Amazon CEO Jeff Bezos attends a commemoration ceremony held in entrance of Saudi consulate on the primary anniversary of his homicide, in Istanbul, Turkey on October 02, 2019.

Elif Ozturk | Anadolu Company | Getty Photographs

The presidential primaries are nonetheless months away, however Sen. Elizabeth Warren has already doubled her wealth tax.

As a part of her plan to pay for “Medicare for All,” Warren would double the highest charge of her wealth tax to six% from 3%.

That might imply Jeff Bezos would pay greater than $6.5 billion in wealth taxes this yr alone. To not point out the opposite new taxes Warren plans for the wealthy, which incorporates taxing capital features on the similar marginal tax charge as atypical earnings, which implies that if Bezos sells Amazon inventory – as he does yearly to fund Blue Origin – he would pay a tax charge of 37% on the inventory. Beforehand, the speed was 23.8%.

However there’s one other less-publicized function of Warren’s health-care tax that could possibly be even bigger. Along with taxing capital features as atypical earnings, she would additionally tax unrealized capital features. That implies that Bill Gates, whose fortune has improve $18 billion this yr from Microsoft inventory appreciation, would pay a wealth tax of greater than $6 billion, plus one other $6 billion on the appreciation of his inventory – even when he did not promote any shares. So Gates would owe over $12 billion in taxes this yr – except he put extra into his basis first.

We’ll see whether or not Warren’s new numbers will change Gates’ assist for a wealth tax.

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