would establish for the wealthiest five billionaires in the United States:
(For the calculations, Sanders’ office used the net worth list from Forbes, as of Monday, “and then applied our proposed rates” to determine what each billionaire would pay if the new tax plan were implemented, Sanders’ spokesperson Josh Miller-Lewis tells CNBC Make It. To determine a baseline of what each billionaire would have to pay in estate tax under current law, Sanders’ office applied the 40 percent estate tax rate on the Forbes net worth of the given person as of Monday.)
- Amazon co-founder Jeff Bezos, 55, is currently set to pay $53 billion in estate taxes, and would have to pay $101 billion under Sanders’ plan.
- Microsoft co-founder Bill Gates, 63, is currently set to pay $38 billion in estate taxes, and would have to pay $74 billion under Sanders’ plan.
- Berkshire Hathaway CEO Warren Buffett, 88, is currently set to pay $33 billion in estate taxes, and would have to pay $64 billion under Sanders’ plan.
- Oracle co-founder Larry Ellison, 74, is currently set to pay $24 billion in estate taxes, and would have to pay $46 billion under Sanders’ plan.
- Facebook founder Mark Zuckerberg, 34, is currently set to pay $22 billion in estate taxes, and would have to pay $41 billion under Sanders’ new plan.