Elizabeth Warren says ‘it’s time’ for a wealth tax hike on ‘ultra-millionaires’

Bay State Sen. Elizabeth Warren is making good on her campaign promise of an “ultra-millionaire tax” — a proposal opponents call “unenforceable.”

“This is wealth tax that has been needed for a long time,” Warren said during a Monday press conference. “We need it to produce more revenue to create more opportunity in America, but it is a wealth tax that we particularly need because of the changes in this country under the pandemic.”

Warren said her bill would “level the playing field” as the rich have only gotten richer as many Americans suffer in the current economy.

Warren’s proposal would levy a 2% annual tax on the net worth of households and trusts between $50 million and $1 billion. It would also add a 1% annual surtax on assets over $1 billion, or a 3% tax overall for billionaires.

The legislation “ensures that the wealthiest begin to pay their fair share,” said U.S. Rep. Pramila Jayapal, D-Wash., who is filing the bill alongside Warren and U.S. Rep. Brendan Boyle, D-Pa.

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