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U.S. Senator Sanders stated that last year, Amazon (AMZN.O) founder Jeff Bezos traveled to Venice on a $500 million yacht to hold a wedding that cost $55 million and gifted his wife a $5 million ring, while his effective tax rate was less than 1% at the time. Under the 5% billionaire wealth tax that I proposed, Mr. Bezos would owe $12.7 billion, yet he would still have a net worth of $240 billion.