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"Last year on Cyber Monday, Jeff Bezos's wealth grew by $6.28 billion," Steyer wrote on Twitter on Monday. "It would take a family saving $100k a year for 62,800 years to save what he made in those 24 hours. A system that creates this much inequality is broken and immoral—and it's exactly why we need a wealth tax."
Steyer is worth $1.6 billion compared to Bezos' $106.3 billion. Steyer is a latecomer to the 2020 presidential race and announced he qualified for the Democratic National Committee's December debate on Tuesday.
"Tom called for an additional 1 percent annual wealth tax on the top 0.1 percent of American families, months before any other presidential candidate," Steyer's website says. "That means if you're one of the 175,200 richest families worth more than $32 million, you'll pay a penny on every dollar you have above that level."
Such a wealth tax would raise $1 trillion over the next decade, enough to pay off the federal deficit, Steyer's website says.