This week, Democratic Sen. Elizabeth Warren of Massachusetts introduced the Ultra-Millionaire Tax Act, an annual wealth tax on households with more than $50 million. Lead sponsors in the House are Democratic Reps. Pramila Jayapal of Washington and Brendan Boyle of Pennsylvania.
“The ultrarich 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 explained.
Around two-thirds of Americans, including majorities of both Democrats and Republicans, said they supported a wealth tax in a January survey. “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,” Warren said.