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 a means to achieve greater equality 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 increased to three percent for net assets above $1 billion.
Assets are defined as “the value of all property of the taxpayer (other than property excluded under subsection (b)), real or personal, tangible or intangible, wherever situated, reduced by any debts (including any debts secured by property excluded under subsection (b)) owed by the taxpayer.”
The tax, Warren said, 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 said, contending that the “small tax” would generate “at least $3 trillion” to help promote President Biden’s agenda:
The proposal follows Congress passing the $1.9 trillion coronavirus relief 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 spoke to Breitbart News during the Conservative Political Action Conference in Orlando, Florida, and slammed the bill, noting the amount of waste in the measure. It allots millions for museums, climate justice, and “family planning” 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 career.