Elizabeth Warren revives wealth tax plan alongside Washington’s Jayapal, seeking $3T over 10 years
Sen. Elizabeth Warren is back with a revived wealth tax plan that she first championed during her run for the 2020 Democratic presidential nomination.
The Massachusetts Democrat unveiled her plan on Monday, now calling it the Ultra-Millionaire Tax Act, alongside Rep. Pramila Jayapal (D-WA) and Brendan Boyle (D-PA).
The Warren-Jayapal-Boyle legislation, aimed at offsetting federal spending promised by the Biden administration and balancing inequality made worse by the COVID-19 pandemic, would levy a tax of 2 cents on the dollar, or 2%, on fortunes over $50 million. The rate would jump to 3 cents for households over $1 billion.
“We need it to produce more revenue to create more opportunity in America,” Warren said during a news conference on Monday.
According to the Institute for Policy Studies, there are only about 650 billionaires in the country that would pay the 3% rate. Amazon CEO Jeff Bezos and Microsoft co-founder Bill Gates are two of the more well-known members of that list, and Bezos’ wealth, for instance, would generate about $68.7 billion over 10 years of Warren’s plan.
Bezos and Gates are among about 100 ultra-wealthy Washington residents also being targeted by another wealth tax proposal. House Bill 1406 seeks to impose a 1% tax on billionaires in the state and generate an estimated $2.25 billion in 2023 and $2.5 billion in 2024.
The New York Times reported Monday that polls show Warren’s plan is winning support from three in five Americans, including a majority of Republican voters.
It is time for a #WealthTax in America. Tune in live as @RepJayapal, @CongBoyle and I announce our new bill to make the ultra-rich and powerful pay their fair share. https://t.co/qyrW2SGkOI
— Elizabeth Warren (@SenWarren) March 1, 2021
“The rich have only gotten richer,” Jayapal said, noting that 46 new billionaires have been created in the U.S. during the pandemic, at a time when more than 70 million Americans lost jobs.
“This [2%] tax only impacts 100,000 households, but still it would bring in over $3 trillion over 10 years. Just imagine what we could do with $3 trillion,” Jayapal added.
Billionaires have made over $1.3 TRILLION during this pandemic alone.
It’s clear we need a #WealthTax to level the playing field in America. My plan with @ewarren and @RepBrendanBoyle would ensure the ultra-rich finally begin paying their fair share.https://t.co/n9atyme3P9
— Pramila Jayapal (@PramilaJayapal) March 1, 2021
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