Gabriel Zucman estimated that about 75,000 households (less than 0.1%) would pay the tax. The tax would raise around $2.75 trillion over 10 years, roughly 1% GDP on average per year. This would raise the total tax burden for those subject to the wealth tax from 3.2% relative to their wealth under current law to about 4.3% on average, versus the 7.2% for the bottom 99% families. For scale, the federal budget deficit in 2018 was 3.9% GDP and is expected to rise towards 5% GDP over the next decade. The plan received both praise and criticism. Two billionaires, Michael Bloomberg and Howard Schultz, criticized the proposal as "unconstitutional" and "ridiculous," respectively. Economist Paul Krugman wrote in January 2019 that polls indicate the idea of taxing the rich more is very popular. In 2021, officials in the state of Washington considered proposals to tax wealthy residents within the state. Limit or tax stock buybacks Senators Charles Schumer and Bernie Sanders advocated limiting stock buybacks to reduce income and wealth inequality in January 2019. "The purported policy goals of the Excise Tax are to raise revenue for other legislative initiatives, encourage reinvestment by public companies of funds that otherwise might be earmarked for a buyback, and to curb stock buybacks, which proponents of the tax argue inappropriately enrich corporate executives and wealthy shareholders and enable tax avoidance." This is a way for companies to make back more money on their own stocks, but with this, they added the !5 tax to it all. "The new 1% excise tax on corporate stock buybacks — a late addition to President Joe Biden’s sweeping tax, health and climate package — adds a new levy to the controversial practice." See also Affluence in the United States Distribution of wealth in Europe Citizens United v. Federal Election Commission Criticism of credit scoring systems in the United States Donor Class Income inequality in the United States Monetary policy Net worth Occupy movement Occupy Wall Street Oligarchy Panama Papers Paradise Papers Pareto principle Plutocracy Power elite Redistribution of wealth Tax policy and economic inequality in the United States The Divide: American Injustice in the Age of the Wealth Gap Wealth concentration Wealth in the United States We are the 99% American upper class List of Americans by net worth References Further reading Alexandra Thornton and Galen Hendricks, Ending Special Tax Treatment for the Very Wealthy, Center for American