Bay State Sen. Elizabeth Warren is making good on her campaign promise of an “ultra-millionaire tax” — a proposal opponents call “unenforceable.”
“This is wealth tax that has been needed for a long time,” Warren said during a Monday press conference. “We need it to produce more revenue to create more opportunity in America, but it is a wealth tax that we particularly need because of the changes in this country under the pandemic.”
Warren said her bill would “level the playing field” as the rich have only gotten richer as many Americans suffer in the current economy.
Warren’s proposal would levy a 2% annual tax on the net worth of households and trusts between $50 million and $1 billion. It would also add a 1% annual surtax on assets over $1 billion, or a 3% tax overall for billionaires.
The legislation “ensures that the wealthiest begin to pay their fair share,” said U.S. Rep. Pramila Jayapal, D-Wash., who is filing the bill alongside Warren and U.S. Rep. Brendan Boyle, D-Pa.
Warren’s “ultra-millionaire tax” was a centerpiece of her presidential bid and a popular policy proposal among her supporters while on the campaign trail.
About 100,000 American families would be subject to the tax that would raise roughly $3 trillion over the next decade, according to estimates provided by lawmakers — higher estimates than what Warren espoused on the campaign trail.
Beacon Hill Institute president and government watchdog David Tuerck said wealth taxes are a “notoriously impossible tax to administer.”
“They are extremely hard to enforce. This proposal is not tied to the tax code, it taxes wealth,” Tuerck said.
Tuerck described the tax as an “accounting nightmare” in which the wealthy would be forced to account for every asset they have — “which involves of course lots and lots of estimation.”
The appetite for taxing the rich has gained traction in Democratic strongholds in recent years. Warren’s proposal goes a step beyond what President Biden floated on the campaign trail. But the moderate Democrat has proposed his own version of a wealth tax including raising taxes on households earning more than $400,000, hiking the corporate tax rate and making changes to the capital gains tax, among others.
In Massachusetts, lawmakers have floated a proposal that would nearly double taxes on unearned income like long-term capital gains, dividends and interest by hiking the rate from 5% to 9%.
A so-called “millionaire tax” is likely to land on the 2022 statewide ballot. The constitutional amendment aims to impose a 4% surtax on income above $1 million from a flat 5% rate up to 9%. Lawmakers estimate it could generate an additional $2 billion in annual revenues.
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Hey Pocahontas, you better check with Soros, Bezos, Gates, Buffet , Bloomberg, etc . first on that one !!
Hell, what of EVERY DEM IN OFFICE, since damn near ALL are also multi-millionaires..
OH and hollywood, the NBA/MLB and NFL…
elizabeth alinsky who may be 1/10th indian is a commie.
She may be 1/72th indian, but she’s ALL commie, don’t you mean!
She isn’t a Red skin but she’s a pinko thru and thru.
How about this fraud paying reparations to the Native American that she shafted when she stole the Native American slot at the university. Some native American down the line is owed a free scholarship.
Warren said her bill would “level the playing field” as the rich have only gotten richer as many Americans suffer in the current economy.
Does anyone here even understand what this means ?
People are suffering because you and your communistic comrades have forced their businesses closed. If you and your cohorts didn’t destroy the economy we wouldn’t have ‘many Americans suffer’ in the current economy.
bingo! and amen to that.
I DON’T think even SHE knows what it means.. But when has that stopped a demented rat from ever pushing any of this insanity?
If you can’t dazzle ’em with brilliance … then you baffle ’em with B.S. I’m surprised she didn’t quote Lyndon Johnson : “I know you believe you understand what you think I said…but… I’m not to sure you realizes what you heard is really not what I meant”. Another useless jackass regressive liberal socialist democrat that helped to destroy the Constitutional US.
These days, are there ANY Democrat, who’s NOT a total, utter commie pinko useless waste of oxygen?
>>TAKE from those that earn it, and GIVE it to those that don’t.<<
Eventually, they run out of other people's money.
AS thatcher said MANY DECADES ago..
They’ll just take their money and business out of the country. Same old tired play book …THAT NEVER WORKS! If I’m not mistaken the very definition of insanity.
Robin “Pocahontas” Hood, hero of the retarded left. Give 90% at minimum of your money and get all your Dem buddies to do the same before you start pushing this B. S. on us. If someone learned how to make money where do you get off stealing it?
I think it’s time for a tax on politicians !
I’ve long advocated that ANYONE who gets paid from Tax Revenue can make NO MORE than the national average income!
There should ALSO be NO PENSION for these “workers” (in quotes, because it’s debatable that they actually WORK). Tell me why they can’t invest (a portion of what they’re paid) into a 401K (or other retirement vehicle)?
When Republicans are (once again) in control of congress and the White House, perhaps they can pass a law the PROHIBITS congress from exempting themselves from the laws they pass!
IMO they shouldn’t make more than an EQUAL TIME IN RATE member of the military does.. Treat a member of the house as an E3, and a senator as an E6!
4 Liberty,
Sorry but the politicians are already morally bankrupt.
