Friendly Fascism: Warren and fellow 'progressives' propose ‘Ultra-Millionaire’ tax

Senator Elizabeth Warren, joined by Representatives Pramila Jayapal and Brendan Boyle, proposed a new wealth tax on households with a net worth of more than $50 million.

The lawmakers said Monday the new tax, dubbed the Ultra-Millionaire Tax Act, would create a “fairer” economy with a 2% annual tax on households and trusts valued at between $50 million and $1 billion. All net worth over $1 billion would be taxed at 3%.

The group claims the proposal would generate “at least $3 trillion in revenue over 10 years,” citing a Feb. 24 analysis from economists Emmanuel Saez and Gabriel Zucman from the University of California-Berkeley.

“The ultra-rich and powerful have rigged the rules in their favor so much that the top 0.1% pay a lower effective tax rate than the bottom 99%, and billionaire wealth is 40% higher than before the COVID crisis began,” Warren said in a statement. “A wealth tax is popular among voters on both sides for good reason: because they understand the system is rigged to benefit the wealthy and large corporations.”

A wealth tax would be difficult to pass in the current U.S. Senate, which is evenly divided between Democrats and Republicans. Democrats control the agenda, since Vice President Kamala Harris can break ties, but most bills require support from 60 senators to advance.

And Democrats have been unable to muster even 50 votes from some administration proposals, including a $15 hourly minimum wage. A wealth tax likely would be even more divisive…..[     ]

What do you think?

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Rey
Rey
1 month ago

taxing billionaires won’t impact our multi-trillion dollar deficit a bit.

American
1 month ago

ROTFL!
All these guys are rich because of government contracts! 

WTF
WTF
1 month ago

What a show and who buys this crap?
What happens after the $114 billion is spent by the gov in a week or two? Then what?

real2211
1 month ago

the plan would have raised $114 billion in 2020 

$114 billion when they just dropped $2 trillion on one bill?
what’s wrong with these people?

Nailed It
1 month ago

It always starts with “tax the rich” but actually the middle class gets robbed and destroyed while the actual rich get away with paying 0.

paradox
1 month ago

How long until the bar for the wealth tax is lowered to $1 million net worth?

pounce
1 month ago

Warren is so typical of all liberal Democrats. They dislike the poor … but they despise the rich.

ossia
1 month ago

Two words for Warren: offshore accounts.

Good luck with your millionaire tax.

V for Vendetta
1 month ago

Will Bernie Sanders have to give up 1 of his 5 houses?

Crasher K
1 month ago

Lizzie Pocohontas Warren – the teacher who was making $300,000 for teaching ONE course at Harvard and wondering why college costs so much. But SHE wants to teach us about equality

Kinda
1 month ago

It isn’t raising any money. The rich leave. They’re rich because they put in the extra effort to maintain wealth protections. They off-shore, they setup trusts, they pay top accountants and lawyers top dollars to sniff out every crack to hide money in. And they do it .every. .single. .day. Pay attention to them. They know what they are doing.

RV
RV
1 month ago

Seriously, why do we need taxes at all? Just wastes incalculable time. They will print whatever they need regardless. 

Rudi Mentary
1 month ago

“According to Americans for Tax Fairness, the plan would have raised $114 billion in 2020″

Those are rookie numbers. The Fed does that in a week!

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