‘Democrats unveil an ultra-millionaire tax on the top 0.05% of American households’
‘”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%,” Warren said’
- Democratic lawmakers introduced a bill that would place a 2% wealth tax on households with net worths over $50 million.
- The wealth tax would work to combat wealth inequality and include anti-evasion measures to ensure everyone is paying their fair share.
- Progressive lawmakers have championed the wealth tax, but more moderate and conservative lawmakers have pushed back on it.
Tax the billionaires.
The $1.3 trillion wealth gain by America’s 660 billionaires since the pandemic began could pay for a stimulus check of $3,900 for every one of the 331 million people in the US. And the billionaires would be as rich as they were before the pandemic.