Elizabeth Warren Proposes ‘Ultra-Millionaire’ Wealth Tax

DM

On Monday morning, Senator Elizabeth Warren of Massachusetts (D) proposed a new tax bill, alongside Washington Representative Pramila Jayapal (D) and Pennsylvania Representative Brendan Boyle (D), that would reportedly place a tax on “ultra-millionaire” net worths and households. The legislation is co-sponsored by socialist Senator Bernie Sanders (I-VT), among others, and has similarities to Warren’s plans that she laid forth in the 2019 Democratic primary. CNN reports, “Taxing the rich served as a primary way for Warren and Sanders to fund their plans to expand health coverage, child care and other proposals when they were vying for the primary nomination.” The tax would reportedly place a 2% yearly tax on the net worth of households and trusts above $50 million. Any households and trusts that have a net worth over $1 billion would have to pay another 1% annual surtax. This would leave billionaires with a total tax of 3%.

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