Amazon founder Jeff Bezos would be forced to pay more than $5m (£3.57m) in taxes under the Ultra-Millionaire Tax Act proposed by US politicians earlier this week.
On Monday, several senators including Elizabeth Warren of Massachusetts and Bernie Sanders of Vermont, unveiled a proposed wealth tax to help reduce inequality in the US.
Calculations from the Institute for Policy Studies and Americans for Tax Fairness following the announcement of the tax proposal, said that Mr Bezos, the world’s richest person, would have paid $5.7bn (£4.075bn) in 2020 under the plan.
The analysis claimed that despite the high-level of tax, Mr Bezos would still have been left with a net worth of around $185bn (£132bn).
Although the coronavirus pandemic caused record unemployment figures in the US in 2020, Mr Bezos saw his wealth rise by around $75bn (£54bn).
The tax, which would not apply to financial investments like stocks or options, would raise a majority of its money from four billionaires who live in the state, including Mr Bezos.
Jared Walczak, the vice president of state projects for state tax policy at the Tax Foundation, estimated that around 97 per cent of the tax revenue would come from Mr Bezos, his ex-wife MacKenzie Scott, Mr Gates and Microsoft CEO Steve Ballmer. »