Power Players

Elizabeth Warren shares a 'calculator for billionaires' for her wealth tax plan

Democratic presidential hopeful Massachusetts Senator Elizabeth Warren speaks during the fourth Democratic primary debate of the 2020 presidential campaign season co-hosted by The New York Times and CNN at Otterbein University in Westerville, Ohio on October 15, 2019.
Saul Loeb | AFP | Getty Images

Democratic presidential candidate Elizabeth Warren revealed a "calculator for the billionaires" on Thursday that shows how much the wealthiest Americans would pay under her wealth tax plan.

"Some billionaires seem confused about how much they would pay under my #TwoCentWealthTax," Warren tweeted after billionaires Bill Gates and Leon Cooperman expressed concern about how much they'd pay under her plan. "Don't worry, we've got a calculator for that, too."

Warren tweet

The users of Warren's calculator can input any billionaire's net worth to see what they'd pay, or they can choose from names including Gates, Jeff Bezos, Michael Bloomberg and Betsy Devos's family.  

Gates, for example, currently worth about $107 billion, would pay about $6.38 billion under Warren's tax plan, and Jeff Bezos, currently worth $111 billion, would pay about $6.7 billion, according to the calculator.

NEW YORK, NEW YORK - NOVEMBER 06: Andrew Ross Sorkin, Editor at Large, Columnist and Founder, DealBook, The New York Times speaks with Bill Gates, Co-Chair, Bill & Melinda Gates Foundation onstage at 2019 New York Times Dealbook on November 06, 2019 in New York City. (Photo by Mike Cohen/Getty Images for The New York Times)
Michael Cohen | Getty Images Entertainment | Getty Images

On Wednesday, when asked about Warren's tax plan at The New York Times DealBook conference, Gates said he would be "fine" paying $20 billion in taxes, but "you know, when you say I should pay $100 billion, then I'm starting to do a little math about what I have left over."

He added, "sorry, I'm just kidding. You really want the incentive system to be there and you can go a long ways without threatening that."

At the conference, Gates also said he's "all for super-progressive tax systems," and has been outspoken in the past about taxing the rich.

"I need to pay higher taxes," he told CNN's Fareed Zakaria in 2018. "I've paid more taxes, over $10 billion, than anyone else, but the government should require people in my position to pay significantly higher taxes."

Investor Cooperman teared up during an interview on Monday with Scott Wapner on CNBC's "Halftime Report," saying Warren "vilifies" billionaires.

According to Warren's calculator, Cooperman would pay $151 million under her tax plan. He currently has a net worth of $3.2 billion.

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