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Elizabeth Warren, Other Progressives Propose ‘Ultra Millionaire’ Tax
Posted
March 1, 2021
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1:48Now PlayingSenator Elizabeth Warren, joined by Representatives Pramila Jayapal and Brendan Boyle, proposed a new wealth tax on households with a net worth of more than $50 million.
The lawmakers said Monday the new tax, dubbed the Ultra-Millionaire Tax Act, would create a “fairer” economy with a 2% annual tax on households and trusts valued at between $50 million and $1 billion. All net worth over $1 billion would be taxed at 3%.
The measure -- like other wealth taxes Warren has proposed in the past -- is unlikely to garner the support needed to pass, particularly in the evenly divided Senate, but could serve as a marker for progressives in Congress and a reminder of the restiveness on the party’s left flank.
The group claims the proposal would generate “at least $3 trillion in revenue over 10 years,” citing a Feb. 24 analysis from economists Emmanuel Saez and Gabriel Zucman from the University of California-Berkeley.
“The ultra-rich and powerful have rigged the rules in their favor so much that the top 0.1% pay a lower effective tax rate than the bottom 99%, and billionaire wealth is 40% higher than before the Covid crisis began,” Warren said in a statement. “A wealth tax is popular among voters on both sides for good reason: because they understand the system is rigged to benefit the wealthy and large corporations.”
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