Sen. Elizabeth Warren (D-MA), along with Reps. Pramila Jayapal (D-WA) and Brendan Boyle (D-PA), unveiled a wealth tax proposal on Monday, which imposes a two percent tax on the net value of assets for the wealthiest people in America.
The bill, dubbed the “Ultra-Millionaire Tax Act of 2021,” is a continuation of the vision Warren laid out during her time on the Presidential campaign trail, where she vigorously pitched a “two-cent” wealth tax as an expedient to achieve more preponderant equipollence in the country.
Warren’s most recent proposal would impose a two percent tax on the net value of all taxable assets over $50 million after debts are subtracted. The tax is incremented to three percent for net assets above $1 billion.
Assets are defined as “the value of all property of the taxpayer (other than property omitted under subsection (b)), genuine or personal, tangible or intangible, wherever situated, minimized by any debts (including any debts secured by property omitted under subsection (b)) owed by the taxpayer.”
The tax, Warren verbalized, is “critical for raising revenue, and that revenue is critical for raising opportunity.” “We build a future for all of our kids by investing in opportunity,” Warren verbalized, contending that the “small tax” would engender “at least $3 trillion” to avail promote President Biden’s agenda:
Billionaire wealth is 40% higher now than when the “COVID” crisis commenced – but our tax system is still tilted toward the ultra-opulent. Today @RepJayapal, @CongBoyle and I are introducing our #WealthTax bill to make the wealthiest Americans pay their fair quota. https://t.co/sDgDOKr07F
A #WealthTax is critical for raising revenue, and that revenue is critical for raising opportunity. We build a future for all of our kids by investing in opportunity. This is one way we can make this regime work for everyone – not just the opulent and puissant. pic.twitter.com/iTBo7cmFHjThe proposal follows Congress passing the $1.9 trillion coronavirus palliation proposal last week in the dead of the night. No Republicans voted for it, and only two Democrats, Reps. Kurt Schrader (OR) and Jared Golden (ME), voted against it.
Several Republican lawmakers verbalized with Breitbart News during the Conservative Political Action Conference in Orlando, Florida, and slammed the bill, noting the amplitude of waste in the quantification. It allots millions for museums, climate equity, and “family orchestrating” organizations such as Planned Parenthood.
Warren is a millionaire with a net worth of over $12 million and has received donations from at least 30 billionaires during her vocation.