CNBC’s Jim Kramer proposed on Friday that the United States impose a tax on billionaires following this week’s ProPublica report on how some of the richest people on the planet evade taxes.
In recent years, billionaires, including Amazon CEO Jeff Bezos, Tesla CEO Elon Musk and businessman Michael Bloomberg, investors Carl Icahn and George Soros, have paid almost no federal income taxes, according to a ProPublica report that cites confidential data. IRS, which he received.
“They are obviously able to avoid paying income tax. They are not avoiding. But they are avoiding. And I know that avoidance is legal and the government says you can do everything you can to avoid it. I think that needs to change. “,”
“There are no billions of billionaires. Let’s come up with something for this small group,” added Cramer, who is generally talking about a billionaire’s income tax. However, he describes an approach that differs from the proposal for a wealth tax by Democratic Massachusetts Sen. Elizabeth Warren. “Is Elizabeth Warren talking about it in a way that I think is a little too heavy. Yes,” he said.
Warren’s plan, published earlier this year, is called the Ultramillionaire Tax. It would impose a 2% annual net tax on households worth between $ 50 million and $ 1 billion and a 3% annual net tax on households worth more than $ 1 billion.
Following this week’s ProPublica report, Democratic Sen. Chris Van Hollen of the Democratic Party of Maryland and Democratic Virginia’s Don Beyer have reintroduced their legislation on Millionaires Surtax, closer to what Kramer proposed, expecting the bill to be much broader. by wealthy Americans.
The Van Hollen-Beyer bill “will apply an additional 10 percentage points tax on income over $ 2 million for married couples or over $ 1 million for individuals,” the measure said in a summary on Thursday.
Cramer also spoke of a billionaire tax in a series of tweets on Friday, saying “these revelations make me sick,” citing tax avoidance strategies used by the wealthy in the ProPublica report.
The article in ProPublica, which is expected to be the first in a series, does not reveal how journalists obtained the tax registers. The outlet did not respond to a request from CNBC for comment. CNBC did not independently verify the information in the report.
Later on CNBC’s “Squawk on the Street,” Cramer said, “We don’t want Elizabeth Warren to take it. We don’t necessarily want to confiscate it. But we have to find a way to say, ‘We know you’re using avoidance and we don’t know.’ how to beat it. But we will impose an additive on him. “
“You may think it’s too dumb. But I had it,” he said, expressing concern about the ever-increasing wealth gap in America. “We cannot let this continue in a democracy.”
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