Who would benefit from Bernie Sanders’ wealth tax on billionaires?

(NewsNation) — Lawmakers have introduced a bill that would establish a 5 percent annual wealth tax on billionaires and redistribute the money to “the most vulnerable” Americans over the next decade, according to the bill’s sponsors.

The Make Billionaires Pay Their Fair Share Act, co-sponsored by Sen. Bernie Sanders (I-Vt.) and Rep. Ro Khanna (D-Calif.), would apply to the 938 billionaires nationwide who collectively own $8.2 trillion in wealth, with the lawmakers estimating it would raise $4.4 trillion over the next decade.

That money would then be used to “substantially improve the lives of the American people and address some of the major crises facing working families, the children, the elderly, the sick and the most vulnerable,” the bill summary states.

Where would the money go?

Specifically, the legislation would redistribute the $4.4 trillion to provide $3,000 direct payments in its first year of enactment to every person in a household earning less than $150,000 annually.

The money would also be used to reverse the $1.1 trillion........

© The Hill