Sen. Elizabeth Warren introduces "ultra-millionaire" wealth tax bill




  • In Politics
  • 2021-03-01 16:22:21Z
  • By Axios
 

Sen. Elizabeth Warren (D-Mass.) on Monday introduced a bill in the Senate that would impose a new tax on the assets of America's wealthiest individuals.

Why it matters: The plan, which Warren introduced along with Reps. Pramila Jayapal (D-Wash.) and Brendan Boyle (D-Pa.) is similar to a proposal that was the centerpiece of Warren's campaign for the presidency in 2020.

Get market news worthy of your time with Axios Markets. Subscribe for free.

  • Warren, a new member of the Senate Finance Committee, has long sought a tax increase on millionaires and billionaires in the U.S.

By the numbers: The bill would levy a 2% tax for people with a net worth between $50 million and $1 billion. Taxpayers with assets worth over $1 billion would be subject to a 3% tax.

  • The tax would not apply to people whose net worth is below $50 million.

  • The bill's sponsors estimate that it would raise $2.75 trillion in tax revenue over a ten-year period.

What they're saying: "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 stated in a news release.

  • "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."

Where it stands: The measure is likely to fare better in the Democratically-controlled House than in the 50-50 Senate, where bills often need to receive 60 votes.

Go deeper: What to know about Warren's 2020 wealth tax proposal

COMMENTS

More Related News

In photos: Life along the U.S.-Mexico border during migrant increase and COVID-19 restrictions
In photos: Life along the U.S.-Mexico border during migrant increase and COVID-19 restrictions

Axios traveled to McAllen and El Paso, Texas, and Ciudad Juárez, Mexico, to see how the communities are responding to an increase of migrants from Central...

Elizabeth Warren Wants To Know Why Joe Biden Hasn
Elizabeth Warren Wants To Know Why Joe Biden Hasn't Lifted The Refugee Cap Yet

Biden is on pace to accept fewer refugees than any modern president - including Donald Trump - according to a new report.

Biden team pounds Congress to sell $2 trillion infrastructure bill
Biden team pounds Congress to sell $2 trillion infrastructure bill

Top Biden officials have meetings planned with more than a dozen congressional committees this week as they try to pass a multi-trillion-dollar...

Biden weighs Ken Salazar, former senator and Interior secretary, as his ambassador to Mexico
Biden weighs Ken Salazar, former senator and Interior secretary, as his ambassador to Mexico

The Biden administration is vetting Ken Salazar, a former senator and Interior secretary, to serve as U.S. ambassador to Mexico, Axios has learned.Why it...

Migrant advocates fed up as Biden continues controversial Trump practices
Migrant advocates fed up as Biden continues controversial Trump practices

The American Civil Liberties Union and other migrant advocacy groups are fed up with President Biden for continuing some of the controversial immigration...

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: Politics