WASHINGTON, D.C. – Sen. Elizabeth Warren (D-OK) introduced a bill on Monday that would target the net worth of the wealthiest Americans and impose an annual tax on them, according to reports. Dubbed the “Ultra-Millionaire Tax Act of 2021,” Warren noted in a statement that the purpose of the bill is to reduce “income inequality” in the United States.
“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,” she said. “As Congress develops additional plans to help our economy, the wealth tax should be at the top of the list to help pay for these plans because of the huge amounts of revenue it would generate.”
If passed, the legislation would impose a two percent annual tax on people with a net worth between $50 million and $1 billion; those whose net worth exceeds $1 billion would have a three percent annual tax imposed upon them. If a citizen’s net worth is below the $50 billion threshold, they are not subject to the tax.
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The sponsors of the bill have estimated that, over a ten-year period of time, it would raise $2.75 trillion in tax revenue from the approximately 100,000 households – or 0.05 percent of the population – it would apply to.
Warren originally touted a very similar bill during her failed 2020 presidential campaign. Critics of such bills often claim they would decrease U.S. investments and competitiveness and would likely face numerous legal challenges.
If the bill proceeds to a vote it would likely pass in the House, where Democrats hold a significant majority; however, it is not likely to pass the 60-vote threshold in the Senate that these types of bills typically require, since the Democrat majority over Republicans in that chamber is much thinner.