Washington State Proposes 'Wealth Tax'... Bezos Would Pay Over 2 Trillion Won Annually if Implemented

▲Jeff Bezos, Amazon Founder [Image Source=Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] The Washington State Legislature in the United States has proposed a wealth tax bill that would impose an additional 1% tax on billionaires.

The target is billionaires with assets exceeding $1 billion (approximately 1.1154 trillion KRW), and if this bill is enacted, Washington State is expected to secure an additional $2.5 billion in annual tax revenue.

According to CNBC on the 8th (local time), Washington State lawmakers proposed imposing a wealth tax on financial investment assets such as stocks and options. The reason for the need to introduce a wealth tax is to reduce inequality and secure local tax revenue.

Noel Frame, the legislator who proposed this bill, emphasized that the state tax burden on the lowest income group reaches 18% of their income, while the top 1% high-income group pays only 6%, stating that unfair tax laws can no longer be tolerated.

If this wealth tax is introduced, Jeff Bezos, the founder of Amazon residing in Washington State, would have to pay $2 billion (approximately 2.236 trillion KRW) annually in taxes.

In addition, Bill Gates, former chairman of Microsoft (MS), would pay $1.3 billion, Steve Ballmer, former CEO of MS, $870 million, and Mackenzie Scott, Bezos’s wife, $600 million, respectively.

Regarding this, Jared Walczak of the Tax Foundation in the U.S. pointed out, "97% of the tax revenue Washington State can collect from the wealth tax would come from these four individuals," highlighting "the problem of excessive dependence on them."

Walczak further argued, "If billionaires do not want to pay the wealth tax, they can simply move their residence to another state," adding, "It should also be considered that billionaires are already paying a significant amount of taxes."

This content was produced with the assistance of AI translation services.