Sen. Elizabeth Warren (D-MA) reintroduced legislation on Tuesday designed to rake in trillions of dollars in tax revenue by targeting “ultra-millionaires” worth more than $50 million.
Warren first introduced the legislation in 2019. This time around, co-sponsors include other members of the progressive Left, such as Sen. Bernie Sanders (I-VT). Progressive Caucus Chairwoman Pramila Jayapal (D-WA) and Rep. Brendan Boyle (D-PA) are leading the effort in the House.
Specifically, the “ultra-millionaires” legislation would levy a 2% annual tax on the net worth of households and trusts between $50 million and $1 billion and a 3% tax on the net worth of households and trusts above $1 billion.
“Today I’m re-introducing my Ultra-Millionaires Tax so that when someone makes it really big — earning over $50 million — they have to chip in 2 cents on the next dollar,” Warren
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