Saudi Press

Saudi Arabia and the world
Thursday, Jul 10, 2025

Elizabeth Warren helps out 'confused' billionaires with new tax calculator

Elizabeth Warren helps out 'confused' billionaires with new tax calculator

New tool shows how much Bill Gates and friends would pay under Warren’s plan, and guess what: they’ll still be really rich!
Billionaires seem to be nervous about the prospect of Elizabeth Warren or Bernie Sanders winning the Democratic nomination for president. On Thursday, the former New York City mayor Michael Bloomberg opened the door to a possible 2020 run – which would make him the second billionaire, alongside Tom Steyer, to finance a run for the White House. A day earlier, Bill Gates expressed disdain for Warren’s proposed wealth tax.

“I’ve paid over $10bn in taxes,” Gates said at the New York Times’s Dealbook conference on Wednesday. “I’ve paid more than anyone in taxes. If I had to pay $20bn, it’s fine. But when you say I should pay $100bn, OK, then I’m starting to do a little math about what I have left over.”

Gates, whose net worth is an estimated $107bn, would have a mere $7bn to survive on under that scenario.

But as the Warren campaign was quick to point out, he wouldn’t be forced to pay anywhere near that much. To illustrate the point, Warren shared a tool on her site called A Calculator for Billionaires to help Gates, Bloomberg and other wealth hoarders work out how much they would pay.

“Some billionaires seem confused about how much they would pay under Elizabeth’s Ultra-Millionaire Tax,” the site explains. “Don’t worry, now we have a calculator for that too.”

The page first asks visitors if they are a billionaire or not. A yes answer offers a prompt to enter your net worth, with quick links available for Bloomberg, Gates or Leon Cooperman, the hedge-fund billionaire who recently criticized Warren’s tax proposals as “idiocy” and “bull”.

Clicking through as Gates brings an exciting result. “Wow! You’ve got a lot of money,” it reads. “Your wealth puts you in the top 0.0002% of Americans. Now you have the opportunity to invest some of it back into our society so everyone has a chance to succeed.”

Gates would pay $6.379bn in tax next year, according to the calculator. Bloomberg would pay $3.079bn.

Overall, Warren’s tax would install a 2% rate on a net worth of $50m to $1bn, and 6% for those who earn more than $1bn.

“Good news – you’ll still be extraordinarily rich!” the calculator says. “And if history is any guide, if you do nothing other than invest your wealth in the stock market, it’s likely that your wealth will continue to grow.”
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Russia Formally Recognizes Taliban Government in Afghanistan
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Emirates Airline Expands Market Share with New $20 Million Campaign
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Iran's Parliament Votes to Suspend Cooperation with Nuclear Watchdog
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
Explosions Rock Doha as Iranian Missiles Target Qatar
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
×