To help diminish the abundance imbalance in the US, which has additionally extended during the Covid pandemic, the country prior this week proposed the ‘Ultra Millionaire Tax Act’. The yearly expense would be a 2 percent demand on Americans with an abundance of more than $50 million and 3 percent on abundance of more than $1 billion, influencing the most affluent 100,000 American families or the top 0.5 percent, CNBC revealed.

In view of the proposed charge, Amazon’s Jeff Bezos would owe $5.7 billion while Tesla’s Elon Musk would owe $4.6 billion in charges for 2020. Others, for example, Bill Gates and Mark Zuckerberg would need to pay $3.6 billion and $3 billion separately, in view of the estimations from the Institute for Policy Studies and Americans for Tax Fairness.

A few representatives including Elizabeth Warren of Massachusetts and Bernie Sanders of Vermont had proposed the assessment. Warren said the expense would raise around $3 trillion more than 10 years. The additional income would go to help pay for youngster care, training foundation, and clean energy, the report added. “We do comprehend the bearing we’ve been going.

This pandemic has made more tycoons. Individuals at the top are not scarcely holding tight by their fingernails,” Warren told CNBC. Bezos and Musk would in any case be left with more than $185 billion and more than $148 billion in total assets after the duty.

To address the rising abundance disparity, Bill Gates has been vocal about having a reasonable expense framework in the US. As indicated by Gates, the distance between the top and base earnings in the US is a lot more prominent than it was 50 years prior, he wrote in his blog on December 30, 2019. “That is the reason I’m for a duty framework wherein, on the off chance that you have more cash, you pay a higher rate in charges. What’s more, I figure the rich should pay more than they as of now do, and that incorporates Melinda and me.”

As of March 7, 2020, Bezos was the most extravagant individual on the planet with a total assets of $177 billion followed by Musk with a total assets of $157 billion, Bill Gates’ $136 billion, Bernard Arnault’s $115 billion, and Mark Zuckerberg’s $100 billion, according to Bloomberg Billionaires Index.