Elizabeth Warren unveils proposal for wealth tax on “ultra-millionaires” as richest Americans see gains during pandemic – By Sarah Ewall-Wice (CBS News) / Mar 2 2021
As the coronavirus pandemic wreaks havoc on the economy and disproportionately affects lower-income Americans, the super-rich have seen their wealth increase. Massachusetts Senator Elizabeth Warren, who has long called for a wealth tax, unveiled legislation Monday that would tax the super-rich on their net worth.
The proposal, called the Ultra-Millionaire Tax Act and released with Congresswoman Pramila Jayapal of Washington and Congressman Brendan Boyle of Pennsylvania, would put a 2% annual tax on households and trusts between $50 million and $1 billion. It would also put a 1% annual surtax on households and trusts over $1 billion. The lawmakers say the move would level the playing field and narrow the racial wealth gap.
“This is a wealth tax that has been needed for a long time. We need it to produce more revenue, to create more opportunity in American,” Warren said. “But it is a wealth tax that we particularly need because of the changes in this country under the pandemic. We have watched the wealth of the billionaire class in America increase by more than a trillion dollars over the last year.”
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