His. Elizabeth Warren
Elizabeth Warren: The Senate is reflecting on changes to the .9 trillion coronavirus bill. Exclusive: How Obama Went to Beat by Warren The Minimum Wage Revived Progressive Calls to the Senate Nix Filibuster MORE (D-Mass.) On Monday he introduced legislation to create a wealth tax for households with high net worth, which spurred his efforts on an idea that was a central feature of his presidential campaign. 2020.
The bill, called the Ultra-Millionaire Tax Act, would create an annual tax of 2 percent on net worth of households and trusts of between $ 50 and $ 1 billion and a tax of 3 percent on higher net worth. to $ 1 billion. The net worth rate of more than $ 1 billion would increase to 6% if a “Medicare for All” health care plan is implemented.
The bill resembles a proposal that Warren launched during his failed presidential campaign and that he made known frequently on the campaign trail. The rollout of the bill comes after Warren indicated earlier this year that introducing wealth tax legislation would be his top priority as a new member of the Senate Finance Committee, which has jurisdiction over tax matters. .
Warren said in a press release that his proposal could be a way to help pay for proposals that would help the economy recover from the coronavirus-related recession.
“As Congress develops additional plans to help our economy, the wealth tax should be at the top of the list to help pay for those plans because of the huge amounts of revenue it would generate,” he said. to say. “This is money that should be invested in child care and early education, K-12, infrastructure, all of which are priorities President Biden
Joe BidenBiden supports the organizational efforts of unions Senate Democrats nix the “Plan B” on raising the minimum wage. and Democrats in Congress. I’m sure lawmakers will catch up with the vast majority of Americans who demand more equity, more change and who believe it’s time for a wealth tax. “
In an effort to prevent millionaires and billionaires from avoiding wealth tax, the bill includes provisions to provide the IRS with an additional $ 100 billion, requiring a 30% minimum audit for households subject to ‘tax and create 40% tax on the net is worth about $ 50 million for people who renounce their American citizenship for not paying the wealth tax.
Warren introduced the bill along with the representative. Pramila Jayapal
Pramila Jayapal: Progressives are overwhelmed by Senate setbacks House Democrats pass a 9Q COVID-19 relief bill with a raise from the minimum wage that the Presidency of the Budget Committee is committed to raising the minimum wage: “ Keep it up ” (D-Wash.), The chairman of the Progressive Congress Caucus, and Rep. Brendan Boyle (D-Pa.), Who is on the House House forms and media committee.
“The Ultra-Millionaire Tax Act will help balance the playing field, reduce the racial wealth gap, ensure that the richest finally start paying their fair share and invest billions of dollars in our communities so we can make a difference real in the lives of people across America, “Jayapal said in the statement.
Several progressive senators also sponsored the bill, including the senator. Bernie Sanders
Bernie Sanders, Democratic Senate nix “Plan B” on raising minimum wage Senate reflects on changes to $ 9 trillion coronavirus bill, NFL Justin Jackson praises Sanders for opposing candidate from Biden to USDA MORE (I-Vt.), Who like Warren called for a wealth tax during the 2020 Democratic presidential primary. The bill is also supported by various progressive groups and unions.
It is unlikely that the bill will be enacted in the near future. Biden has not asked for a wealth tax and the Secretary of the Treasury Janet Yellen
Janet Louise Yellen: Financial regulators take climate risks into account. Treasury announces sanctions on Saudi officials following Khashoggi’s report. Poll: Biden’s approval stands firm as Democrats consider .9 T COVID-19 Relief Bill MORE said last week that this tax would have “very difficult implementation problems.” But the publication of the legislative text to create a wealth tax is expected to spur debate among Democrats on how to better tax the rich and increase revenue to offset the cost of spending priorities.
Along with the release of the bill, the Warren office released an estimate of revenue from the University of California, Berkeley economists Emmanuel Saez and Gabriel Zucman, finding that the bill would raise about $ 3 trillion. dollars from 2023 to 2032, as well as two letters from law professors arguing that the proposal is constitutional.
Warren’s office also highlighted surveys conducted last year by left-wing company Data for Progress, which found that a majority of voters in the states surveyed supported a wealth tax. people with net worth in excess of $ 50 million.