Yep, the top 10% of earners pay 77% of the income tax and the top 20% of earners pay 87% of the income tax. Also, the wealthy on Medicare pay $504.90 per month for their Medicare. So idiots like Warren are phonies saying the rich do not pay their fare share. Secondly, since the communist Democrats want to tax every “rich” person with a wealth tax, I think only Democrats should pay a “wealth tax”, including the people that have been on welfare their whole lives (those who are not disabled). How is that for a wealth tax, Elizabeth?
IF anything, its those on welfare/ebt/wic etc, WHO ARE NOT paying THEIR fair share…
Can some congressperson propose a bill to take all of Nancy Pelosi’s money from her.? And whatever other person they deem deserving of such an honor.
Warren: “I saw a moose on the way to work this morning.”
AOC: “How did you know he was on his way to work??”
She’s a poor thinker. Increasing capitol gains hurts the small inverters and/or their pensions funds just as much as it would tax “the rich”.
Don’t you love that ambiguous term “Fair Share”? When does their Fair Share become my Fair Share?
Just as soon as they run out of their money, and come after mine and yours…that’s when.
AND like always, it won’t be THEIR MONEY, getting stolen.. IT WILL JUST BE OURS>
Just more virtue-signaling ****. Warren knows it won’t pass, as all the millionaires in congress won’t allow it to pass. But she has to make it look like she’s doing something… She has to make it look like she cares..
Warren said her bill would “level the playing field” as the rich have only gotten richer as many Americans suffer in the current economy.
…..said the woman who’s worth $12,000,000,00.
Hene why say, YOU START.
I want this written in such a way that Warren, Bernie, Pelosi, Schumer, and a bunch of the other thieves in our government have to pay this tax. But, hide that fact from them until it is time to pay the tax.
Good Idea… let them pass the bill… so they can see whats in it… quote numb skull nancy
EVEN IF IT was wrote into the bill, do you honestly think, THESE TURNIPS will abide by that law???
Fauxcohontas used deception to get where she is today, and made over a million dollars as a fake teacher at Harvard. She and her husband are smack dab in the middle of the super rich category.
Why doesn’t she just send her money to the government?
Tell dipstick we had one. It didn’t work.
“The legislation “ensures that the wealthiest begin to pay their fair share,” said U.S. Rep. Pramila Jayapal, D-Wash., who is filing the bill alongside Warren and U.S. Rep. Brendan Boyle, D-Pa.”
When did it become OK, to take from someone because they either had more than the next person or because the government could..?
The “progressive” tax system is theft, somehow passed because politicians used it to pander for votes.
FARE SHARE.. Ha, people have been using that old saw to justify bad behavior for a long time.
Apparently Fauxahontas and her fellow co sponsoring elected idiots are unaware that the wealthy can just, with a call to their bankers, move assets off shore. Poof Gone. Dear Elizabeth, you know that percentage of wealth tax you just passed, ‘You get “X” % of ZERO.
You think people are fleeing California, New York and Taxachucetts now, wait until you see capital flight like you have never seen it before.
What idiots UFB
I vote she gets her wealth taxed first, in fact make it twice as much as the richest would pay before the tax lawyers figure things out. We have to make sure she and her ilk pay their “fair share”. Nothing worse that a rich liberal.
I am shocked they’ve not called to get RID OF tax lawyers!
They don’t have to… they’ll just refuse to hear the case in court. We currently have a set precedence.
These people are so full of raw sewage I could puke on their faces. For some of them it might be an improvement. Now the fake Indian wants to raise taxes on anyone who makes more money than she does. Outside of the fact that many of those people are dummycrats, this is really pointed more toward Trump. Hey dumbass Lizzy, You and YOUR millionaire friends make a hell of a lot more money than most Americans and most of the people in the world for that matter. But YOU, dumbass Lizzy, made your money through fraud and theft. YOU didn’t earn a single penny of it. And what this really comes down to is a back door way to raise taxes on the middle class like all dummycrat “Tax the Rich” plans end up doing. So this ignorant stupid worthless female dog should go shut the $#@% up!!!!!
Hey, Fauxohantas, why don’t we start with the money you stole from the American Indians when you lied to get grant money for your education. In order to qualify for an education grant as an American Indian, you need to be just a little more than 1/1024th American Indian. Before you start making demands for anything, you need to pay back the money you stole plus interest and late fees.
Yes, of course! In the mind of a Democrat, you must punish those with diligence, intelligence, imagination, and creativity and reward those who refuse to work, believing absolutely everything anyone else has is their “right” and their entitlement. Then you cloak it in some fake story of equality and make the masses feel good while they give away all their freedoms and all incentives to achieve.
Oh dear . . .I don’t think I can bear the thought of zillionaires like Oprah being punished for her success . . or Michael Jordan . . .or the renowned and accomplished grand gigolo John Kerry in his accomplishment of acquiring wealth. . . Surely Biden and his comrades will spare the truly worthy ones from what they deem is rightful punishment toward achievers.
YEA< all those who support the DNC will be given a 'pass' of course.
Here comes the old “Trickle Down Economy ” effect. We’ll be the ones paying while the rich get more tax deductions.
THAT IS WHY i support a flat 10% tax. FOR EVERYONE.
NO Deductions. No loop holes. NO credits….
Hey Sitting Bull according to the 16th amendment to the US Constitution a Wealth Tax is Unconstitutional!
What is a “fair share,” anyway? Just askin’.
Pinocahontas, should not be given any copy at all. Just fade away.