While the exodus of billionaires from California continues amid fears of a wealth tax in the Golden State, Senator Bernie Sanders and Democratic representative Ro Khanna of California floated the 'Make Billionaires Pay Their Fair Share Act' to levy a new 5% wealth tax on all 938 billionaires across the US.
A 5% tax on these billionaires for redistribution among the masses could positively impact 90% of Americans, according to Sanders. He believes these billionaires are collectively worth $8.2 trillion, and a 5% yearly tax would generate sufficient money to send $3,000 to every American who meets specific income thresholds. According to the proposal, a family of four could receive a payout of $12,000.
