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

Warren Guns For The Wealthy In New Tax Proposal After Ocasio-Cortez Sets The Example

Warren Guns For The Wealthy In New Tax Proposal After Ocasio-Cortez Sets The Example

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.

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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.

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