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Democrats unveil an ultra-millionaire tax on the top 0.05% of American households

1 month ago   |   By Business Insider

Summary List Placement In an effort to combat wealth inequality, Democrats on Monday unveiled a bill that would impose a 2% wealth tax on American households with net worths over $50 million.
Sen. Elizabeth Warren of Massachusetts, who has long been a proponent of the wealth tax, introduced the Ultra-Millionaire Tax Act with Rep. Pramila Jayapal of Washington and Rep. Brendan Boyle of Pennsylvania.
According to a press release , the bill would create a fairer economy without raising taxes on the 99.95% of households with net worths below $50 million by creating a 2% tax on households with...
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Sen. Elizabeth Warren introduces wealth tax bill aimed at people worth over $50 million

Sen. Elizabeth Warren introduces wealth tax bill aimed at people worth over $50 million

1 month ago   |   By Business Insider

Summary List Placement Sen. Elizabeth Warren of Massachusetts on Monday unveiled legislation that would tax the fortunes of the wealthiest people in the United States.
The bill, called the Ultra-Millionaire Tax Act, would apply an annual 2% tax on individuals with net worths between $50 billion and $1 billion. Individuals worth over $1 billion would pay an annual 3% tax. A University of California Berkeley analysis, cited by Warren, estimates that the tax would generate $3 trillion in revenue over 10 years. Warren proposed that the new federal money would be invested in programs such as...
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