| | | If Lizzie Warren gets this passed and the Dems get their foot in the door to tax wealth, it will not stop with the "ultra rich." They always use that ploy which shows what SCUM they are because it plays on human envy.
Democrat Lawmakers Put Forth Warren's Tax on Ultra-Rich
Denitsa Tsekova
Mon, March 1, 2021, 12:52 PM
Sen. Elizabeth Warren (D-MA) is teaming up with some Democrats as well as Sen. Bernie Sanders (I-VT) to put forth the wealth tax she campaigned on as a Democratic presidential candidate to fight the rising inequalities exacerbated by the pandemic.
"We have watched the wealth of the billionaire class in America increase by more than a trillion dollars over the last year," Warren said at a press conference on Monday. "A two-cent wealth tax, or just help level the playing field a little bit, and create the kind of revenue that would let us build back better as Joe Biden says."
The legislation was introduced on Monday by Warren and Reps. Pramila Jayapal (D-WA) and Brendan Boyle (D-PA). If implemented, Warren's Ultra-Millionaire Tax (UMT) would impose a 2% annual tax on net worth of households and trusts between $50 million and $1 billion. For those making above $1 billion, the annual tax rate would be 3%.
The legislation is expected to generate $3 trillion in tax revenue over 10 years by raising taxes on only 100,000 American families, according to an analysis by the University of California-Berkley.
Democratic Senator from Massachusetts Elizabeth Warren directs a question toward Xavier Becerra during the Senate Finance Committee hearing on Becerra's nomination to be secretary of Health and Human Services (HHS). (Photo by MICHAEL REYNOLDS/POOL/AFP via Getty Images)More
"Wealth at the top has boomed during the COVID crisis. Billionaires' wealth has literally exploded while many Americans struggle with job and income loss," Emmanuel Saez and Gabriel Zucman, authors of the report, said in a statement on Monday. "The ultra-millionaire wealth tax is the most direct and powerful tool to curb growing wealth concentration in the U.S. and make sure the ultra-wealthy pay their fair share in taxes."
Under Warren's proposal, America's billionaires would owe $114 billion in wealth tax for 2020, according to estimates by the Americans for Tax Fairness (ATF) and the Institute for Policy Studies Project on Inequality (IPS).
For instance, Amazon founder and CEO Jeff Bezos would pay $5.7 billion in wealth taxes for 2020 under the proposal, lowering his net worth from $191.2 billion to $185.5 billion, while Tesla's Elon Musk would pay $4.6 billion in 2020 wealth, reducing his net worth to $148.9 billion from $153.5 billion, the analysis found.
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