Warren Wants A Piece Of Wealthy People’s Net Worth. Senators Elizabeth Warren And Bernie Sanders Propose A Special Tax For The Ultra-Rich.

Sen. Elizabeth Warren, D-Mass., speaks during a news conference on Capitol Hill in Washington, Monday, March 1, 2021, to unveil a proposed Ultra-Millionaire Tax Act. (AP Photo/Susan Walsh)

71-year old Massachusetts Senator Elizabeth Warren is not a fan of wealthy people, no matter how that wealth was created.

She’s hoping to do something about it too, and on Monday she and her fellow member of the anti-rich club Senator Bernie Sanders of Vermont led a proposed new tax on people with high net worths.

They want a 3% total annual tax on households with a net worth between $50 million to $1 billion.

It’s called the “Ultra-Millionaire Tax Act”, and it has its target on what many Democrats feel is a wealth gap in the U.S. that only got worse during the coronavirus pandemic.

A logical question many people have is just how many American’s would this affect, and the answer is roughly 100,000 people, or about 1 in 1,000 families.  The revenue incurred if this tax took effect is substantial, about $3 trillion over a 10-year period. “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 said in a statement.

Things aren’t as easy as the authors of the bill might suggest. Back in 2020, a study showed that taxes like the ones Warren and Sanders are pushing would reduce the economic output in the U.S. by almost 0.50%. 

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