Senator Elizabeth Warren Puposes New Wealth Tax
Sen. Elizabeth Warren along with Representatives Pramila Jayapal and Brendan Boyle introduced the Ultra-Millionaire Tax Act last week, aiming a tax on households who have a net worth of over $50 million.
Warren says that this wealth tax will help provide investments in child care, health reforms and infrastructure.
“We need to turn to infrastructure, childcare, pre-K, college. We need to turn to the things that create investment and opportunity going forward, and to do that, a wealth tax is the best way to pay for it,” Warren said.
The White House press secretary, Jen Psaki, was asked about Sen. Warren’s proposal.
“Addressing the inequities in the tax code is something he talked about as part of the Build Back Better agenda and something he remains committed to…He has a lot of respect for Senator Warren and is aligned in the goal of making sure the ultra-wealthy and big corporations finally pay their fair share,” Psaki said.
Aside from the wealth tax for households with over $50 million net worth, Sen. Sanders and Warren also proposed a 3% total annual tax on wealth exceeding $1 billion.
Economists believe that this wealth tax will raise $3 trillion over a decade.