CNBC’s Jim Cramer on Friday suggested that the United States collect taxes from billionaires After this week’s ProPublica report on how some of the world’s richest people avoid taxes.
in the past few years Billionaires including Amazon CEO Jeff Bezos, Tesla CEO Elon Musk and businessman Michael Bloomberg, investors Carl Icahn and George Soros pay little or no federal income taxes, according to ProPublica, which cited IRS data as “they’re not.” secret received
“Obviously they can avoid paying income taxes. not avoid but avoid And I know that avoiding it is legal and the government says you can do whatever it takes to avoid it. I think it needs to change,” the “Crazy Money” host told Squawk Box, referring to the wealth inequality that divides the nation.
“There is no multi-billionaire. Let̵7;s come up with something for this small group.” Going about the billionaire supplement tax, however, he explained a different approach than the Massachusetts Democrat’s wealth tax proposal, Massachusetts Sen. Elizabeth Warren. “Is Elizabeth Warren talking about this in a way that I think is too harsh, yes?” he said.
Warren’s plan, launched earlier this year, is called The “billionaire tax” would impose an annual tax of 2% on household net worth between $50 million and $1 billion and an annual tax of 3% on household net worth above $1 billion.
As reported by ProPublica this week, Maryland Democratic Sen. Chris Van Hollen and Virginia Democratic Representative Don Bayer introduced the law. “Millionaires Surtax” again, similar to what Cramer has to offer. The bill is expected to tax a broad spectrum of wealthy Americans.
The Van Hollen-Beyer bill “will apply an additional 10 percent point tax on income above $2 million for married couples or above $1 million for individuals,” according to a summary of the measure released Thursday.
Cramer also addressed the billionaire’s overtax in a series of tweets on Friday saying: “These revelations make me sick,” referring to the tax avoidance tactics used by the very rich in the ProPublica report.
The ProPublica article, expected to be the first in a series, does not reveal how journalists receive tax records. The outlet did not respond to a request for comment from CNBC. CNBC did not independently review the information in the report.
Later on CNBC’s “Squawk on the Street,” Cramer said: “We didn’t ask Elizabeth Warren to take it, we didn’t want to seize it. But we have to find a way to say that ‘We know you use Avoid it and we don’t know how to overcome it. But we’re going to put more taxes.’”
“Maybe you think it’s too blunt. But I’ve done it,” he said, expressing concern about the growing wealth gap in America. “We cannot let this continue in a democracy.”
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