Elizabeth Warren turned her wealth tax for “ultra-millionaires” proposal, one of the signature proposals from her presidential primary campaign, into a bill that she introduced in the Senate on Monday.
The bill from the Massachusetts Democratic senator, who is a new member on the Senate Finance Committee, would create a tax of 2% on households with a net worth between $50 million and $1 billion, plus an extra 1% (3% total) on households worth over $1 billion.
“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,” Warren said in a statement. “I’m confident lawmakers will catch up to the overwhelming majority of Americans who are demanding more fairness, more change, and who believe it’s time for a wealth tax.”
The wealthiest 100,000 households in the United States would be affected, according to Warren’s summary of the plan, and bring in an estimated $3 trillion in revenue over the next 10 years.
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The bill also includes “anti-evasion” measures intended to ensure that the wealthy do, indeed, pay the tax based on their wealth, including $100 billion to “rebuild and strengthen the IRS,” placing a tax of 40% on anyone with a net worth above $50 million who renounces U.S. citizenship and creating tools to determine the value of assets.
Sen. Bernie Sanders of Vermont, Sheldon Whitehouse of Rhode Island, Jeff Merkley of Oregon, Kristen Gillibrand of New York, Brian Schatz of Hawaii, Ed Markey of Massachusetts, and Mazie Hirono of Hawaii are co-sponsors of the bill. Reps. Pramila Jayapal of Washington and Brendan Boyle of Pennsylvania introduced the measure in the House.
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Warren made the wealth tax proposal a key centerpiece of her presidential campaign, often referring to it as a “two cent” tax and calling on the ultra-wealthy to “pitch in two cents.” In explaining the proposal, she equated a new tax on assets rather than income to a property tax.
Warren’s presidential campaign often used two pennies as a symbol of her wealth tax proposal, including by affixing two giant pennies to her golden retriever, Bailey.
The cutest #TwoCentWealthTax we’ve ever seen. Happy #HalloWarren! pic.twitter.com/UFV8tAzc21
— Warren Democrats (@TeamWarren) November 1, 2019
