Elizabeth Warren Proposes 'Ultra-Millionaire Tax' As Part Of 2020 Bid

Senator Elizabeth Warren’s proposal would affect Americans with more than $50 million in assets according to an economist advising her on the plan

Senator Elizabeth Warren’s proposal would affect Americans with more than $50 million in assets according to an economist advising her on the plan

Elizabeth Warren's (D-Mass.) remarks on capitalism.

Emmanuel Saez, who is one of the two advising Warren, says the proposal could raise $2.75 trillion over the course of ten years from taxing an estimated 75,000 families.

Sen. Elizabeth Warren is poised to unveil her "wealth tax" against high-income Americans and those with over $50 million in miscellaneous assets in the coming days, reports CNBC.

"The Warren wealth tax is pretty big". "That's because the rich and powerful run Washington and they make sure the rules are written to benefit themselves".

Warren's tax proposal will affect less than 0.1 percent of USA households and raise $2.75 trillion over a decade, Emmanuel Saez, who advises Warren on economics, told CNBC.

Sandra Bullock Teams With Netflix To Produce Sci-Fi Flick "Reborn"
While she's not yet attached to star in the film, Deadline reports there's still a chance that Sandra could lead the cast.

According to The Washington Post, economists working with Warren - who recently formed an exploratory committee to look into running for president in next year's election - are working on the plan with her. People with more than $1 billion will see a 3 percent wealth tax on their assets.

A source also told the Post that Warren's plan contains components that will work to combat tax evasion, which includes a mandatory audit rate requiring the IRS to audit a certain number of people who would pay a wealth tax.

Earlier this month, freshman Rep. Alexandria Ocasio-Cortez (D-NY) said she would like to place a 70 percent tax on top earners. The senator has a petition for the "Ultra-Millionaire Tax" on her website. However, there could be some breakaway support for such a plan from some of those on the nationalist right in particular - a segment of the right that has questioned free-market dogmas and where higher taxes on the rich are not always anathema.

Former White House chief strategist Steve Bannon reportedly pitched a plan that would increase the tax rate to 44 percent on those earning more than $5 million - although the plan was not adopted.

"Forget the top 2 percent", she said in a 2012 column.

Recommended News

  • Kylie Jenner Responds to Latest Pregnancy Rumors | Kylie Jenner

    Kylie Jenner Responds to Latest Pregnancy Rumors | Kylie Jenner

    Immediately after posting the tweet, fans began to flood Jenner's comments with what they thought her tweet was alluding to. She also hinted that the project has nothing to do with a possible collaboration with another fellow beauty influencer.
    Migrants pose no disease risk to settled population, report highlights

    Migrants pose no disease risk to settled population, report highlights

    With rise of migration across the world, this report provides a cross sectional picture, say experts. Male migrants experience significantly more work-related injuries than non-migrant workers.
    Mexico set another record for murders with 33,000 cases in 2018

    Mexico set another record for murders with 33,000 cases in 2018

    Guanajuato has been hit by bloody turf wars among gangs battling for control of a lucrative market for stolen fuel. President Andrés Manuel López Obrador took office in December with a promise to curb the gruesome violence.
  • Arsenal 'make James Rodriguez contact'

    Arsenal 'make James Rodriguez contact'

    The Colombian playmaker, 27, who is on a two-year loan at Bayern from Real Madrid , has not played as often under Niko Kovac this season.
    White House denies reports of canceled trade meeting

    White House denies reports of canceled trade meeting

    The US Treasury Department and Office of the US Trade Representative did not immediately respond to requests for comment. Kudlow said Liu and his top deputy will come to Washington this month and that there's "no cancellation".
    FBI Arrests 3 Kenyan-Americans on Terror Charges in MI

    FBI Arrests 3 Kenyan-Americans on Terror Charges in MI

    Additionally, the complaint affidavit alleges that all three men pledged allegiance to ISIS through videos they recorded. Following the arrests, federal agents executed search warrants at a residence shared by Mohamud Muse and Muse Muse.
  • Aya Maasarwe: Murdered student's body flown home from Australia

    Aya Maasarwe: Murdered student's body flown home from Australia

    A 20-year-old, Codey Herrmann, was charged with her rape and murder and remanded in custody pending another hearing on Jun 7. Relatives, including her father Saeed Masarwe (right), had boarded a flight out of Melbourne on Tuesday.
    European Union  citizens in United Kingdom  can apply to stay after Brexit

    European Union citizens in United Kingdom can apply to stay after Brexit

    A trial of almost 30,000 applicants was restricted to people in specific professions, with only a small number of vulnerable people participating.
    How to Prevent Kids' Colds

    How to Prevent Kids' Colds

    According to the researchers, school kids catch three to six colds a year on average, and some can last as long as two weeks. They said the best way to prevent a cold is to practice good hygiene, which most of the poll parents say they do.
  • Dixons Carphone's Christmas sales rise 1 pct

    Dixons Carphone's Christmas sales rise 1 pct

    It has been hurt by tougher conditions in the mobile phone market as customers keep their handsets for longer. However, Dixons was booming in other areas, with strong sales of supersize TVs, smart tech and in gaming.
    Apple Pay support now rolling out to Target, Speedway, and more

    Apple Pay support now rolling out to Target, Speedway, and more

    This is the latest expansion as Apple Pay competes with mobile payment services from Samsung, Google and others. Often we see impartiality when it comes to accepting various NFC payment system.
    South Korea lose Ki to hamstring injury

    South Korea lose Ki to hamstring injury

    The defender, who had only come on 10 minutes earlier, scored with a diving header at the far post following Lee Yong's cross. Ki Sung-yeung is set to return to Newcastle after picking up an injury whilst on worldwide duty with South Korea .

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.