Cramer suggests billionaire surtax after ProPublica report on tax avoidance

Cramer suggests billionaire surtax after ProPublica report on tax avoidance

CNBC's Jim Cramer on Friday advised the U.S. impose a surtax on billionaires following this week's ProPublica report on how among the richest indiv

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CNBC’s Jim Cramer on Friday advised the U.S. impose a surtax on billionaires following this week’s ProPublica report on how among the richest individuals on the planet are avoiding taxes.

In recent times, billionaires together with Amazon CEO Jeff Bezos, Tesla CEO Elon Musk, and businessman Michael Bloomberg, buyers Carl Icahn and George Soros paid little to no federal revenue taxes, according to a report from ProPublica, which cited confidential IRS knowledge it obtained.

“They clearly are in a position to keep away from paying revenue tax. Not evade. However keep away from. And I do know keep away from is authorized and the federal government says you are able to do every part you may to keep away from. I believe that needs to be modified,” the “Mad Cash” host stated on “Squawk Box,” citing the wealth inequalities that divide the nation.

“There’s not billions of billionaires. Let’s provide you with one thing for this small group,” added Cramer, who spoke in generalities a few billionaire surtax. Nonetheless, he did describe an method that differed from Democratic Massachusetts Sen. Elizabeth Warren‘s wealth tax proposal. “Does Elizabeth Warren speak about it in a means that I believe is somewhat bit too extreme. Sure,” he stated.

Warren’s plan, launched earlier this 12 months, known as the “Ultra-Millionaire Tax.” It will impose a 2% annual tax on family internet value between $50 million and $1 billion and a 3% annual tax on family internet…



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