Sens. Elizabeth Warren & Bernie Sanders Propose 3% On Wealth Over $1 Billion

A group of Senate Democrats led by Sens. Elizabeth Warren (D-Massachusetts) and Bernie Sanders (I-Vermont) proposed an annual 3% tax on wealth exceeding $1 billion and a 2% annual tax on household wealth ranging from $50 million to $1 billion. The tax, dubbed by Warren the Ultra-Millionaire Tax, aims at combating America’s growing wealth gap. “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,” said Warren in a statement Monday. Wa…

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