Taxing times for Musk, Bezos, Gates and other ultra-millionaires?

A new tax proposal in the US, The Ultra-Millionaire Tax Act would raise the tax bill for the billionaires significantly. The act proposes an annual levy of 2% tax on wealth over $50 million and 3% on wealth over $1 billion.

So if this act was to become law, here is what the Ultra-Millionaires tax bill would look like for 2020-:

• Jeff Bezos would owe $5.7 billion
• Elon Musk would owe $4.6 billion
• Bill Gates would have to pay $3.6 billion
• Mark Zuckerberg would have to pay $3 billion

As per a report 650 billionaires in the US have a collective wealth of more than $4.2 trillion, in fact 30% of the wealth tax would be paid by the 15 richest Americans, who combined have a fortune of more than $2.1 trillion.