United States Senator Elizabeth Warren (D-Mass.), a member of the Senate Finance Committee, Representative Pramila Jayapal (D-WA-07), a member of the House Budget Committee, and Representative Brendan Boyle (D-PA-02), a member of the House Ways and Means Committee had unveiled today 01 March 2021 the Ultra-Millionaire Tax Act.
The Ultra-Millionaire Tax Act would level the playing field and narrow the racial wealth gap by asking the wealthiest 100,000 households in America, or the top 0.05%, to pay their fair share. The Ultra-Millionaire Tax would bring in at least $3 trillion in revenue over 10 years - without raising taxes on the 99.95% of American households that have net worth below $50 million - according to a 2021 analysis from economists Emmanuel Saez and Gabriel Zucman from the University of California-Berkeley.
The bill would create a fairer economy through:
- A 2% annual tax on the net worth of households and trusts between $50 million and $1 billion
- A 1% annual surtax (3% tax overall) on the net worth of households and trusts above $1 billion
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