Her. Elizabeth Warren
Elizabeth Warren Senate Considers Changes To 0.9 Trillion Coronavirus Bill Exclusive: How Obama Took On Warren Minimum Wage Drop To Revive Progressive Calls To Nix Senate Filibuster (D-Mass.) On Monday unveiled legislation to introduce a wealth tax for wealthy households, continuing her commitment to an idea that was a central feature of her 2020 presidential campaign.
The bill, called the Ultra-Millionaire Tax Act, would impose a 2 percent annual tax on the net worth of households and trusts between $ 50 million and $ 1 billion and a 3 percent tax on net worth in excess of $ 1 billion. The rate for a net worth in excess of $ 1 billion would increase to 6 percent if a “Medicare for All” health care plan is introduced.
The bill resembles one that Warren put out during her failed presidential campaign and was often touted on the campaign trail. The bill’s rollout comes after Warren indicated earlier this year that enacting wealth tax laws would be a top priority of hers as a new member of the Senate Finance Committee, which has jurisdiction over tax matters.
Warren said in a press release that her proposal could be a way to help pay for proposals to help the economy recover from the coronavirus-related downturn.
“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,” she said. “This is money that should be invested in childcare and early education, K-12, infrastructure, all priorities of President Biden
Joe BidenBiden Supports Organizing Union Efforts Senate Democrats Ignore ‘Plan B’ On Minimum Wage Hike Kavanaugh Appalles Conservatives By Dodging Pro-Trump Election Procedures MORE and Democrats in Congress. I am convinced that lawmakers will catch up with the vast majority of Americans who demand more justice and more change and who believe it is time for a wealth tax. “
In an effort to prevent millionaires and billionaires from dodging the wealth tax, the bill includes provisions to give the IRS an additional $ 100 billion, require a 30 percent minimum audit for households subject to the tax, and a net tax of 40 percent to enter. worth about $ 50 million for people who renounce their US citizenship in order not to pay the wealth tax.
Warren introduced the bill along with Rep. Pramila Jayapal
Pramila Jayapal Progressive Smoke Over Setbacks Senate House Democrats Adjust Drastic .9T COVID-19 Relief Act With Minimum Wage Hike Budget Committee Chairman Promises To Raise Minimum Wage: ‘Hold On To It’ MORE (D-Wash.), The president of the Congressional Progressive Caucus, and Rep. Brendan Boyle (D-Pa.), Who is a member of the House Ways and Means Committee of the IRS.
The Ultra-Millionaire Tax Act will help level the playing field, narrow the racial wealth divide, ensure that the richest finally start paying their fair share and invest trillions of dollars in our communities so we can make a real difference. make in the lives of people all over America, ” said Jayapal in the release.
Several progressive senators also co-sponsored the bill, including Sen. Bernie Sanders
Bernie Sanders Senate Democrats nix ‘Plan B’ on minimum wage hike Senate considers changes to 0.9 trillion coronavirus law NFL’s Justin Jackson praises Sanders for opposing Biden’s USDA nominee MORE (I-Vt.), Who, like Warren, called for a wealth tax during the 2020 Democratic presidential primaries. The bill is also supported by a number of progressive groups and unions.
The bill is unlikely to be passed in the near future. Biden has not applied for wealth tax and is Minister of Finance Janet Yellen
Janet Louise Yellen Financial regulators deal with climate risks Treasury announces sanctions against Saudi officials following Khashoggi report Poll: Biden Approval Holds Up, as Democrats Watch. said last week that such a tax would have “very difficult implementation problems”. But the publication of a legislative text to introduce a wealth tax is expected to foster debate among Democrats on how best to tax the wealthy and generate revenue to offset the cost of spending priorities.
Along with the bill’s release, Warren’s office released an income estimate from the University of California, Berkeley economists Emmanuel Saez and Gabriel Zucman, who found the bill would bring in about $ 3 trillion between 2023 and 2032, as well as two letters from lawyers that the proposal is constitutional.
Warren’s office also highlighted the polls conducted last year by the left-wing company Data for Progress, which found that a majority of voters in the states surveyed supported a wealth tax on individuals with a net worth in excess of $ 50 million.